Eni board of directors approves measures to begin buy-back program

MILAN -- The Eni board of directors, in execution of the authorization granted by the Eni shareholders’ meeting of May 14, 2019 and within the terms announced to the market on that date, has approved measures to begin the 2019 share buy-back program, in the maximum amount of €400,000,000 and up to a maximum of 67,000,000 shares.

The program gives the Company a flexible option to give its shareholders an additional return beyond the distribution of dividends, in line with Eni’s commitment to a progressive shareholder remuneration policy linked to the growth in profits.

The purchases will start in the first week of June 2019 and will terminate within the month of December 2019.

In order to execute the program, Eni will engage an authorized agent, who will purchase Eni shares on a fully independent basis, including with regard to the timing of purchases and in compliance with the daily price and volume limits. In particular, the price of each transaction shall not be more than 5% greater or lower than the official price registered by the Eni SpA stock in the trading session of the Mercato Telematico Azionario, organised and operated by Borsa Italiana SpA (MTA), on the day before each individual transaction and, in any case, shall not exceed the higher of the price of the last independent trade and the highest current independent purchase bid on the MTA.

Share purchases will be made on the MTA pursuant to Art. 144-bis, paragraph 1, letter b) of Consob Regulation no. 11971/1999 and in accordance with the additional conditions set out in the Eni’s shareholder resolution of 14 May 2019, as well as in compliance with Regulation (EU) no. 596/2014 on market abuse and Delegated Regulation (EU) 2016/1052.

The amount of purchases for 2020 will be announced to the market during the strategy presentation at which the new 2020-2023 Strategic Plan will be illustrated.

At present, Eni holds 33,045,197 treasury shares, equal to approximately 0.91% of share capital, acquired during previous buy-back programs. Eni subsidiaries do not own shares in the Company.

Eni will announce the details of any purchases made to the market within the time limits and with the procedures required by applicable regulations.