Dividend

Over next four years Eni will generate a considerable amount of cash which will be allocated based on the following three priorities:

• Mantaining a strong capital position and credit rating;
• Continuing to invest to fuel profitable growth throughout the Brent cycle;
• Rewarding investors with superior dividend yields.

(*) On September 10, 2009 Eni's Board of Directors authorised the distribution of an interim dividend for the fiscal year 2009 of €0.50 per share (€0.65 in 2008) on shares outstanding at the coupon tear-off date (September 21, 2009), with payments from September 24, 2009. Holders of ADRs will receive €1.00 per ADR, payable on October 1, 2009 (record date: September 16, 2009).

Announcing the second quarter and the first half of 2009 results, Paolo Scaroni, Chief Executive Officer, commented:
"In the first six months of this year we have strengthened our position in our core areas and achieved sound financial results in the context of sharply lower commodity prices and demand. Eni's business portfolio proved to be resilient thanks in particular to the steady performance of the Gas & Power division. We are taking a prudent approach to the outlook for 2009 and beyond which is reflected in our proposed interim dividend of €0.50 per share, which we believe to be appropriate in the current environment."

Dividend History

Following new Italian tax laws in force from January 1, 2004, dividends do not entitle to a tax credit and are either subject to a withholding tax, or partially cumulated to the receiver's taxable income, depending on the receiver fiscal status.

On ADR payment date, JPMorgan Chase Bank, N.A. will pay the dividend less the entire amount of a withholding tax under Italian law (currently 27%) to all Depository Trust Company Participants, representing payment of Eni SpA's interim dividend.

Methodological note:
On June 1, 2001 Eni Shareholders' Meeting resolved to convert the nominal value of Eni shares into euro and to group two shares of nominal value 0.5 euro into one share with nominal value one euro. In order to make an homogeneous comparison possible, data presented in the tables of this page were calculated assuming that the above mentioned grouping occurred starting from the first year of each table.

Dividend Yield - Dividend/price ratio
Corresponds to the ratio between the dividend and the share price.
The values shown have been calculated using the following methodology:
value of the dividend per share in relation to the average closing price in the month of December of the year to which the dividend refers.
e.g.: Dividend yield 2002 = euro 0.75 (dividend for 2002 distributed in June 2003) / euro 14.42 (average share price in December 2002)
The dividend yield is used as an indicator of the return of the share excluding capital account gains/losses.
It should not be seen as a forecasted return in that it takes account of the dividend of each year.

* Average calculated on the followings Oil & Gas Companies: BP, Chevron, ConocoPhillips, Exxon Mobil, Royal Dutch Shell and Total.

Dividend Pay Out Ratio
This is the ratio between the total dividend distributed and the profit for the period.