Vaca Muerta Strategic Investment

Selected Precedent Acquisition Multiples Precedent transactions in Vaca Muerta Precedent Acquisition Multiples ($/acre) $8,500 $8,600 $8,800 $7,200 $7,000 $7,300 $6,000 $14,000 Chevron PETRONAS Buyer Schlumberger Dow wintershall Statoil Seller YPF YPF YPF YPF TOTAL GyP YPF YPF Area Bajo del Bandurria Toro Sur Bajada de Añelo La Amarga Chica La Escalonada Aguada Federal El Orejano Loma Campana Buyer Acquired No No Yes No No Yes No No Operatorship Acres 19,390 27,667 27,500 23,095 49,970 14,374 5,050 48,500 Date Jun-17 Apr-17 Feb-17 Mar-15 Apr-14 Jan-14 Sep-13 Jul-13 Medanito $/bbl(1) 55.1 56.4 57.8 75.6 79.5 72.4 74.6 74.9 Source: Press releases and media coverage. (1) Based on Ministerio de Energía y Minería (Presidencia de la Nación). 31

View entire presentation