Shareholders of Vår Energi announce terms of the Initial Public Offering

San Donato Milanese (Milan) / Stavanger, 4 February 2022 – Further to the announced Intention to Float published on 24 January 2022, Eni and HitecVision have resolved to launch an initial public offering of shares in Vår Energi. Subject to approval of the listing application and successful completion of the Offering, the shares of Vår Energi will be admitted to listing and commence trading on Oslo Børs on 16 February 2022.

Vår Energi Shares will be offered for sale within an indicative price range of between NOK 28.00 and NOK 31.50 per Offer Share, corresponding to an equity value of Vår Energi of between NOK 70 billion and NOK 79 billion.

The Offering consists of an offer up to 220,000,000 existing shares and an upsize option up to 55,000,000 additional existing shares, both offered in equal parts by the Company's shareholders Eni and HitecVision. Further details are available on www.varenergi.no.

For Eni, the operation is part of its strategy of enhancing its assets in order to free up new resources to be allocated to accelerate the energy transition strategy. Eni will continue to retain a majority stake in the Company, while preserving equity accounting.

Furthermore, Vår Energi has today announced an update to its previously communicated dividend policy for 2022. In late 2021, Vår Energi determined a dividend of minimum USD 700 million for 2022. In addition, Vår Energi communicated a dividend of USD 200 million for Q1 2022. Considering the current market conditions and the outlook for a continued supportive commodity price environment and Vår Energi’s strong cash flow generation, the Company has decided to increase its dividend guidance for the full year 2022 to a minimum of USD 800 million, and the Q1 2022 dividend to USD 225 million. As a further reflection of the strong cash flow generation currently enjoyed by Vår Energi (including the positive movement in certain working capital elements in January), the Company’s preliminary calculation of its net interest bearing debt as of 31 January 2022 decreased to approximately USD 3.9 billion, from USD 4.6 billion at 31 December 2021.

Eni, through Eni International BV, and HitecVision, through its company Point Resources Holding, own respectively 69.85% and 30.15% of Vår Energi AS.

All offers and sales outside the United States will be made in compliance with Regulation S of the U.S. Securities Act.