Vaca Muerta Strategic Investment

Entry to Argentina at an Inflection Point Argentina's market friendly reforms and initiatives are encouraging Economic Structural reforms and initiatives since December 2015... Removed capital controls and repatriation restrictions Resolved defaulted debt and regained access to financial markets Reduced export taxes and removed import restrictions Floated FX and recovered monetary reserves Improving Country Risk 10-year Benchmark G/Spread Evolution - (bps) 200 bps reduction 530 Institutional Instituted inflation targeting policy to reach single-digit CPI by 2020 Established four-year plan to eliminate primary fiscal deficit The economic emergency law was not renewed and ceased to be in force as of January 6, 2018. have already resulted in improvements... With Capital Markets Activity on the Rise Debt & equity issuances - ($ Bn) Macri assumes Office 12/10/15 Rising & Steady Growth Expectations Forecasted GDP (% change y-o-y) Investment led cycle - including US$60 Bn of expected FDI inflows over the next 5 years 3.1%.3% 3.1% 3.1% $34.8 3.6% 3.8% $26.8 3.2% 2.4% 2.6% 2.0% 1.4% 1.5% 0.8% Apr-16 Restructure of Argentinean international debt Sep-16 330 $1.2 $1.7 $3.2 $4.2 $0.3 $1.8 (2.0%) Mar-17 Aug-17 Jan-18 2014 2015 2016 ■Debt Equity 2017 2015 2016 2017 2018 2019 2020 ■Potential GDP ■GDP Growth 2021 " and forward outlook is encouraging Outlook for reforms has improved with strong popular support after mid-term elections. Recently, (i) tax reform passed, lowering tax burden and encouraging investment, (ii) integral reform of the capital markets underway and (iii) labor reform to be pushed later in 2018 Government pursuing agreements between unions and private sector to increase productivity in specific sectors, including oil and gas Diverse and attractive investment opportunities of more than $250bn in multiple sectors like infrastructure, energy, mining and agribusiness Foreign Direct Investment ("FDI") picking up, signaling favorable time to invest Source: Bloomberg, Wall Street Research. 41

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