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Role of Perception on Decision Making

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Presentation script
Good afternoon Ladies and Gentlemen, and welcome to our first quarter results presentation.
Here with me is Stefano Cao and together we will be pleased to answer your questions at the end of the presentation.
In the first quarter of 2008 the Brent price reached new highs averaging 97 $ per barrel and increasing by approximately 68% compared to the first quarter of 2007.
The European refining margin averaged 3.8$/bbl, increasing by 25% compared to the first quarter of 2007. The margins realized by our own refineries underperformed the trend of the benchmark indicators: this is because our refineries yields are less geared to diesel products, which performed strongly, and more weighted on fuel oil which quoted at a strong discount vs diesel.
Finally, the euro showed an appreciation of 14% versus the US dollar compared to the same period of last year.
As usual, I would like to remind you that Eni’s results are affected by several issues, including the seasonal factor affecting the demand for natural gas and petroleum products used for residential heating, the demand for which is highest in the first quarter of the year, the coldest months, and lowest in the third quarter, the warmest months. Therefore, Eni’s operating profit and change in net debt in the first quarter cannot be extrapolated for the full year.
Having said this, I am very pleased to announce record quarterly adjusted results.
Indeed, adjusted net profit amounted to 3.1 billion euro up around 14% if compared to the same period of 2007. In US dollar terms the adjusted net profit increased by 23%
This trend is mainly a result of the stronger operating performance.
Adjusted operating profit increased by almost 13% compared to the first quarter of 2007, totalling
5.9 billion euro. In US dollar terms the adjusted operating profit posted a 24% increase versus the first quarter of 2007.
This

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