<SEC-DOCUMENT>0001311435-13-000003.txt : 20130403
<SEC-HEADER>0001311435-13-000003.hdr.sgml : 20130403
<ACCEPTANCE-DATETIME>20130403074413
ACCESSION NUMBER:		0001311435-13-000003
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130331
FILED AS OF DATE:		20130403
DATE AS OF CHANGE:		20130403

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:		13737769

	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>sj0313en6k.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
2013 </p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p><a href="#101"><font size="4">Press Release dated March 13,
2013</font></a></p>

<p><a href="#102"><font size="4">Press Release dated March 14,
2013</font></a></p>

<p><a href="#103"><font size="4">Press Release dated March 14,
2013</font></a></p>

<p><a href="#104"><font size="4">Press Release dated March 14,
2013</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, 2013 </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 announces first
production from the Jun&#237;n-5 giant heavy oil field in Venezuela</b></font></p>

<p>&nbsp;</p>

<p><em>San Diego de Cabrutica (Venezuela), March 13, 2013 -</em>
PetroJun&#237;n, joint venture formed by PDVSA (60%) and Eni (40%),
has started production from the Jun&#237;n-5 giant heavy oil field,
located in the <i>Faja del Orinoco</i>, the area with the largest
untapped hydrocarbon reserves in the world. The block is located
around 550 kilometers south east of Caracas and covers an area of
approximately 425 square kilometers.</p>

<p>The Jun&#237;n-5 block, currently under development, holds 35
billion barrels of oil equivalent (boe) of certified oil in place
and is jointly operated by two joint ventures (<i>Empresa Mixta</i>)
formed by PDVSA (60%) and Eni (40%): PetroJun&#237;n for the
development and production and PetroBicentenario for the
construction and operation of a refinery in the Jose Industrial
Complex, with a 350,000 barrels per day capacity.</p>

<p>Today, with the first well on stream, the production start-up
was achieved nine months ahead of the approved development plan
for Phase 1 (early production phase). PDVSA and Eni plan to
increase production to approximately 15,000 barrels a day by the
year end and subsequently to 75,000 barrels a day by early 2015,
through the drilling of approximately 180 wells.</p>

<p>The development of Phase 2 (full field) will bring production
to a level of 240,000 barrels a day by the end of 2018.
Throughout the expected 40 years of the field life, the drilling
of nearly 1,500 wells is planned.</p>

<p>The diluted crude oil of Jun&#237;n-5 will be transported to
PetroBicentenario&#146;s Refinery in Jose where it will be
processed and converted into oil products (diesel, naphtha and
LPG) to be exported.</p>

<p>In Venezuela, Eni is also co-operator in Card&#243;n IV, the
operating company which manages the super-giant Perla gas field.
The current estimated Perla gas in place is approximately 17
Trillion cubic feet (Tcf), or 3.1 billion barrels of oil
equivalent. Perla shareholders, following the entry of PDVSA in
the project, will be PDVSA (35%), Eni (32.5%) and Repsol (32.5%).</p>

<p>Eni also holds a participating interest in Petrosucre, the
operating company of the Corocoro offshore field (PDVSA 74%, Eni
26%), with a net production of approximately 10,000 barrels of
oil per day.</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 sells a 20% share of Area
4 in Mozambique to CNPC and signs</b><i> </i><b>a Joint Study
Agreement <br>
for cooperation for the development of the Rongchang shale gas
block in China</b></font></p>

<p>&nbsp;</p>

<p><i>Beijing, March 14, 2013</i> - Eni CEO, Paolo Scaroni, and
the CEO of Petrochina Company Limited, controlled by China
National Petroleum Corporation (CNPC), Zhou Jiping, signed an
agreement in Beijing for Eni&#146;s sale to CNPC of 28.57% of Eni
East Africa&#146;s shares, owner of the 70% interest in Area 4,
in Mozambique. With this operation, CNPC indirectly acquires a
20% stake in Area 4, while Eni remains the owner of 50%. The
remaining shares in the Area are held by Empresa Nacional de
Hidrocarbonetos de Mocambique (ENH, 10%), Kogas (10%) and Galp
Energia (10%).</p>

<p>The agreed price is equal to 4,210 million US dollars.</p>

<p>The completion of the transaction is subject to the
fulfillment of certain standard conditions including obtaining
all necessary authorizations from Mozambique&#146;s authorities.</p>

<p>CNPC&#146;s entrance into Area 4 is strategically important
for the project thanks to the worldwide relevance of the new
partner in the upstream and downstream sectors.</p>

<p>During the meeting, Eni and CNPC signed a Joint Study
Agreement for cooperation for the development of the Rongchang
shale gas block, which covers about 2,000 square kilometers in
the Sichuan Basin. This area, closely located to the main
consumption markets in China, has already been de-risked by
research activities and production tests carried out in nearby
blocks and has proven to be the most promising in the country to
date.<br>
The agreement will allow for the study of the area which will be
conducted simultaneously with the negotiations for the signing of
the Production Sharing Agreement.</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="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: 2012 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>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="1%"><b>&#149;</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="98%"><b>Consolidated
        financial statements:</b></td>
    </tr>
    <tr>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%"><b>-</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="96%"><b>Group net profit: euro
        7.79 billion</b></td>
    </tr>
    <tr>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%"><b>-</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="96%"><b>Net profit from
        continuing operations</b><sup><b>1</b></sup><b>: euro
        4.20 billion</b></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><b>&#149;</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="98%"><b>Separate
        financial statements:</b></td>
    </tr>
    <tr>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%"><b>-</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="96%"><b>Net profit: euro 9.08
        billion</b></td>
    </tr>
    <tr>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%"><b>-</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="96%"><b>Net profit from
        continuing operations: euro 6.21 billion</b></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><b>&#149;</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="98%"><b>Dividend
        proposal: euro 1.08 per share</b></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><b>&#149;</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="98%"><b>Approval for
        continuation of the buyback program</b></td>
    </tr>
</table>

<p>&nbsp;</p>

<p>San Donato Milanese, March 14, 2013 - 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, 2012. As announced on February 15, 2013<sup>2</sup>,
with respect to Eni&#146;s preliminary results, consolidated net
profit amounted to euro 7,788 million (euro 4,198 million
excluding the contribution and gains from the disposal of Snam
accounted as discontinued operations). Net profit of the parent
company amounted to euro 9,078 million (euro 6,207 million
excluding dividends and gains related to Snam).</p>

<p>The Board of Directors intends to submit a proposal for the
distribution of a cash dividend of euro 1.08 per share (euro 2.16
per ADR) at the Annual Shareholders&#146; Meeting. Included in
this annual distribution is euro 0.54<sup>3</sup> per share which
was paid as an interim dividend in September 2012. The balance of
euro 0.54 per share (euro 1.08 per ADR) is payable to
shareholders on May 23, 2013, the ex-dividend date being May 20,
2013 and the record date being May 22, 2013.</p>

<p>The review of the sustainability performance in 2012 has been
included in the Annual Report to provide a comprehensive insight
into the Company&#146;s business model by highlighting the
long-term value creation through the connections between the
financial and sustainability elements of the Company&#146;s
strategy and results.</p>

<p>The 2012 Annual Report was submitted to the Board of Statutory
Auditors and Eni&#146;s independent auditors. In accordance with
the provisions of Legislative Decree No. 58/98 (the Italian
comprehensive code for exchanges and securities), the 2012 Annual
Report will be made available to the public by April 8, 2013 at
the Company&#146;s headquarters and on Eni&#146;s website <b>eni.com</b>
and through other sources provided by the regulation in force,
together with the statutory and independent auditors&#146;
reports.</p>

<p>Enclosed are the 2012 IFRS consolidated statements of the
companies within the Eni group 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 with Article 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; sections, together with the 2012
Annual Report.</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">Due the
        divestment of the Regulated Gas Businesses in Italy, Snam
        results have been represented as discontinued operations.</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">The press
        release on Eni&#146;s preliminary results for the year
        2012, published on February 15, 2013, is available on
        Eni&#146;s website, eni.com, in the Investor Relations
        section.</font></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="1">(3)</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><b>Continuation of the buyback program<br>
</b>The Board of Directors has approved to propose to the Annual
Shareholders&#146; Meeting to grant a proxy to the Board of
Directors to continue the purchase program of treasury shares for
a period of 18 months beginning from the date of the Annual
Shareholders&#146; Meeting, up to a maximum of 363 million
shares, representing approximately 10% of the share capital, for
a maximum consideration of euro 6 billion, at a price not less
than euro 1.102 per share and not more than 5% above the
reference price registered on the trading day preceding each
purchase. The maximum of shares subject to the program related to
treasury shares possibly acquired after the shareholders&#146;
resolution of July 16, 2012.<br>
The restarting of the buyback program was announced to the market
on May 30, 2012.<br>
The purchases will be made in accordance with Article 144-<em>bis</em>,
paragraph 1, lett. b) of Consob Regulation 11971/1999 and with
the provisions that still apply, and then on regulated markets,
according to the procedures established in the regulations of
organization and management of the markets.<br>
Treasury shares held by Eni as of March 13, 2013 are No.
11,388,287 equal to 0.31% of the share capital, purchased on the
basis of the previous buyback programs. Eni&#146;s subsidiaries
do not own any shares in the Company.</p>

<p><b>Convening of the Annual Shareholders&#146; Meeting on May
10, 2013<br>
</b>The Board of Directors convened the Annual Shareholders&#146;
Meeting on May 10, 2013 to approve the 2012 financial statements
of the parent company and the dividend proposal and to authorize
the new buyback program and the withdrawal, for the part not
executed, of the authorization to the buyback program approved by
the Shareholders&#146; Meeting held on July 16, 2012. The Annual
Shareholders&#146; Meeting was also convened to express its
consultative vote about the remuneration policy that the Company
intends to adopt in 2013 as disclosed in first section of the
Remuneration Report.</p>

<p>&nbsp;</p>

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

<p 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>ufficio.stampa@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 website </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 Statements</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>2011</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>2012</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">
    <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">107,690</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">127,220</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">926</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,546</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>108,616</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>128,766</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">78,795</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">95,363</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 charges</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>
        <td valign="bottom" width="1%" 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">4,404</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">4,658</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>171</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>(158</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>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>8,785</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>13,561</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>16,803</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>15,026</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">6,376</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7,218</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">(7,410</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(8,274</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">(112</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(251</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><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>(1,146</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>(1,307</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>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">500</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">278</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">1,623</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,603</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>2,123</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>2,881</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</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>17,780</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>16,600</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">(9,903</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">(11,659</font></td>
        <td valign="bottom" width="1%"><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%"><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>Net profit - Continuing operations</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>7,877</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>4,941</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Net
        profit (net loss) - Discontinued operations</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(74</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>3,732</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>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>7,803</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>8,673</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Eni&#146;s
        shareholders:</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">- continuing operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,902</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,198</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        discontinued operations</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(42</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,590</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>6,860</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>7,788</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Non-controlling
        interest:</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">- continuing operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">975</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">743</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        discontinued operations</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(32</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">142</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>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>885</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Net
        profit per share </b></font><font size="1">(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">1.89</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2.15</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">1.89</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2.15</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit from continuing operations per
        share </b></font><font size="1">(euro per share)</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">- basic</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.90</font></td>
        <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%" bgcolor="#EEEEEE"><font
        size="2">- diluted</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.90</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.16</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">&nbsp;</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">&nbsp;</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">- 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, 2011</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, 2012</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">
    <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">1,500</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7,765</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">262</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">235</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">24,595</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">28,621</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">7,575</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">8,496</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">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">771</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">1,388</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,230</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">2,326</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,624</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>38,195</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>48,742</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">73,578</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">63,466</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">2,433</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,538</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">10,950</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,487</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">5,843</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,265</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">399</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5,085</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">1,578</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,229</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">5,514</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,913</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">4,225</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,400</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>104,520</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>90,383</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>230</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>516</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>TOTAL
        ASSETS</b></font></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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>139,641</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">4,459</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,223</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">2,036</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,961</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">22,912</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">23,581</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">2,092</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,622</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">1,896</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,162</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">2,237</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,437</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>35,632</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>33,986</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">23,102</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">19,279</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">12,735</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">13,603</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">1,039</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">982</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">7,120</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">6,740</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">2,900</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,977</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>46,896</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>42,581</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>24</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>361</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>82,552</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>76,928</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>Non-controlling
        interest</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>4,921</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>3,514</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b><i>Eni shareholders&#146; equity:</i></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">Reserves</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">53,195</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">49,579</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Reserve
        related to the fair value of cash flow hedging
        derivatives net of tax effect</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">49</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(16</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">(6,753</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(201</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">(1,884</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">(1,956</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">6,860</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7,788</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>55,472</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>59,199</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>60,393</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>62,713</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>142,945</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>139,641</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%">&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>
</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>2011</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>2012</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%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit - continuing operations</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>7,877 </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>4,941 </b></font></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"><font size="2">7,755 </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">9,538 </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Impairments
        of tangible and intangible assets, net</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,030 </font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,023 </font></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"><font size="2">(500</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">(278</font></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%"><font
        size="2">(1,176</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">(875</font></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"><font size="2">(659</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">(431</font></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%"><font
        size="2">(99</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">(108</font></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"><font size="2">773 </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">803 </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">9,903 </font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">11,659 </font></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"><font size="2">331 </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1,945</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></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"><i>- inventories</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>(1,400</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>(1,395</i></font></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"><i>- trade
        receivables</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>218 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>(3,170</i></font></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"><i>- trade payables</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>34 </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"><font size="2"><i>2,029 </i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>-
        provisions for contingencies</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>109 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>338 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>- other assets and liabilities</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>(657</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>(1,175</i></font></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">Cash flow
        from changes in working capital</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,696</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3,373</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 change in the 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">(10</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">16 </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</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%"><font
        size="2">955 </font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">988 </font></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"><font size="2">99 </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">91 </font></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%"><font
        size="2">(927</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">(825</font></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"><font size="2">(9,893</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">(11,868</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>Net
        cash provided from operating activities - continuing
        operations</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>13,763 </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>12,356 </b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net cash provided from operating activities -
        discontinued operations</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>619 </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>15 </b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Net
        cash provided from operating activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>14,382 </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>12,371 </b></font></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"><i>-
        tangible assets</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>(11,658</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%"><font
        size="2"><i>(11,222</i></font></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"><i>- intangible assets</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>(1,780</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>(2,295</i></font></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"><i>-
        consolidated subsidiaries and businesses</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>(115</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%"><font
        size="2"><i>(178</i></font></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"><i>- investments</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>(245</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>(391</i></font></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"><i>-
        securities</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>(62</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%"><font
        size="2"><i>(17</i></font></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"><i>- financing receivables</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>(715</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>(1,634</i></font></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"><i>-
        change in payables and receivables in relation to
        investments and capitalized depreciation</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>379 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>54 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Cash flow 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">(14,196</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(15,683</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</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"><i>- tangible assets</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>154 </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"><font size="2"><i>1,229 </i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>-
        intangible assets</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>41 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>61 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>- consolidated subsidiaries and businesses</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>1,006 </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"><font size="2"><i>3,521 </i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>-
        investments</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>711 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>1,203 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>- securities</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>128 </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"><font size="2"><i>52 </i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>-
        financing receivables</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>695 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>1,578 </i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>- change in payables and receivables in
        relation to disposals</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>243 </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"><font size="2"><i>(252</i></font></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">Cash flow
        from disposals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,978</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">7,392</font></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"><font size="2"><b>(11,218</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>(8,291</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"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</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">&nbsp;</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">(continued)</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>2011</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>2012</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%">
    <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">4,474</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,484</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">(889</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3,784</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">(2,481</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">(753</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>1,104</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>5,947</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"><font size="2">26</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Net
        purchase of treasury shares</font></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>
        <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">Net acquisition of treasury shares made by
        consolidated subsidiaries other than the parent company</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">29</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Disposal
        (acquisition) of interests in consolidated subsidiaries</font></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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">604</font></td>
        <td valign="bottom" width="1%">&nbsp;</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">(3,695</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">(3,840</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 to non-controlling interests</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(539</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>(3,223</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>2,201</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</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%"><font
        size="2">(7</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(4</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">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(12</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>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>(49</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>6,265</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>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>1,549</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>1,500</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>1,500</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>7,765</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%">&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>
</table>

<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 Statements</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="71%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2011<br>
        Eni stand alone</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<br>
        Restated</b> <sup>(a)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2012</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="71%">&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>
        <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">
    <tr>
        <td valign="bottom" width="70%" 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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Net sales
        from operations</font></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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">45,603</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">51,197</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">278</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">283</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">267</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><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>
        <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="70%">&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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>45,886</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>51,464</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Purchases,
        services and other</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(43,951</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">(50,283</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Payroll and related costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1,056</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1,065</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">(936</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>OTHER
        OPERATING (EXPENSE) INCOME</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>115</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>115</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>(173</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>DEPRECIATION, DEPLETION, AMORTIZATION AND
        IMPAIRMENTS</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>(1,277</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,278</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,126</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><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>
        <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="70%"><font size="2"><b>OPERATING
        PROFIT</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(294</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>(293</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>(1,054</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" bgcolor="#EEEEEE"><font
        size="2"><b>FINANCE INCOME (EXPENSE)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Finance
        income</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,783</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,784</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,539</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Finance expense</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(4,247</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(4,247</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(4,010</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Derivative
        financial instruments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">208</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">208</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(240</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(256</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>(255</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>(711</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>INCOME
        (EXPENSE) FROM INVESTMENTS</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>4,339</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>4,338</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>8,666</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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>3,789</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>3,790</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>6,901</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(17</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(19</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(694</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit for the period - continuing
        operations</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>3,772</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>3,771</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>6,207</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Net
        profit for the period - discontinued operations</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>441</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>441</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>2,871</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit for 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>4,213</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>4,212</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>9,078</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</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">&nbsp;</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">&nbsp;</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>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><font size="1">2011 data
        have been restated due to the merger of Agosta Srl, Eni
        Gas &amp; Power Belgium SpA, Eni Hellas SpA and Toscana
        Energia Clienti SpA, with legal effects by November 1,
        2012. The operations of the merged companies have been
        accounted in Eni's Balance Sheet by January 1, 2012 also
        for fiscal purposes.</font></td>
    </tr>
</table>

<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="71%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Dec. 31, 2011<br>
        Eni stand alone</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<br>
        Restated </b><sup>(a)</sup></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, 2012</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="71%">&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>
        <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">
    <tr>
        <td valign="bottom" width="70%" 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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">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">354</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">356</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,400</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">19,862</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">19,910</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">22,907</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">2,324</font></td>
        <td valign="bottom" width="1%" bgcolor="#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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,448</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Current
        income tax assets</font></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>
        <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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">314</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">413</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">435</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">368</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">1,396</font></td>
        <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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">659</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>24,665</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>24,737</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>33,096</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">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">6,402</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,403</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,927</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">2,441</font></td>
        <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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,664</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,037</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,095</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,155</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Equity-accounted
        investments</font></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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">31,685</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">32,024</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">10,412</font></td>
        <td valign="bottom" width="1%" bgcolor="#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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,784</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">2,315</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,320</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,823</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">2,977</font></td>
        <td valign="bottom" width="1%" bgcolor="#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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,095</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><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>
        <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="70%">&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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>57,333</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>50,472</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Assets held for sales</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>16</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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>82,021</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>82,070</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>83,584</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" 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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">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">5,874</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,838</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,750</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">2,024</font></td>
        <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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,705</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">9,844</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">9,892</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">9,675</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Income
        taxes payable</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">81</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">1,213</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,236</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,515</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">1,321</font></td>
        <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>
        <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%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>20,276</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>20,311</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>19,615</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">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">21,016</font></td>
        <td valign="bottom" width="1%" bgcolor="#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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">16,834</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">2,776</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,784</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,093</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">285</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">287</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">277</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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">2,413</font></td>
        <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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,187</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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>
        <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="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>26,490</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>26,500</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>23,391</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Liabilities
        directly associated with assets held for sales</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>1</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>TOTAL LIABILITIES</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>46,766</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>46,811</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>43,007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>SHAREHOLDERS&#146;
        EQUITY</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Share capital</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,005</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,005</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,005</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Legal
        reserve</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">959</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">959</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">959</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Other reserves</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">34,715</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">34,720</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">28,692</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Interim
        dividend</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,884</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,956</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">(6,753</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(6,753</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(201</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Net profit</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,213</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,212</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">9,078</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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>35,255</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>35,259</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>40,577</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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>82,021</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>82,070</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>83,584</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><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>
        <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>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><font size="1">2011 data
        have been restated due to the merger of Agosta Srl, Eni
        Gas &amp; Power Belgium SpA, Eni Hellas SpA and Toscana
        Energia Clienti SpA, with legal effects by November 1,
        2012. The operations of the merged companies have been
        accounted in Eni's Balance Sheet by January 1, 2012 also
        for fiscal purposes.</font></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="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">&nbsp;</p>

<p align="center"><font size="5"><b>Eni 2013-2016 Strategic Plan<br>
Well positioned to deliver growth and returns</b></font></p>

<p>&nbsp;</p>

<ul>
    <li><font size="4"><b>E&amp;P: exceptional growth
        opportunities</b></font><ul>
            <li><font size="4"><b>&gt;4% hydrocarbon production
                CAGR to 2016, &gt;3% 2016-2022</b></font></li>
        </ul>
    </li>
    <li><font size="4"><b>G&amp;P: positioning business for
        sustainable profitability</b></font><ul>
            <li><font size="4"><b>under renegotiation 80% of
                supply volumes to be purchased</b></font></li>
        </ul>
    </li>
    <li><font size="4"><b>R&amp;M: efficiency program relaunch
        and optimization</b></font><ul>
            <li><font size="4"><b>&gt;euro 500m of EBIT
                enhancement by 2016</b></font></li>
        </ul>
    </li>
    <li><font size="4"><b>Versalis: confirmed turnaround</b></font><ul>
            <li><font size="4"><b>~euro 500m of EBIT enhancement
                by 2016</b></font></li>
        </ul>
    </li>
    <li><font size="4"><b>Transformed balance sheet</b></font><ul>
            <li><font size="4"><b>New leverage target range
                10-30%</b></font></li>
        </ul>
    </li>
    <li><font size="4"><b>New shareholders distribution policy:</b></font><ul>
            <li><font size="4"><b>2013 dividend proposal expected
                at euro 1.10 (+~2% vs. 2012)</b></font></li>
            <li><font size="4"><b>New buyback programme</b></font></li>
        </ul>
    </li>
</ul>

<p><i>London, March 14, 2013 </i>- Paolo Scaroni, CEO of Eni,
today presents the company&#146;s<b> </b>2013-2016 Strategic Plan
to the financial community.</p>

<p>In the new plan, Eni targets:</p>

<ul>
    <li>high hydrocarbon production growth, supported by
        exceptional exploration successes;</li>
    <li>sustainable profitability in G&amp;P, through the supply
        contracts renegotiation, a focus on premium retail and
        LNG segments and sales and trading integration;</li>
    <li>an ambitious cost reduction program and optimization of
        refining activities aimed at recovering profitability in
        R&amp;M;</li>
    <li>more incisive actions for development and
        rationalizations in Chemicals.</li>
</ul>

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

<hr noshade>

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

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

<p>Eni confirms its strategy of production growth, raising its
average annual target to over 4% in the 2013-2016 period. This
growth is based on a scenario of $90/bbl to 2016, but it is
resilient to higher oil prices.</p>

<p>Eni&#146;s growth strategy is founded on organic development,
thanks to the significant contribution coming from key
development hubs including &#150; Russia (Yamal), the Barents
Sea, Kazakhstan, Venezuela, the Far East and the sub-Saharan
region.</p>

<p>Projects due to come onstream over the plan period will add
over 700 kboe/d of production by 2016. 80% of this new production
will come from giant projects, and 40% will come from additional
development phases of producing fields.</p>

<p>Beyond the plan period, production growth of over 3% per year
to 2022 will be based on our diversified and synergic development
pipeline, and on a low decline rate of about 4%, coming from
dynamic reservoir management and intense production optimization
activities.</p>

<p>&nbsp;</p>

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

<p>The outlook on the gas market environment, especially in
Italy, remains challenging mainly due to a still weak
macroeconomic environment. As a result, the Italian market is
still oversupplied, lacking physical export capacity which would
allow the reverse flow of significant take or pay volumes
delivered to Italy.</p>

<p>In this context, Eni is renegotiating the most of the supply
contracts in its portfolio. The renegotiations aim at realigning
gas purchased with those of the prevailing hubs, aiming also at
obtaining more flexibility in the volumes of the take or pay
contracts.</p>

<p>On the commercial front, Eni will continue to focus on solid
segments like retail and LNG, and support margins in wholesale
through the enrichment of its portfolio with flexible and
innovative products as today's market requires.</p>

<p>This is facilitated by the integration of this segment with
trading within a new organization.</p>

<p>The EBITDA proforma adj expected in 2016 will be approximately
1.5 bln euro.</p>

<p>&nbsp;</p>

<p><b>Refining &amp; Marketing</b></p>

<p><font size="2">In Refining, Eni will increase the flexibility
of its plants, optimizing the production cycles, reducing costs
and exploiting its proprietary technologies. A key project will
be the conversion of the Venice refinery into a bio-refinery to
recover profitability.</font></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>The EST (Eni Slurry Technology), plant in Sannazzaro refinery,
exploiting our proprietary technology for the full conversion of
the barrel, will be on stream in the second half of 2013,
improving the competitiveness of our refining system.</p>

<p>In Marketing, results will increase thanks to the completion
of the re-branding of the distribution network, the automation of
petrol stations and the expansion of non-oil activities as well
as sales abroad.</p>

<p>Eni is targeting an EBIT enhancement of more than euro 500
million to 2016.</p>

<p>&nbsp;</p>

<p><b>Versalis</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 greater exposure on high value segments and growing
markets.</p>

<p>Even excluding any improvement in the scenario, Eni expects to
reach break-even by the end of the plan period thanks to further
rationalization and integration and the refocusing of the
portfolio on valuable segments and growing markets.</p>

<p>Segments of interest include elastomers, with targeted
production growth of over 60% to 2016, and green chemicals. In
2013 there will be the start-up of the first two lines in the
Matrica plant, a joint venture with Novamont in Porto Torres, one
of the biggest biochemical projects 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 new plan increases Eni&#146;s target from &gt;euro 400 by
2015 to over euro 500 million by 2016.</p>

<p>&nbsp;</p>

<p><b>Financial strategy</b></p>

<p>Eni&#146;s strategic growth prospects are supported by a
transformed balance sheet, with net debt at the end of 2012
almost halved compared with 2011. This stronger financial
position is coherent with our new business profile, more exposed
to the E&amp;P business. Eni expects to maintain leverage within
a target range of 10-30%, using this flexibility to absorb
temporary fluctuations in oil prices, in market environments and
in our business results.</p>

<p>Eni plans to make approximately euro 56.8 billion of
investments over the 2013-2016 period, an increase, at the
exchange rate euro/dollar of approximately euro 1.6 bln over the
last plan period. The increase is largely related to the new
growth opportunities in E&amp;P, including Mozambique.</p>

<p>The capex plan will be funded by strong cash generation in the
region of euro 20 bln per year over the period, driven by
increasing E&amp;P production, the gradual recovery in our mid
and downstream businesses, and over euro 10 bln of disposal
opportunities including Galp and Snam, and some rebalancing in
our E&amp;P portfolio.</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><b>New shareholder distribution policy</b></p>

<p>Given its modified business profile and the strengthened
balance sheet, Eni plans to adopt a new shareholder distribution
policy. This consists of a progressive dividend, and a new
buyback program.</p>

<p>The sustainability of a progressive dividend is compatible
with the prices scenario expected in the plan, a gradual recovery
of the European gas demand and it leverages on the underlying
earnings and cashflow growth expected during the plan period.</p>

<p>According to this policy and our projections for 2013, the Eni
board intends to propose a dividend of euro 1.10/sh, an increase
of around 2% on 2012.<br>
The buyback will be activated at management&#146;s discretion and
when a number of conditions are met. These include, but are not
limited to, satisfactory leverage, well-within our target range
limit of 30%, and full coverage for capex and dividends
throughout the plan period.</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>
</body>
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</TEXT>
</DOCUMENT>
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<SEQUENCE>2
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