Eni S.p.A.

Eni is a major integrated energy company committed to growth in finding, producing, transporting, processing and marketing oil and gas.

Listed on the Italian and New York Stock Exchanges, Eni ranks first in Italy in terms of market capitalization. It operates in 73 countries and employs over 72,000 people.

In the first half of 2006 Eni generated consolidated revenues of ?44.3 billion, with a net profit of ?5.3 billion, up 21.5% from the first half of 2005.

These achievements confirm Eni's position among the most profitable oil majors, a result of the growth program implemented over the past few years. Eni intends to set new growth targets for its core business, and in particular for oil and natural gas production, leveraging on its strong capital structure and on large-scale projects, while at the same time reinforcing investments in the midstream sector.

Eni has committed to a ?35 billion capital expenditure program for the 2006-2009 period, the most far-reaching in the company's history. We have two main strategic targets for 2009: (i) production of 2 million barrels of oil per day, and (ii) sale of 70 billion cubic meters of natural gas outside of Italy.

Eni strives to combine competitiveness with sustainable development, through the integration of environmental and social objectives into its own growth. Eni behaves fairly and responsibly with its stakeholders and is committed to investing in people.

Eni's operations are focused on 4 core businesses:

Exploration & Production.

Eni explores and produces hydrocarbons in Italy, Africa, the North Sea, the Gulf of Mexico, Latin America, Australia and in high-potential areas such as the Caspian Sea, the Middle East, the Far East, India and Alaska.

In the first half of 2006 daily hydrocarbon production reached 1.79 million boe. Proved hydrocarbon reserves at December 31, 2005 totalled 6.8 billion boe, with a life index of 10.8 years.

Gas & Power.

Eni operates in the supply, transmission, distribution and sale of natural gas in Italy and internationally, as well as in power generation and sale. In the first half of 2006 natural gas sales totalled 49.5 billion cubic meters, including internal consumption and sales to affiliates (net to Eni), while power production sold was 12.4 terawatthours.

Refining & Marketing.

Eni operates in refining and distribution mainly in Italy and in Europe. Eni is the leading distributor in Italy through the Agip brand. In the first half of 2006 overall sales of refined products totalled 24.9 million tons while total refining throughputs on Eni's wholly owned plants amounted to 12.6 million tons.

Construction & Engineering

Saipem (43% owned by Eni) is a leader in the provision of Engineering, Procurement, Project Management and Construction services for the Oil & Gas industry, with unique capabilities in designing and executing large scale offshore and onshore projects. In 2006 Saipem bought Snamprogetti, among the world's leading engineering and contracting operators. This acquisition creates a world leader in this industry and confirms Eni's commitment to these activities.

Paolo Scaroni, Amministratore Delegato di Eni, Eni S.p.A