Debt and Credit Rating

Financial debt: low risk quality

Debt structure as of 31 December 2009

                                                   Gross financial debt: € 24,800 m

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2009 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

As of 31 December 2009, the long-term debt included the debt current portion maturing in 2010, are indicated below with relative expiry dates:

Total medium/long term debt (including short-term component): € 21,255m

Eni entered into long-term borrowing facilities with the European Investment Bank which were conditioned to the maintenance of certain performance indicators based on Eni’s consolidated financial statements or the maintenance of a minimum level of rating. According to the agreements, the lack of this latter condition required new guarantees, able to be accepted by the European Investment Bank, to be found. As of December 31, 2008 and 2009, the amount of short and long-term debt subject to restrictive covenants was €1,323 million and €1,508 million, respectively. Eni considers that the non-compliance with the above covenants does not produce relevant effects. Furthermore, Saipem SpA entered into certain borrowing facilities in the amount of €75 million (the same amount as of December 31, 2008) with a number of financial institutions subordinated to the maintenance of certain performance indicators based on the consolidated financial statements of Saipem. Eni and Saipem are in compliance with the covenants contained in their respective financing arrangements.

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2009 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Euro Medium Term Notes Programme:

Eni has a Euro Medium Term Notes (EMTN) Programme dedicated to professional investors only, for a maximum total amount of €15 billion. The issuers of the EMTN Programme , entirely guaranteed by Eni SpA, are Eni SpA and Eni Coordination Center SA.

The table below provides an analysis at the end of 2009 of bonds issued in the context of the EMTN Programme – by issuer and currency, with an indication of expiry dates and interest rates:

Euro Commercial Paper Programme:

Eni has in place three Commercial Paper Programmes: (i) a Euro Commercial Paper Programme for a maximum total amount of €4 billion, entirely guaranteed by Eni SpA, with Eni SpA and Eni Coordination Center SA as issuers; (ii) a US Commercial Paper Programme for a maximum total amount of $2 billion, entirely guaranteed by Eni SpA, with Eni Coordination Center SA as issuer; (iii) a US Commercial Paper Programme for a maximum total amount of $3 billion, entirely guaranteed by Eni SpA, with Eni Finance USA Inc. as issuer.

Debt comprised commercial paper of €2,718 million mainly issued by the financial company Eni Finance USA Inc (€2,020 million) and Eni Coordination Center SA (€698 million).

Notice for users: all the information and data contained in these pages refer to the situation as at 31 December 2009 and should not be considered as an incentive to buy Eni shares and/or other Eni financial instruments

Disclaimer

A rating is not a recommendation to buy, sell or hold Eni Group securities. As the above ratings may be changed, superseded, suspended or withdrawn, any person should verify the current long-term, short-term outlook rating.