San Donato Milanese, February 18, 2015 - Yesterday Eni's Board of Directors approved group results for the fourth quarter and the full year 2014 (unaudited).

Financial highlights

• Record cash flow1 over the last six years: €5.37 billion for the quarter (up 69%); €15.09 billion for the full year 2014 (up 37%);
• Leverage decreased to 0.22 (0.25 at the end of 2013);
• Adjusted operating profit: €2.32 billion for the quarter (down 34%); €11.57 billion for the full year 2014 (down 9%);
• Adjusted net profit: €0.46 billion for the quarter (down 64%); €3.71 billion for the full year 2014 (down 16%);
• Reported net loss of €2.34 billion for the quarter; reported net profit of €1.33 billion for the full year 2014;
• Dividend2 per share: €1.12 of which €0.56 paid in September 2014 (€1.10 in 2013);
• Share repurchases in 2014 were 21.66 million for a cash outlay of €0.38 billion, together with the dividend this ensured a distribution yield3 of 8.3%.

Operational highlights

• Hydrocarbon production4: 1.65 mmboe/d for the quarter (up 6.7%); (1.6 mmboe/d for the full year 2014, up 0.6%);
• Preliminary year-end proved reserves estimate in accordance with US SEC requirements: 6.6 billion of boe. The organic reserve replacement ratio was 112%;
• Started up the West Hub and Nené projects in Angola and Congo, setting the industry benchmark in terms of time-to-market;
• Achieved important exploration success in Congo, Angola, Gabon, Indonesia, Ecuador and Egypt in proven areas;
• Acquired exploration licences offshore Portugal, South Africa, the United Kingdom, Vietnam, Egypt, China, Norway, the United States and Myanmar; Block 15/06 exploration licence in Angola renewed for an additional three-year period;
• Divested Eni's interest in the South Stream gas-pipeline project.

Claudio Descalzi, Chief Executive Officer, commented:
"In spite of an unfavourable trading environment, Eni delivered excellent results in the fourth quarter, underpinned by record cash flow generation over the last six years. The performance was driven by the increased contribution from upstream production and the accelerated restructuring of our mid and downstream businesses. We continue to deliver on the initiatives launched in May 2014 as we rebalance the Group's portfolio, pursue a higher level of efficiency and focus on core upstream activities, which have been further strengthened by continued exploration success and the organic growth of our proven reserves. In light of these results, I will propose to the Board of Directors the distribution of a 2014 final dividend of €0.56 per share.'

(1) Net cash provided by operating activities.
(2) Dividend proposal. Eni's Board of Directors is scheduled to formalize the proposal on March 12, 2015 when approving the Annual Report 2014 and the parent company separate financial statements. The Shareholders' Meeting is scheduled to deliberate on the dividend proposal on May 13, 2015.
(3) Sum of dividend yield and buyback yield.
(4) On a homogeneous basis, excluding the impact of the divestment of Artic Russia.