Vaca Muerta Strategic Investment

Two-Year Outlook (2/2) Goal is to deliver superior financial results through intended growth strategy Historical and Target Revenue (1) ($ MM) 575 445 445 2016 2017E Historical and Target OPEX (1) ($ MM) (1) (2) (3) 199 169 18.3 +31% 583 Historical and Target EBITDA (1) ($ MM) 2018E 2019E Lifting Costs ($/bbl) ($ MM) -12% 165 152 17.3 16.8 2016 2017E 2018E 2019E Conventional 240 2016 182 42% 1% 2017E +52% EBITDA Margin (%) 288 190 49% 43% 2018E 2019E Historical and Target Free Cash Flow (1) (2) 111 108 15.1 Unconventional ~1,100 ~(300) 2016 2017E 2018-2021, Cumulative (3) 2022-2025 Cumulative Consolidated Based on Company information and Company estimates assuming Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards, and realized gas price of $4.6/mmbtu flat in real terms. Does not include cash flow from financing activities. Does not include cash balance in PELSA and APCO O&G Int'l. 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." 14

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