Vaca Muerta Strategic Investment

Vaca Muerta Momentum Now is a favorable time to enter the play Super Majors (1) Focusing on Permian and Vaca Muerta (Net Acres Held in '000s) ■Vaca Muerta ■Permian + 112% 1,696 Discount to Permian Trading Multiples Narrowing (2) (Permian trading comps and Vaca Muerta acquisition precedents at average adjusted US$/net acres) 800 + 45% 3,622 2,500 2012 2017 Vaca Muerta Appears Poised to Follow Permian's Growth Trajectory (Mboepd) Permian VM 600 180 500 150 400 120 300 90 Permian Year 0 (2008): Production Re-Based to 0 Mboepd 200 60 100 30 0 0 Vaca Muerta 2012 Production: -4 Mboepd 2012 YPF $36,461 $35,725 $3,905 $3,277 $42,868 $1,000 $48,864 $7,255 2014 2015 2016 2017 (3) Vaca Muerta Acquisition Multiple - ⚫US Permian Pure Play Trading Multilple Permian Year 5 (2014): +556 Mboepd VM 2018E Production: +155 Mboepd Schlumberger YPF YPF wintershall ExxonMobil YPF DOW YPF ExxonMobil 2013 Chevron 2014 2015 2016 YPF Pan American ENERGY 2017 YPF TOTAL PETRONAS Tecpetrol TOTAL $5,300 ($ MM) Vaca Muerta Investments (4) $1,500 $550 $250 $450 (2) Source: Wall Street Research, Company Filings, Press Articles, Texas Railroad Commission and Ministerio de Energía y Minería (Presidencia de la Nación). (1) Super Majors include Exxon (and subsidiary XTO), Shell, BP (through its subsidiary in Argentina, Pan American Energy), and Chevron. Public filings and press releases. Permian adjusted for production value at $35,000/ boe/d. (3) Permian Pure Play companies include Concho, Diamondback, Parsley Energy, and RSP Permian; trading multiple represents annual average Enterprise Value / annual net Permian acres. (4) Investments announced in the public media. Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking Statements." Statoil 2018 ExxonMobil 12

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