Plan Energetico

Argentina Energy Plan
—Guidelines—
Secretaría de
Secretaría de Gobierno de Energía Planeamiento
Energético
Secretaría de Gobierno
Our vision de Energía
Secretaría de Planeamiento Energético
Provide Argentinians with abundant, clean and

low cost energy, and transform our country in
a World Class Energy Supplier through the
massive and responsible development of
unconventional resources and through the
fast incorporation of renewables, reaching
competitive costs for the development of the
small and medium-sized enterprises (SMEs),
the industries and the transport.
2
Our six objectives de Energía
1. Double natural gas production in 5 years, to achieve 260 MMm3 (9.2

Bcf) per day and to export 100 MMm3 (3.5 Bcf) daily.
2. Double oil production in 5 years, reaching 1 million barrels per day and
to export 500 thousand daily.
3. Create 500 thousand new jobs associated with the development of
Vaca Muerta.
4. Enhance Argentina’s trade balance, by contributing 15.000 MMUSD of
net anual exports in 2023 .
5. Develop the full potential of renewable energy, reaching by 2025 a
20% share of Argentina’s electricity consumption.
6. Due to this great energy offer reach world class competitive prices to
strongly develop SMEs, industries and transport sector.
3
Where we are heading in energy markets de Energía
Natural Gas: a unique, transparent and competitive market

ü MEGSA: electronic platform for spot transactions and contracts.
ü Complete and real time information.
ü Business opportunities: liquefaction and storage.
Power markets: an efficient and competitive system
ü More natural gas availability for power generation at lower prices.
ü Lowe generation costs due to fuel optimization.
ü 5.000+ MW of renewable energy.
ü Operation efficiency: PPP for power transmission.
Transport: more supply options
ü Gasoline and Diesel oil.
ü vs. LNG, GNC.
ü vs. biodiesel, bioethanol.
ü vs. electric vehicles.
4
Argentine energy matrix de Energía
Internal energy supply* - 2017 Power generation matrix – 2017
HydraulicOthers Others Renewable

Biomass and biofuel 4% 2% Nuclear 2%
4% 4%
Nuclear
2%
Hydraulic >50
Mineral Coal
MW
1%
29%
Oil and
83 136
MMtoe TWh
derivatives
30% Natural Gas
57%
Thermal
65%
10
%
45% 5
* TIOS: Total Primary Energy Supply + balance of trade
Private investment in the energy sector – 2018 est. de Energía
Power distribution (data for AMBA) Renewable generation Thermal power generation
Upstream O&G Transport and distribution of Oil and Gas Total private investment
6
Public investment in the energy sector – 2018 est. de Energía
Power transmission and distribution Renewable energy Thermal power generation
Total public
201 265 24
MMUSD MMUSD MMUSD
1,152
MMUSD
Other O&G Transport and distribution of natural gas Nuclear
20 184 458
MMUSD MMUSD MMUSD
7
Sweet spots of Vaca Muerta – Sustainability of the Plateau de Energía
Oil
Window: 22.000 km2 5,4+ MM Acres
EUR / Well 631 kbbl/well
Landing points/area 2.5/km2 (2.5/247 acres)
MMbbl/Area 1.6 MMbbl/km2 (6.5 kbbl/acre)
Unconventional Production Plateau 2030 1,143 kbbl/day
Reservoir to explote in 25 years 10,434 MMbbl
Exploited Area 6,614 km2 / 1.6 MM acres (30%)
Gas
Window: 13.000 km2 3,2+ MM acres
EUR / Well 12.9 BCF/well
Landing points/area 2.5/km2 (2.5/247 acres)
BCF/area 32.25 BCF/km2 (0.13 BCF/acre)
Unconventional Production Plateau 2030 14.1 BCF/day
Reservoir to exploit in 25 years 128.6 TCF
Exploited Area 3,990 km2 / 987,643 acres (31%)
8
Current players in Vaca Muerta (Wood Mackenzie) de Energía
• More than 30 big, independent and local companies are active in Vaca Muerta
Acreage in Vaca Muerta per company
9
Activity is increasingly driven by new players (IHS – Markit) de Energía
YPF PAE Pluspetrol
Petrobras/Pampa Total Tecpetrol
Capex Shell ExxonMobil
Chevron Wintersall
10
31 key projects de Energía
31 Black Light Wet Dry
Pilots Area Operador Oil Oil Gas Gas Cond 2010 11 12 13 14 15 16 17 18
1 Loma Campana YPF
Development
2 El Orejano YPF
3 Aguada Pichana Este Total
4 Fortín de Piedra Tecpetrol
5 La Amarga Chica YPF
6 Bandurria Sur YPF
7 Cruz de Lorena - Sierras Blancas Shell
8 La Escalonada Total
9 Rincon de la Ceniza Total
10 Bajo del Choique - La Invernada ExxonMobil
11 Bandurria Centro PAE
12 Pampa de las Yeguas I ExxonMobil
13 Rincon del Mangrullo YPF
14 Aguada de la Arena YPF
15 La Ribera I YPF
16 La Ribera II YPF
17 Aguada Federal Wintershall
24 18 Bandurria Norte Wintershall
29
28 8 10 19 Aguada Pichana Oeste - Aguada de Castro PAE
25
22 9 20 Bajada de Anelo Shell
21 San Roque Total
212 21 22 Los Toldos I Sur ExxonMobil
18 17
11 23 Bajada de Palo Vista Oil & Gas
14 20 23
6 5 7
24 Bajo del Toro YPF
19 3 30
1 25 Cerro Arena YPF
15
26 Las Tacanas YPF
4
13 16 4 27 Las Tacanas Norte Pampa
26
27 28 Cerro Las Minas YPF
29 Salinas del Huitrin YPF
30 La Calera Pluspetrol
31 Puesto Rojas Phoenix
Sources: WoodMackenzie, Ministerio de Energía y Recursos Naturales de Neuquén y Ministerio de Energía de la Nación
11
What would Vaca Muerta look like at full development? de Energía
Current Vaca Muerta shale wells Vaca Muerta shale wells

Vaca Muerta shale wells @ Loma Campana’s density @ 2,5 landing points/km2
884 wells Approx. 35,000 wells Approx. 85,000 wells

Conventional and Unconventional Reserves and Resources de Energía
Oil Reserves and Resources (Bbbl) Natural Gas Reserves and Resources (Tcf)
P1 conv, 2.1 P2 conv, 0.7 P3 conv, 0.5 R conv, 1.0 P1 Conv, 11.9 P2 Conv, 5.2 P3 Conv, 4.8 R Conv, 8.3
Unconventional Unconventional
Resources, 27.0 Resources, 802.0
Source: EIA (USA) and Secretariat of Energy (Argentina)

Vaca Muerta in numbers de Energía
14
Vaca Muerta vs. US plays de Energía
Acreage Acreage
Thickness Reservoir Vaca Muerta Eagle Ford
Play TOC [%] ~8.65 MM acres ~9.4 MM acres
[m] pressure [psi] 35.000 km2 38.000 km2
Vaca Muerta 3—10 30—450 4,500—9,500
Barnett 4—5 60—90 3,000—4,000
Haynesville 0,5—4 60—90 7,000—12,000
Marcellus 2—12 10—60 2,000—5,500
Eagle Ford 3—5 30—100 4,500—8,500
Wolfcamp
3 200—300 4,600
(Permian)
Max Thickness Max Thickness
Vaca Muerta Eagle Ford
~1,480 feet ~330 feet
Sources: Energy Information Administration (EEUU), 2013 e YPF, 2014 15
Completed wells in Vaca Muerta by resource type de Energía
There is plenty
of room
in Vaca Muerta Tight
for new players Shale
Conventional
Agentina’s concession terms are competitive against its peer group, Secretaría de Gobierno
de Energía
even when including the Vaca Muerta cost of entry (Wood Mackenzie) Secretaría de Planeamiento Energético
Remaining NPV post-tax (US$/boe) at 15%
Notes: *Permian including original entry cost at US$15,000/acre | * Vaca Muerta entry costs based on recent YPF and GyP transactions
Source: Wood Mackenzie
YPF farm-ins have averaged US$8,000/acre, less than half L48 costs Secretaría de Gobierno
de Energía
of US$20,000-30,000 per acre (Wood Mackenzie) Secretaría de Planeamiento Energético
GyP Neuquen license round entry costs (signature bonus and work commitments) have
equated to US$3000/acre.
Neuquen basin ownership Cost per acre, YPF farm-ins
Midland Permian
$25 average 2016-2018
Eagle Ford,
$20 Contango Oil &
Gas
000 US$/acre
$15 Loma Campana,
Chevron
Bajada de Añelo, Bajo del Toro,
Shell Statoil
$10 El Orejano, Dow
La Amarga Chica,
Petronas Bandurria Sur,
Schlumberger
$5
GyP average
$-
oct-12 mar-14 jul-15 nov-16 abr-18
Source: Wood Mackenzie M&A tool

Shale oil production - Horizontal wells de Energía
50 Jun 18
Unconventionals represent 48 kbbl/d
12%
45
+54%
40 shale oil horiz
of oil production
jun17-jun18
35
Total oil production
increased 30
5.0% Kbbl/d
25
between june 17 and june 18
20
60 14%
50 Total 12% 15
unconventional
10%
40
Kbbl/d
10
8%
30
6%
20
4%
10 2% 5
- 0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0
1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Shale gas production - Horizontal wells de Energía
Jun 18
20 20 MMm3/d
Unconventional represents
36%
18
16
+162%
of natural gas production shale gas horiz
14 jun17-jun18
Total natural gas production
increased
12
8.2% MMm3/d 10
between june 17 and june 18
8
35%
Total
40
35 30% 6
30 unconventional 25%
MMm3/d
25
4
20%
20
15%
15
10%
10
5 5% 2
- 0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0
1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Argentina is one of the four
countries in the world which are
commercially developing
unconventional resources.
Cost decline as performance increases (source YPF) de Energía
Loma Campana Horizontal well costs

Shale oil costs - Loma Campana [USD/boe] [kUSD/lat.ft.]
Development cost Lifting cost Horizontal well cost
26.9 3.05
2.27
16.4 16.1
12 13.1 11.9 1.63 1.39
9.1 9.5
6.9 5.2
2015 2016 2017 H1 2018 Source: MINEM 2015 2016 2017 Q1 2018
Q3 2018
Loma Campana horizontal well performance

Shale gas costs - El Orejano [USD/MMBTU]
Avg. Lateral length [km] Avg. Frac stages
Development cost Lifting cost
4
24
3.5
22
3 21
20 20
2.5
18
2 17
16 16
2.3
2.1 1.5 14
1.2 1 1.9 12
1.1 1.7
0.9 0.8 1.4 1.4
0.7 0.7 0.5 10
0 8
2016 2017 Q1 2018 Source: MINEM Q3 2015 2016 2017 Q1 2018
2018
Source: YPF and Ministerio de Energía 22
WTI and Brent vs Medanito de Energía
90
80 77 78
74 74
72 72
69 69 70 70
70 66 68
64 69 66
63 66 68
64 66
60 59 58 63 63 63
62 61 62
57 59
53 54 55 56
50
USD/bbl
40
30
20
10
apr-18
nov-17
dec-17
jan-18
feb-18
mar-18
may-18
jun-18
jul-18
ago-18
sep-18
Medanito WTI Brent Medanito Export Parity
Note: Medanito Export Parity was estimated using Brent -4 USD/bbl (transport) -10% (export tax). 23
US´ Oil Prices vs Medanito’s export parity price (09/13/2018) de Energía
80
70 68.8 66.9
66.5 65
60 57.5
50
USD/BBL
40
30
20
10
0
Eagle Ford (Texas) Williston Sweet (North "Permian" WTI Medanito EPP
Dakota) W.Tx./N.Mex.Inter.
Source: oilprice.com and Secretaría de Gobierno de Energía 24

Accumulated production by type of wells (Wood Mackenzie) de Energía
25
Economic values of horizontal wells (Wood Mackenzie) de Energía
26
Liquid break-even prices in Vaca Muerta vs. USA plays de Energía
( est. May 18)

Vaca Muerta black oil
Est. Woodmac May 18
Vaca Muerta oil Vaca Muerta light oil
Current estimate* Est. Woodmac May 18
Sources: Wood Mackenzie | **Current estimate own elaboration 27

Gas break-even prices in Vaca Muerta vs USA plays de Energía
Vaca Muerta dry gas Vaca Muerta dry gas

Current estimate* * Woodmac May 18 Estimate
28
Sources: Wood Mackenzie | **Current estimate own elaboration 28
Oil Production de Energía
1,600
1,500 250
1,500 NGLs
Bb bl
1,400 Unconventional Double oil 1,320 0 ,2
1,300 P1ND + P2 + P3 production in 5 years
200
1,200
P1 Developed
1,100 midstream
requirements 1,012
Thousand m3/day
1,000
10%
870 a.a. 150
900
kbbl/day
15%
800 750 a.a.
700 648 650 3,3 Bbbl

Current pipeline 560 100
600
15%
capacity 488 a.a.
500
400
300 50
200 0,6 Bbbl

100 1 Bbbl
- -
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
29
Natural Gas Production de Energía
450 Exports (MMm3/d): 16

Chile: 10 (2019); 30 (2022).
Brasil: 3 (2019); 9 (2022); 30 (2025).
Associated gas (shale) Mundo (GNL): 40 (2023); 80 (2024); 120 (2025). 13.9 14.0 14.1
400 13.5 14
Unconventional 13.1
350 P1ND + P2 + P3
12.2 5,6 Tcf
12
P1 Developed 10.5
300 midstream
requirements 10
BCF/day
10%
MMm3/day
250 8.4 a.a.
8
200 6.7 13%
Neuquén-Rosario 6.3 a.a.
32 Tcf
Pipeline 35 MMm3/d 5.8
5.3 6
150 4.9 4.7 4.6 4.7 14%
4.4 4.3 4.2 4.4 4.3 a.a.
4.0 4.0
4
100
50 2
5,9 Tcf 3,6 Tcf

- 0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
30
Key ongoing projects - Oil de Energía
1,900
1,800 Loma Amarilla (100% YPF)
Ag. Del Chañar (100% IEASA)
Puesto Hernández (100% YPF)
El Trapial (85% Chevron - 15% YFC)
Las Manadas (100% YPF) Los Toldos II (90% Americas Petrogras - 10% GyP Neuquén)
1,700
C. Amargo Este (55% PAE - 35% Madalena - 10% PyG
Águila Mora (90% O&G Developments - 10% GyP Neuquén)
Neuquén)
M. Buena Esperanza (50% YPF - 50% Pluspetrol) Lindero Atravesado (38% YPF - 62% PAE)
C. Amargo Oeste (45% O&G Developments - 45% Shell - 10
1,600
Ag. Villanueva (100% Pluspetrol)
%GyP Neuquén)
C. Amargo Sur (45% O&G Developments - 45% Shell- 10
Narambuena (50% YPF-50% Chevron)
%GyP Neuquén)
1,500
Chihuido de la S. Negra (100% YPF) Al Norte de la Dorsal (100% YSUR)
NGLs, 68
1,400
San Roque (25% Wintershall - 34% YPF - 16% PAE - 25% Total)
1,300
La escalonada (45% Total - 23% Shell - 23 % O&G
1,200 Developments - 10% GyP Neuquén)
Bandurria Centro (100% PAE)
1,100
Kbbl/day
La Ribera I (100% YPF)

1,000 La Ribera II (100% YPF)
Bandurria Norte (90% Wintershall- 10% PyG Neuquén)
900
Aguada Federal (90% Wintershall- 10% PyG Neuquén)
800 Bajo del Toro (50% YPF - 50% Statoil)
Bajo del Choique - La Invernada (90% Exxon Mobil - 10% GyP Neuquén); 50
700 Bajada de Palo (100% Vista Oil&Gas); 70
600 Cruz de Lorena – S. Blancas (50% Shell - 40% O&G Developments -
10% GyP Neuquén); 100
500 La Amarga Chica (50% YPF-50% Petronas); 65
Bandurria Sur (100% YPF); 65
400 Loma La lata (100% YPF); 33
Loma Campana (50% YPF-50% Chevron); 90

300
200
Conventional; 289
100
-
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Plateau kbbl/dia
Key ongoing projects – Natural gas de Energía
450
400
Associated Gas; 55
350
Salinas del Huitrin (100% YPF)
300 Los Toldos I Sur (100% Exxon Mobil)

La Escalonada (45% Total - 22,5% Shell - 22,5% P&G Developments - 10% GyP
Neuquén)
Estación Fernández Oro (100% YPF)
Bajo del Choique - La Invernada (90% Exxon Mobil - 10% GyP Neuquén)
250
MMm3/day
La Ribera I (100% YPF)

Pampa de las Yeguas I (50% Exxon Mobil - 50% YPF)
Rincón la Ceniza (45% Total - 22,5% Shell - 22,5% P&G Developments - 10% GyP
Neuquén)
Cerro Arena (50% YPF - 50%)
200
Bajada de Añelo (50% Shell - 50% YPF); 5
Rincón del Mangrullo (100% YPF); 5
Aguada de la Arena (100% YPF); 15

150 Campo Indio - El Cerrito (100% CGC); 6
La Calera (50% Pluspetrol - 50% YPF); 8
Las Tacanas (50% YPF - 50% Pluspetrol); 9
Cerro las Minas (50% YPF - 50% Total); 13
Ag. Pichana Oeste (45% PAE - 30% YPF - 25% Total)
100 Ag. de Castro (50% YPF - 50% Total); 18
Ag. Pichana Este (40% Total - 22,5% Wintershall - 22,5%

YPF - 15% PAE); 29
Fortín de Piedra (100% Tecpetrol); 20

50 El Orejano (50% YPF - 50% DOW); 6
Conventional; 45
-
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Plateau MMm3/d 32
Wells
500
1,500
0
1,000
2,500
2,000
2018 292 216 84 258 850
2019 310 230 307 342 1,189
2020 328 243 452 322 1,344

Completed wells
Conventional Oil
2021 346 256 569 296 1,468 Unconventional Oil
2022 364 270 701 284 1,619

Conventional Natural Gas
2023 382 283 828 450 1,943
2024 400 296 903 596 2,196
2025 418 310 883 639 2,249
2026 436 323 843 589 2,190
2027 454 337 816 517 2,123
2028 472 350 806 486 2,114
2029 490 363 791 434 2,078
2030 508 377 802 408 2,095
BUSD
10
15
0
5
20
25
30
35
Production Wells and associated investments
2018 3 4 10
Gas
2019 4 4 4 13
Associates
2020 5 4 5 15
Natural Gas
Unconventional
Conventional Oil
2021 7 3 5 17
Unconventional Oil
Conventional Natural
2022 8 3 6 19
Investments - BUSD
2023 10 6 7 24
2024 11 8 8 28
2025 10 8 8 29
2026 10 8 8 28
2027 10 7 7 26
de Energía
2028 9 6 7 26
2029 9 6 7 25
2030 9 6 7 24
33
Equipment requirements to develop resources de Energía
Drilling rigs Completion sets

200 45
184
179 179 40
180 40 39
174 173 172
170 38
158 35
160 34
35
33 33 33
140
132 30
119
120
Number of sets
25
Number of rigs
109 25
100 96 21
20 19
80
68 15
15
60
10
40
6
5
20
- -
2018
2028
2022
2019
2027
2021
2026
2029
2024
2023
2025
2020
2030
2019
2024
2023
2025
2020
2018
2028
2022
2027
2021
2026
2029
2030
34
New employment estimation de Energía
Direct , indirect and induced Jobs at the oil and gas in Argentina
1200
1000 957 927

Thousands of jobs 927 895
883 862 858 858
831
800
712
668 255
634 + 503 thousand jobs
588
600
484 126
454
400 134
72
481
200
247
0
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Directos e indirectos upstream Directos e indirectos midstream-downstream Inducidos totales
Bottom up estimation:
• Overall Jobs 2017 (direct, indirect, induced): 454 thousand jobs
• 500 direct Jobs per rig, 600 Jobs per LNG Train and 20% refinement incrrease
• Indirect jobs: 3.25 per each direct job in the extraction sector of oil and gas and 9.66 per each job in midstream and
downstream (IOT 1997).
• Induced Jobs: +40% (1.7 upstream / 3.9 downstream) per each direct job in Oil and Gas (source: MINEM + MINPROD).
35
On track to recover the energy trade surplus de Energía
Physical Oil international exchange Physical Natural Gas international exchange

950 6.5
6.0
895
5.9
6.0
5.6
900 871
5.8
Imports 842 6.0 Bolivia Imports
850
4.9
804
800 5.5 LNG Imports
762
750 Exports 704 5.0 Exports
700 4.5 Balance
3.4
650 Balance 616
4.0
600
3.5
550 490
500 3.0
BCF/day
kbbl/day
450 2.5
1.5
400 362
2.0
350
1.5
300 254
250 1.0
0.1
200 166 0.5
150 0.0
86
100 58
-0.5
50
-0.3
-1.0
-0.4
0
-0.8
-50 -1.5
-100 -2.0
2010
2020
2011
2012
2021
2022
2014
2024
2017
2027
2013
2023
2008
2015
2025
2018
2028
2009
2016
2019
2026
2029
2030
2016
2019
2010
2020
2011
2012
2021
2022
2014
2024
2017
2027
2013
2023
2008
2015
2025
2018
2028
2009
2026
2029
2030
36
On track to recover the energy trade surplus de Energía
Trade Balance of Oil Trade Balance of Natural Gas

34 20
32 18
50 USD/BBL
30 LNG: 6 USD/MMBTU
16 Bol: 5 USD/MMBTU
75 USD/BBL
28
100 USD/BBL
14
26
12 LNG: 8 USD/MMBTU
24 Bol: 7 USD/MMBTU
22 10
BUSD
BUSD
20
8 LNG: 10 USD/MMBTU
18 Bol: 10 USD/MMBTU
6
16
4
14
12 2
10 0
8
-2
6
-4
4
2 -6
0 -8
2012
2022
2012
2022
2011
2021
2011
2021
2017
2027
2017
2027
2010
2020
2010
2020
2013
2023
2013
2023
2015
2025
2015
2025
2014
2024
2014
2024
2018
2028
2018
2028
2016
2019
2026
2029
2016
2019
2026
2029
2030
2030
2008
2008
2009
2009
O&G’s net exports can surpass current agribusiness exports de Energía
Trade Balance of O&G

22
20 Low Med Hight
18
Natural Gas
16
14
Soybean
12 Complex
10
BUSD
Natural Gas
8
Corn Crude
6 Oil
4 Wheat
Crude Oil
Meat, milk, leather
2
Other
-
Agri 2017 O&G Potential 2023 O&G Potential 2027
-2
-4
-6
2013
2023
2015
2014
2018
2016
2019
2012
2022
2011
2021
2017
2010
2020
2008
2009
O&G’s net exports can surpass current agribusiness exports de Energía
Trade Balance of O&G

55
50 Low Med High
45
40
35
30
Natural Gas
BUSD
25
Soybean
20 Complex
15 Natural Gas
Corn Crude
10 Oil
Wheat
Crude Oil
5 Meat, milk, leather
Other
0
Agri 2017 O&G Potential 2023 O&G Potential 2027
-5
-10
2012
2022
2011
2021
2017
2027
2010
2020
2013
2023
2015
2025
2014
2024
2018
2028
2016
2019
2026
2029
2030
2008
2009
Norpatagonico Train — PPP project to be bidded soon
Estimated Standard of the Railway

investments
25 tons/ railway´s axis upgraded
1,285 M USD 850km recovery
Maximum speed of 70 km/h
Capacity > 6Mt
48 months of Crossings´ Deviation for 100
construction wagons
200km recovery
250km new railway
391km upgraded
582 M USD
193 km
330 M USD
176 km
Patagonia LNG: Energy for the world de Energía
UPSTREAM MIDSTREAM DOWNSTREAM
Gas pipeline
4.2 BCF per day
25 year project to develop: LNG Patagonia 6 trains

(0.7 BCF/day each)
50 TCF 2023 = 1.4 BCF/day

2024 = 2.8 BCF/day
2025 = 4.2 BCF/day
approximately 3,900 gas wells Estimated ranking:
Installed liquefaction capacity in 2026
(production: 5.5 BCF/day = 2 TCF year)
# Country BCF/day %
38 TCF (77%) export 1 USA 27.3 32%
(production:. 4.2 BCF/day) 2 Qatar 13.3 15%

3 Australia 10.8 13%
12 TCF (23%) local market
4 Russia 5.4 6%
(production: 1.3 BCF/day)
5 Argentina 4.2 5%
1.550 km2 => 12% acreage Vaca Muerta (gas window) 41
We have the capabilities
We have the knowledge
We have the technology
We took the decision
and we have the people
to develop Vaca Muerta
Gas Transport pipelines de Energía
To Chile Investments in Gas Transport

The investments of TGS and Neuquén-Rosario Pipeline correspond to private investments.
GNEA, Regional-Centro II Pipeline, De la Costa Pipeline and Cordillerano Pipeline are
carried out by public works regime
TGN GNEA 1000
(Argentine
Northeast Gas
900
Pipeline)
11 MMm3/day 200
800
200
150 Nuevo gasoducto TGS Neuquén
Investment Amounts MMUSD

To Chile
Finish 700 51
Under construction
Gasoducto regional centro / De la
To Chile 600 150 Costa / Cordillerano
100
Gasoducto Neuquén-Rosario
500
Gasoducto Noroeste Argentino
400 212 500 500
New Pipeline 570
New Pipeline 350 TGS S.A.
TGS Neuquén
Neuquén-Rosario 300
60 MMm3/day
Up to 35 TGN S.A.
142.5
MMm3/day 200
300
97 85 85 83
TGS 100
LNG liquefaction
74
plants 71 80 81 91
29
120 MMm3/day 0
2017 2018 2019 2020 2021 2022
Note: Tariff Review values expressed in dollars using 16 ARS/USD exchange rate
TGN y TGS: Infrastructure developed by Tariff Review corresponds to maintenance and

improvement of gas pipelines and compressor plants.
TGS: includes 125 km gas pipeline.
Oil Transport pipelines de Energía
Investments in Oil Pipelines

The main investments correspond to the expansion of the transport
capacity of the oil pipelines operated by Oldelval (private
investment).
200
150
Investment Amounts MMUSD

Oldelval oil pipeline
Trasandino transport system
Pipeline P. Hernández
100 OldelVal
To Chile 20
Medanito 0 YPF-Tecpetrol
Loma Campana Lago Pellegrini
Allen 120
50
Allen – Puerto Rosales pipeline expansion. 60MM USD. 8
• Current capacity: 157 MMbbl/day
• Expanded capacity: 220 MMbbl/day
5 60
Lago Pellegrini – Allen pipeline expansion. 40km. 30MM USD. 0

• Current capacity : 145 MMbbl/day 2018 2020 2021 2022
• Expanded capacity : 289 MMbbl/day
Lago Pellegrini – Medanito pipeline expansion. 120km. 50MM USD.

According to the demand forecast, an additional investment of
50MMUSD is estimated in 2026 for the construction of a new section
Lago Pellegrini-Medanito.
Allen – Puerto Rosales pipeline expansion. Aprox. 200MM USD.
• 2021 Capacity: 220 MMbbl/day
• Target capacity: 415 MMbbl/day
Argentina Offshore Round 1 de Energía
Austral / West Malvinas and Northern portion of the

Argentina Basin
General goal of the Round:

Increase awareness of Argentine Offshore through
real investments in Exploration, carried out by
companies with the technical and financial capacity to
fulfill the objectives of the Round.
Status:
§ Nomination Process ended the 7th of June
12 companies Nominated blocks.
Blocks to be included in Round 1 are the following:
§ Malvinas Basin: 18 Deepwater blocks from (WD 100
to 700 m) from 3,600 to 6,300 Km2 (Discarded 10
blocks from Nomination process).
§ Austral Basin: 6 Shallow water blocks (WD < 100
m) from 2,000 to 2,700 Km2
§ Argentina Basin: 7 Deepwater blocks (WD 200 to
1,300 m) from 6,000 to 9,000 Km2 & 7
UltraDeepwater blocks (WD 1,200 m to 4,000 m)
from 3,000 to 9,000 km2.
45
Argentina Offshore Round 1 – Main Terms & Conditions de Energía
Bidding Terms
Bids: On committed Working Units for the 1st Exploration Period. Each block will have (i) Minimum Working Units (equivalent to a
4 x 4 or 3 x 3 km of 2D in 100% of the Block) and (ii) Basic Working Units (equivalent to 20% to 40% of 3D of the surface of the
block).
Formula to be used:
Bid (usd) = WU x 5000 (usd/WU) + Bonus* (usd)

WU : Working Units offered for 1st Exploration Period. Must be higher than or equal to Minimum Working Units
*Bonus is accepted only if WU > Basic WU; to be paid 50% upfront + 50% end of 3rd year exchangeable for WU done in the first 3 years in addition to
Offered WUs
Working units in excess of the amount committed in one period may be carried forward to the following period in line with Art. 20 of
the Law.
Committed Working Units not fulfilled in one given period shall be paid in cash or Energy Secretariat will execute the guarantee.
Contract Terms
Long Duration Exploration Permit: Three periods of 4 + 4 + 5 years for all blocks except – Shallow waters: 4 + 3 + 4. Relinquishment
of 50% at the end of 2nd Period. Obligation to drill one well in 2nd Period and on Extension Period
§ Enough time for Production Concession: 30 years + 10 of extension (successive extensions possible)
§ Ability to keep Non Commercial Discoveries: Possibility to keep discoveries for 5 + 5 years after Exploration Permit if
discovery appraised and non commercial
§ Reduced Royalties linked to success: Starting in 5 % to 12% based according to:
R factor = (ƩSales-ƩRoyalties)/(ƩE&A+ƩInvestments+ƩOPEX) 46
Next steps de Energía
Round to be launched October 2018.

Offers to be submitted by the end of February 2019.
Roadshows to be held in Buenos Aires, Houston and Europe

(London or Paris) planned for October.
Those interested in receiving information about the Round (e.g.

new Data in the Database, dates of workshops, new legal
instruments, any other news about the Round) please send an
email to rgarciaberro@minem.gob.ar
47
Power Transport - 500 kV lines and transmission substation de Energía
Projects in progress
• 500 kV Interconnection in Bahía Blanca - Mar del Plata and

connection in 132 kV to Villa Gesell. North Section
• 500 kV Interconnection in Bahía Blanca - Mar del Plata and
connection in 132 kV to Villa Gesell. South Section
• 500 kV Interconnection ET La Rioja Sur 500/132 kV and
300 MMUSD
Supplementary Project II
• Electrical Interconnection ET Rincón Santa María - ET Resistencia -
Line II
PPP Investments - 2019 onwards

• 500 kV Interconnection ET Río Diamante - ET Coronel
Now being bidded
Charlone and Supplementary Project in 132kV
• 500 kV Transmission Line ET New San Juan - ET Rodeo - Iglesias
• 500 kV Interconnection ET Atucha II - ET Nueva Belgrano - ET Oscar Smith
• 500 kV Interconnection ET Coronel Charlone - ET Plomer - ET Ezeiza
• 500 kV Interconnection ET Plomer - ET Vivoratá, ET Plomer - ET Atucha II, ET
Plomer - ET Manuel Belgrano
• 500 kV Interconnection ET New San Juan - ET Rodeo - ET La Rioja 2,300 MMUSD
• 500 kV Interconnection ET Choele Choel - ET Puerto Madryn (2nd line)
• Transmission Substation 500/132 kV - 450 MVA Comodoro Rivadavia
Results of the RenovAr program de Energía
147 4,466.5 MW 15,835 GWh

Diversity of technologies and federal distribution
Awarded projects Power Energy
Ronda 1 Ronda 1.5 Ronda 2 Secretaría de Gobierno
Results of the RenovAr program
Precios adjudicados del Programa RenovAr de Energía
Decreasing prices in each competitive bidding. Todo
54.72
Weighted average price: 54,72 USD/MWh
Precio Promedio Ponderado: USD/MWh Seleccionar ronda:
Tecnología Ronda
Solar Eólica Peq. Hidro Biomasa Biogás Biogás RS Ronda 1 Ronda 1.5 Ronda 2
Precio adjudicado USD/MWh

Precio adjudicado USD/MWh
150 1.. 150
100 1.. 100
50 50 50
Solar Eólica Peq. Hidro Biomasa Biogás Biogás RS Ronda 1 Ronda 1.5 Ronda 2 0 20 40 60 80 100
Tecnología Ronda Potencia [MW]

Thank
you.
Appendix
Anadarko’s Delaware Wolfcamp Northeast Extension position used Secretaría de Gobierno
de Energía
as base asset to benchmark across regions (Wood Mackenzie) Secretaría de Planeamiento Energético
• Anadarko holds approximately 240,000 2017/2018 M&A transaction prices in

net acres in the Delaware Wolfcamp NE Wolfcamp A NE Extension
Extension.
• Remaining PV post-tax of this acreage is
US$ 4286 million.
• 2017 and 2018 M&A deals in the same
sub-play closed between US$ 25,000
and 40,000 per acre.
• Assuming US$25,000/acre for a
potential new entry in 2019, the cost of
acquiring this position would be US$
6,000 million.
• A US$15,000/acre price, reflective of
earlier entries, equals to a US$ 3,600
million acquisition cost (used in the
benchmarking exercise).
Fiscal regime and product pricing assumptions (Wood Mackenzie) de Energía
Argentina fiscal terms and oil pricing Anadarko Delaware Wolfcamp Northeast Extension
assumptions asset assumptions
Lease Information
Royalty: 12% Basin Gross Acres Net Acres
Sales Tax: 2% ('000 acres) ('000 acres)

Delaware 590 240
Income Tax
Type Well Assumptions
2018 35% EUR Initial Production Initial Production Initial Production Royalty Rate
(mmboe) Gas (mmcfd) Oil (b/d) NGLs (b/d) (%)

2019 30%
1.1 1.54 770 173 18.00
2020 25%
Remaining Recoverable Reserves (at 01/01/2018)
Proved Developed Proved + Probable (2P)
Liquids Gas Total Liquids Gas Total
Oil price (mmbbl) (bcf) (mmboe) (mmbbl) (bcf) (mmboe)
Brent – 10% export retention 36.50 75.56 49.80 916.37 1,571.67 1,192.98
(assumes ARS4/USD exported)
Net Development Drilling in the play
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
25 33 16 80 77 46 46 62 46 31
Applicable Tax Rates by State

State Severance Ad Valorem Income
New Mexico Oil 8.24% 2.50% 7.60%
Gas 9.09%
Texas Oil 4.60% 4.00% n/a
Gas 7.50%
Cities and Interconnections - Resources from Res. 46/2017 Secretaría de Planeamiento Energético
Oil Transport System Expansion (OldelVal) de Energía
Current situation
v The exponential growth of non-conventional Oil production in

Allen-Puerto Rosales Expansion Forecast Capacity
Expansion
Current: ~157
Argentina motivates the study of the transportation system to identify 450
possible bottlenecks and guarantee an adequate infrastructure A Mbbl/day
2023 : ~415
400
Mbbl/day
planning. 350
Demand forecast for the period 2019-2023 shows the need to carry out
Flow (Mbbl/day)
v 300
expansion works on the oil transport system. 250
200 ü TA-PR pipeline:
Oil Transport System Expansion (OldelVal) 150 most relevant of
the oil pipeline
2017
100 system.
2018
Works needed to supply demand forecast (2019-26) 50
Capacity
0
2017 2018 2019 2020 2021 2022 2023
2018
Luján de Cuyo 2020 Year
Pipeline Loma
Next Steps
Campana – Lago Pipeline expansion 2021
P.Hernández Pellegrini. Lago Pellegrini –
(YPF+Tecpetrol) Allen.
Transandino 60.000
Pipeline expansion 2022
E.B. Medanito –
Re Commission de Pipeline expansión Señal Cerro Bayo. Pipeline expansion 2026
A.Mahuida Vaca Muerta
Bajo El Choique Estación de
202 Bombeo Lago Noroeste – E.B.
Auca Mahuida.
Allen – Puerto
Rosales. Pipeline OldelVal Proposition
0 Pellegrini. expansion Lago
Pellegrini –
43km
Cerro Bayo
Crucero Catriel
Pipeline expansion Medanito. v New Contract Carrier regulation to enable firm offer transport
Allen – Puerto
contracts.
2 0 0 km
Rosales.
8
21
14
Medanito
v Time extension of Oldelval concession to match investment
”
Current System: amortization period.

La Escondida ü 887 Km.
202
6
2018
120k
m
ü 1.706 Km pipeline.
85km
18” Estimated Expected Results
Loma Campana ü 8 Pump Stations
Lago Pellegrini
8 Expansion spots
Investment
ü
515MM USD v Financial viability of oil pipeline expansions.
20
20
40
km
L.Bastos
Allen Chichinales v More flexibility for producers to match transport contracts with
Chimpay
C.C.C
2
Zorrilla P.Mahuida R.Colorado
Algarrobo Salitral upstream projects.
2 P.Rosales
20 20
C.I.P.H Centenario 2 0
Challacó
Main assumptions about profiles de Energía
Natural Gas Oil Overall unconventional oil production profile.

Conventional assumptions 700 700
Accumulated Production (kbbl)

EUR (y15) 1,5 BCF 180 kbbl
Prodution (bbl/day)
600 600
Declination -15% -9%
500 500
Risked P1ND/P2/P3 100% / 50% / 10% 100% / 50% / 10%
400 400
Incorporation of reserves in the
5% 5%
first year 300 300
Incremental incorporation reserves +0,3% per year +0,3% per year 200 200
Production in the first year of the
16.4% 11.9% 100 100
reserves incorporated
Capex 2.5 MM USD 2.5 MM USD 0 0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Total reserves incorporated 6 TCF 25 MM BBL
Years
Unconventional assumptions
EUR (y30) Producción (bbl/día) Produccion acumulada (kbbl)
12,9 BCF 631 kbbl
EUR total (y30) 2388 kboe 820 kboe Overall unconventional gas production profile.
1 m3 oil per 0.35 400
Condensed -
Accumulated production (MM m3)

28,000 m3 gas
0.30 350
300 m3 gas
Production (MM m3/day)

GOR - 300
per m3 oil 0.25
12,2 MM USD + 15% 10,2 MM USD+ 15% 250
Capex 0.20
facilities facilities 200
5.9 USD/BOE 0.15
Opex 7 USD/BOE 150
(1 USD/MMBTU)
0.10
Fractures 33 33 100
Total reserves incorporated 55 TCF 5.5 Bbbl 0.05 50

EIA 2013 7% 21% 0.00 -
Breakeven 4 USD/MMBTU 46,7 USD/BBL 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Years
Producción mensual (MM m3/día) Produccion acumulada (MM m3)
Main assumptions about Natural Gas production de Energía
Conventional production: 0.35 400
Accumulated production (MM m3)

• P1D (72%): declination -15% 0.30 350
Production (MM m3/day

• P1ND (100%) + P2 (100%) + P3 (50%): 0.25
300
Total incorporated reserves: 172 Billion m3 (6 TCF). 0.20

250
o Incorporation of reserves in the first year: +5% 200

0.15
150
o Incremental incorporation reserves: +0.3%
0.10
100
o The production in the first year is 16.4% of the incorporated
reserves, then decline equal to developed reserves (-15%). 0.05 50
o Accumulated production per well: 42 Million m3 (1.5 BCF) 0.00 -

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
o Cost per well: 2 MM USD Years
Producción mensual (MM m3/día) Produccion acumulada (MM m3)
Overall unconventional production profile Profile of 30% of the best shale gas horizontal wells
o EURy30 = 366 Million m3 gas (12.9 BCF). 0.35
Year 1: 20% EUR. Decline:
o Total EUR = 2,388 kboe 0.30
o Year 2: -48%.
0.25
o Capex = 12.2 MM USD + 15% of facilities. o Year 3: -29%,
MM m3/day
0.20
o Year 4: -21%,
o Opex = 5.9 USD/boe (1 USD/MMBTU) o Year 5: -16%
0.15 o Keep falling until 5%
o IP 30: 0.33 MM m3/d gas
0.10
o Condensed: 1 m3 de oil per 28,000 m3 of gas 0.05
o Horizontal well with 33 fracture stages, 250 tons of sand per 0.00
fracture 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52
Months
o 40 perforation´s days
Perfil tipo Histórico Horizontales
Break-even: 4 USD/MMBTU
Main assumptions about Oil production de Energía
Conventional Production: 700 700
Accumulated production (kbbl)

• P1D (72%): declines @ 9% 600 600
Production (bbl/day)
• P1ND (100%) + P2 (50%) + P3 (10%): 500 500
Total incorporated reserves : 157 Million m3 (25 MM bbl). 400 400
o Incorporation of reserves in the first year: +5% 300 300
o Annual incremental incorporation reserves : +0,3% 200 200
o The production in the first year is 12% of the incorporated 100 100
reserves, then decline equal to developed reserves (-9%).
0 0
o Accumulated production per well: 28.6 mil m3 (180 kbbl) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Years
o Cost per well: 2 MM USD.
Producción (bbl/día) Produccion acumulada (kbbl)
Overall unconventional production profile Profile of 30% of the best shale oil horizontal wells
o EURy30 = 100.3 mil m3 oil (631 kbbl). 800
o EUR Total = 820 kboe. 700 Year 1: 22% EUR.

Decline: :
600
o Capex = 10.2 MM USD + 15% de facilities. o Year 2: -46%.
500 o Year 3: -26%
bbl/day
o Opex = 7 USD/boe o Year 4: -14%
400
o Nexts : -13%
o IP 30: 92 m3/d oil (579 bbl/dday) 300
o GOR = 300 m3 gas/m3 oil 200
100
o Horizontal well with 33 fracture stages, 250 tons of sand per
fracture 0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52
o 40 perforation´s days Meses
Perfil tipo Histórico horizontales (GOR 150-300)
Break-even: 46.7 USD/BBL
Emissions
• Energy represents 52.5% of total emissions

270 MMtCO2e
in 2014 (368 MMtCO2e - National emissions
inventory).
Total emissions: 193 MMtCO2e

• In the Paris Agreement, Argentina has an
aggregate commitment to limit its
153 MMtCO2e emissions to 483 MMtCO2e unconditionally,
and 369MMtCO2e in the conditional target
Final demand: 120 MMtCO2e
to the application of certain policies
77 MMtCO2e
• Our estimations would lead the energy
Power generation 42 MMtCO2e
sector to 56% in the case of fulfilling the
39 MMtCO2e
Fugitive emissions 30 MMtCO2e unconditional commitment and 73% of the
conditional commitment.
2018 2030
Notes: Estimation methodology using the IPCC 2006 methodology with the emission factors of the BUR of the Argentine Republic to the UNFCCC.
Assumptions for vehicle fleet
Trucks assumptions: AMBA buses assumptions: Cars assumptions1:

• 20% replacement in LNG trucks by 2030 • 80% of buses from AMBA to CNG in 2030 • 20% replacement to CNG in the fleet in 2030.
• Annual gasoil consumption per truck: 10.2 m3 • Annual gasoil consumption per bus: 33 m3 • Annual gasoline consumption per car: 1.53 m3
• Annual LNG consumption per truck: 8 tn • Annual CNG consumption per bus: 34 thousand • Annual GNC consumption per car: 1.38 thousand
m3 m3
• Fleet growth in trucks fleet: 2% (a.a,)
• Fleet growth in buses fleet: 2% (a.a.) • Fleet growth in vehicle fleet: 3.8% (a.a.)
• Initial pleet 2017 (ADEFA): 680 thousand.
• Initial fleet 2017 (MINTRAN): 20 thousand. • Initial fleet 2017 (ADEFA): 9.4 million
• Effective cutting biodiesel 2030: 16%
• Effective biodiesel cutting: 20% • Effective cut bioethanol: 22%
Naftas Gasoil Gas Natural

350
• In 2030 the demand for additional CNG amounts to
20 MMm3 / day, given the reconversion of private 300
kg C02 per millon Kcal

vehicles, SUVs, trucks and buses to CNG / LNG. 250
200
• Due to the substitution of liquid fossil fuels, it is
possible to save 0.85 million tCO2e of GHG in 2025 150
and 0.57 million in the year 2030. 100
50
%
%
%
%
%
%
%
5%
0%
%
%
%
10 %
%
%
45
35
55
70
15
0
40
85
30
50
10
60
80
90
25
75
20
65
95
Share of Biofuel
Notes: 1) Includes private cars, taxis or similar and SUVs..
Natural gas liquefaction plant analysis
• Gradual incorporation: 40 MMm3/d in 2023, 80 MMm3/d in 2024 and 120 MMm3/d in 2025.
• The cost of liquefaction ranges between USD 2.5 / MMBTU and USD 3.6 / MMBTU, depending on the price of gas
in PIST (for each USD that increases local gas, the cost of liquefaction increases 0.1 USD).
Gas price at the wellhead that makes the project viable Plant assumptions:
16 • Capacity per train: 5 MMmtpa (20 MMm3/d)
• Number of trains: 6
14
• Total capacity: 30 Mmmtpa (120 MMm3/d)
LNG USD/MMBTU in Asia
12 • CAPEX: 600 USD/tpa installed

• Total investment: 18 mil MMUSD
10
• Discount rate: 9% in USD
8
• Amortization period and useful life: 25 years
6 • Natural gas own consumption: 9%
• OPEX: 0.65 USD / MMBTU
4
Transportation assumptions:
2
• Local Transportation – new gas pipeline-: 0,75
0 USD/MMBTU
1 2 3 4 5 6 7 8 9 10 11 • GNL shipping:
NG USD/MMBTU wellhead • USA – Argentina: 1,0 USD/MMBTU
• USA – Asia: 1,8 USD/MMBTU
• Argentina – Asia: 1,6 USD/MMBTU
New Electric Power Generation de Energía
Nominal power incorporated per year [MW]

4,000 BG/BM Solar 3,741
Eólico Hidro (<50MW)
3,500 3,369 3,360
Nuclear Hidro
76MUSD
Térmico
3,000
2,717 2,661
81USD 2,535 2,549 2,553
2,500 2,356
2,261
2,077
1,915
MW
2,000 1,838 1,839
1,705
1,515
1,500 1,378 1,341
203MUSD 1,192 1,154
1,000 845
500
127
28
-
11
20
13
15
22
16
19
24
27
28
10
8
12
14
17
18
21
23
25
26
29
9
30
0
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
5 BUSD 46 BUSD
5.000 MMUSD Estimated value 2017 – 2018 Estimated value 2019 – 2030
Investment 2017 – 2018 (MMUSD) Investment dates are based on project commissions
Gas Distribution de Energía
Investments (RTI) in Gas Distribution

GASNOR S.A.
GASNEA S.A. 450
GAS DEL CENTRO 25

S.A. 400
28 47 REDENGAS S.A. Paraná
LITORAL GAS S.A. 25
28 26 17 LITORAL GAS S.A. Región: Santa Fe
350
GAS NATURAL BAN S.A. 16
GAS CUYANA S.A. 21
53 24 DISTRIBUIDORA GAS CUYANA S.A. Región de
METROGAS S.A. 300 63 16 Cuyo
76 12 DISTRIBUIDORA GAS DEL CENTRO S.A. Región
Investments (MMUSD)
Centro
250 70 34 48
CAMUZZI GAS PAMPEANA S.A. Región Buenos
33 Aires, La Pampa
30
CAMUZZI GAS PAMEPANA S.A. 200 21 CAMUZZI GAS DEL SUR S.A. Región: Patagonia
17
114
15 107 METROGAS S.A. Región: AMBA
12 104
150
20 112
GASNEA S.A. Región Noreste
CAMUZZI GAS DEL SUR S.A. 100 48

GAS NATURAL BAN S.A. Región: Buenos Aires
Norte
91 91 93 GASNOR S.A. Región: Noroeste
50 66 67
14 18 16 17 16
0
2017 2018 2019 2020 2021
RTI values expressed in dollars using 16 ARS/USD exchange rate

Investment includes in system expansion and maintenance
Electric Power Transport de Energía
Investments in Power Transport

TRANSNEA
1867 km 140
TRANSNOA 1350 MVA
4992 km 22 Substation
3413 MVA
80 Substation 120
1
1 1
1
1
1
20 22 1
2
DISTROCUYO TRANSENER 100 1
1
20
1259 km 7645 km 16 TRANSPA
1595 MVA 15300 MVA 8 15
7
Investments (MMUSD)
11 Substation 37 Substation 6 TRANSCO
4 4 4
80 4 4 4
9 4 TRANSNOA
8
8 7
7 TRANSNEA
TRANSCOMAHUE TRANSBA EPEN

EPEN 6228 km 60
29 30 28 DISTROCUYO
765 km ; 340 MVA; 11 3865 MVA 29
30
Substation TRANSCO 85 Substation TRANSBA
602 km; 285 MVA;
40 TRANSENER
11 Substation
20 43 42 40 42 38
TRANSPA
2312 km
1702 MVA -
21 Substation 2017 2018 2019 2020 2021
Amounts in ARS at May 2018 using 23 ARS/USD exchange rate

Electric Power Distribution de Energía
Investments in Electrical Distribution

(Buenos Aires Metropolitan Area)
800
700
600
347
176
Investments (MMUSD)
500 198
157
400 172 EDESUR

EDENOR
300
200 429
400 397 398
319
100
-
2017 2018 2019 2020 2021
Amounts in ARS at May 2018 using 23 ARS/USD exchange rate
Only EDENOR and EDESUR expansion and maintenance are considered

EDENOR Investment Plan: Expected results Secretaría de Gobierno
de Energía
Requirements in High, Medium and Low Voltage networks Secretaría de Planeamiento Energético
TRANSMISSION
SUBESTACIONES SUBSTATIONS
ALTA TENSIÓN / MEDIA TENSIÓN ALIMENTADORES
SUBSTATION DE MEDIA TENSIÓN
FEEDERS
200
60 181
53 Forecast 180
166
50 49
50 160 151 151
46 45
39
140
123 Forecast
40
120
31
43 36 100
30 85
41 25 76
40 40 80 70 74
67
36
20 60 51 49
30
36
25 40 30
10 20
20
10 9 13 6
6 5 3
0 1 0 0
2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020
N° N° SSEE> >100%
de SSEE 100% capacity
de su capacidad N°SSEE
N° de SSEE between
entre 70%deand
70% y 100% 100 % capacity
su capacidad N°N°defeeders with demandde
alim c/restriccion restriction
demanda N°N°defeeders
alim enwith warning alarms
alarma
CENTROS DE TRANSFORMACIÓN
DISTRIBUTION MEDIA TENSIÓN / BAJA
SUBSTATIONS EDENOR MAXIMUM
EVOLUCIÓN DEMAND
DE LA DEMANDA FORECAST
MÁXIMA DE EDENOR
MW
TENSIÓN
6000
1800
1.634
1600 5500
1400
1.267 Forecast 5000
1200 1.129
1.063
1.005 997
1000 881 4500
800 733 719 Forecast

600
566 4000
426 421
400 3500
200
3000
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
2500
CCTTdesde
CCTT since160
160 kVA con
withFC
FCmayor
> 1,10 a 1,10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Entrance of main generation projects de Energía
Incorporation of renewable energy:

Power needed to comply with the law
27,191 to 2025 (20%) and then increase in
the share of renewable energy, to reach
25% in 2030.
Note: It is considered as additional power (35 MW) which

arises from the project of repowering and extension of
useful life of the Nuclear Power Station of Embalse.
World Energy Matrix - Primary Energy Offer (MMTOE) de Energía
GLOBAL
Coal
Renewables
Hydroelectricity
Nuclear energy
Natural gas
BY REGION Oil
Global energy context - Production, demand and reserves de Energía
Production – MMBBL/d Demand – MMBBL/d Reserves – %
OIL
GAS

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Argentina Energy Plan

Provide Argentinians with abundant, clean and

1. Double natural gas production in 5 years, to achieve 260 MMm3 (9.2

Natural Gas: a unique, transparent and competitive market

Internal energy supply* - 2017 Power generation matrix – 2017

HydraulicOthers Others Renewable

Power transmission and distribution Renewable energy Thermal power generation

Other O&G Transport and distribution of natural gas Nuclear

Acreage in Vaca Muerta per company

YPF PAE Pluspetrol

Petrobras/Pampa Total Tecpetrol

Capex Shell ExxonMobil

Current Vaca Muerta shale wells Vaca Muerta shale wells

884 wells Approx. 35,000 wells Approx. 85,000 wells

Source: EIA (USA) and Secretariat of Energy (Argentina)

Vaca Muerta 3—10 30—450 4,500—9,500

Barnett 4—5 60—90 3,000—4,000

Haynesville 0,5—4 60—90 7,000—12,000

Marcellus 2—12 10—60 2,000—5,500

Eagle Ford 3—5 30—100 4,500—8,500

Remaining NPV post-tax (US$/boe) at 15%

Source: Wood Mackenzie M&A tool

Loma Campana Horizontal well costs

Loma Campana horizontal well performance

Source: oilprice.com and Secretaría de Gobierno de Energía 24

( est. May 18)

Sources: Wood Mackenzie | **Current estimate own elaboration 27

Vaca Muerta dry gas Vaca Muerta dry gas

700 648 650 3,3 Bbbl

200 0,6 Bbbl

450 Exports (MMm3/d): 16

250 8.4 a.a.

5,9 Tcf 3,6 Tcf

La Ribera I (100% YPF)

Loma Campana (50% YPF-50% Chevron); 90

Salinas del Huitrin (100% YPF)

300 Los Toldos I Sur (100% Exxon Mobil)

La Ribera I (100% YPF)

Aguada de la Arena (100% YPF); 15

100 Ag. de Castro (50% YPF - 50% Total); 18

Ag. Pichana Este (40% Total - 22,5% Wintershall - 22,5%

Fortín de Piedra (100% Tecpetrol); 20

2019 310 230 307 342 1,189

2020 328 243 452 322 1,344

2021 346 256 569 296 1,468 Unconventional Oil

2022 364 270 701 284 1,619

2023 382 283 828 450 1,943

2024 400 296 903 596 2,196

2025 418 310 883 639 2,249

2026 436 323 843 589 2,190

2027 454 337 816 517 2,123

2028 472 350 806 486 2,114

2029 490 363 791 434 2,078

2030 508 377 802 408 2,095

Drilling rigs Completion sets

1000 957 927

Directos e indirectos upstream Directos e indirectos midstream-downstream Inducidos totales

Physical Oil international exchange Physical Natural Gas international exchange

Trade Balance of Oil Trade Balance of Natural Gas