Vaca Muerta Strategic Investment

Pro Forma Income Statement For the nine months ended September 30 (1) For the twelve months ended December 31 (1) ($ MM) Net sales 2017 $334 2016 Var % 2017 (2) 2016 Var % $431 -23% $445 $575 -23% Cost of sales ($269) ($299) -10% ($359) ($398) -10% Gross Profit $65 $132 -51% $86 $177 -51% Administrative expenses ($10) ($11) -9% ($13) ($14) -7% Selling expenses ($11) ($12) -8% ($15) ($16) -6% Exploration expenses ($1) ($3) -67% ($1) ($4) -75% Other expenses, net ($4) ($38) -89% ($5) ($51) -90% Financial expenses ($7) ($11) -36% ($9) ($15) -40% Financial income $2 $2 0% $3 $2 50% Profit Before Taxes $34 $59 -42% $46 $79 -42% Income taxes ($20) ($36) -44% ($27) ($48) -44% Net Income $14 $23 -39% $19 $31 -39% EBITDA EBITDA Margin (%) Depreciation $136 $180 -24% $182 $240 -25% 41% 42% -3% 41% 42% -3% $95 $110 -13% $127 $146 -13% (1) (2) These statements have been prepared based on the historical financial information compiled from each of the potential acquisitions as of December 31, 2016 and as of September 30, 2017, and assuming the creation of the Company on that date. For the preparation of the historical financial information, (i) the financial information regarding PELSA and APCO was compiled in U.S. dollar as of December 31, 2016 and as of September 30, 2017 and (ii) the information relating to the Direct Interests was compiled in Argentine Pesos and converted to U.S. dollar, for comparison purposes. The unaudited condensed combined pro forma financial statements have been prepared to comply with regulatory ruling issued by Mexican National Banking and Securities Commission in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"). In order to carry out the comparative analysis of the consolidated results, the pro forma figures showing the results as of September 2017 were projected linearly (133%) so as to obtain the data shown in the December 31, 2017 column. 34

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