Vaca Muerta Strategic Investment

Intrinsic Value Analysis Potential upside Pro Forma PV-10 Fully Diluted Value per share (1) Cumulative PV-10 (2) ($MM) $1,017 Entry Price pro forma equity value @ $10/sh. $10.57/sh. $1,737 Potential Upside $16.37/sh. Conventional Base Case 90% of value from 1P reserves Current production of 27.5 Kboe Right size conventional operations (3) Unconventional Base Case 413 locations in development plan Conservative type curve assumptions Infrastructure-advantaged acreage Additional Upside +700 potential locations in Vaca Muerta Longer laterals and improved well design Waterflood in mature assets Tight Gas projects Conventional exploration upside (1) Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards; realized gas price of $4.6/mmbtu flat in real terms. Includes $100 MM of cash; assumes 86.3 MM Series A Shares (including conversion of Series B Shares from Management Team and Riverstone) in addition to 10 MM additional Series A Shares corresponding to the $100 MM of additional equity recently committed. (2) PV-10 after tax based on Company development plan; should not be construed as an audited quantity. (3) Fully diluted value per share assumes outstanding warrants are exercised resulting in total fully diluted shares outstanding of 106.1MM 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." 15

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