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CGC Energy Company

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• Corporación América is a multinational holding led by Argentine businessman Eduardo Eurnekian. • It is composed of leading companies that operate in the fields of services, airports management, agriculture, real estate,

construction, energy, infrastructure, and nanotechnology. It successfully manages different projects in America, Asia, and Europe.

• With more than 9,000 employees, the fundamental values of Corporación América are the importance it gives to its human resources, its care for the environment, its quest for enhanced efficiency and quality, technological innovation, training, respect for cultural traditions, and corporate social responsibility.

Energy Business Unit Corporación América diversifies its investments in different energy segments: Hydrocarbon exploration and production, Biodiesel Production, wind energy generation, hydroelectric power generation and Gas transportation. Overview: • Within its experience, Corporación América Group has developed interests

in the energy sector providing: • Strong Presence in Oil & Gas in Southern Cone. Proven track record, for

exploration and production. Portfolio of over 10 MM acres balanced between producing assets and exploration potential.

• Strategic Gas Transportation: interests in pipelines representing 40% of Argentine consumption.

• 240.000 tons per year of Biodiesel. • Ongoing projects in renewables (hydro, wind).

About Corporación América

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Corporación America objective is to become a significant player in Oil & Gas Vision and Drivers

Corporación America Strategic Considerations Development of Energy BU - Energy Focus

Vision

• To create/consolidate an Upstream operating company.

• Initially set up the operating company in Argentina (through organic growth as well as acquisitions) taking advantage of opportunities generated by macro-economic environment.

• Develop the company to manage significant volume of production and operations in conventional reservoirs.

• Further expansion in Latin America and beyond

• Implement proved technologies for further development of EOR and unconventional projects.

Main Drivers of the Strategic Planning Guidelines

a. Select Basin/areas in Argentina with significant conventional potential (Austral, Neuquén).

b. Take strategic position in productive and exploration properties (Austral).

c. Control Operating Interests and Optimization

d. Ability to control optimal timing of investment decisions

Corporación América Upstream Strategy Strategic Steps

Phase 1 – Initial Positions: Acquiring Strategic Assets in Exploration and Production

Phase 2 Operations: Taking over operations. Resources Development

Phase 3 Expansion: Domestic and Foreign Expansion

Phase 4 Development of EOR Projects and/or Unconventional, new technologies

Selection of Basin (Austral), define targets - 2008 Unitec, acquiring exploration position – 2009 - 2011 Acquiring producing assets (CGC) – and operations (PBR) 2013 - 2014

Acquiring / Taking over PBR Austral operations Concentrating on short cycle production and exploration projects Rightsizing facilities and field operations

Look for opportunities in Argentina, Colombia, Peru, Ecuador and Mexico.

Develop EOR / unconventional pilots/projects in own blocks with experienced partners Proved technology or low cost new technology, keeping low economic risk

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CGC in the Austral Basin (Santa Cruz) Becoming the incumbent in the Basin

23,1%

43%

Post Acquisition: 100% Interest in SCI, SCIO, SCII From 23 to 31 Blocks

Concessions / Blocks Today 2015

Santa Cruz I 29% 100%

Santa Cruz I Oeste 50% 100%

Santa Cruz II - 100%

Glencross - 100%

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CGC’s Current Focus: Acquiring Petrobras’ Upstream Assets in Austral Basin Acquisition Drivers. Facts & Figures

Acquiring Operations

• Immediate Consolidation of Production of 25,000 Boe/day (from CGCs current 11k)

• Immediate Addition of 59,3 Mboe reserves 2P, reaching 108 Mboe total

EBITDA additions, day 1

• Beyond accretive

• CGC x3, normalized

Adding activity to a Basin overlooked by Petrobras

• Austral not the central strategy of PB in Latam

Margin Upside

• Short Term upside coming from Scale

• Virtuous cycle of expanded activities to dilute fixed costs

• Significant efficiency improvements to be implemented

New Scope captures Gas Incentives for Consolidated co.

• CGC to capture gas incentives for 100% WI

What we are Acquiring - Facts and Figures Why – Short Term Business Dynamics

Current Status: Transaction agreed, pending board approval

• Operation in line with strategic divestment program within Petrobras

• Operational transition being managed since Dec. 2014

• Expected takeover early Q2 2015

CGC Conso, Scale and Scope Important production increase at 100% WI after Acquisition of Petrobras’ Assets CGC in the local asset class map

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PLUSPETROL S.A. (ARGENTINA)

APACHE ENERGIA ARGENTINA S.R.L

TECPETROL S.A. (ARGENTINA)

ENAP SIPETROL ARGENTINA S.A.

CGC (TODAY)

CAPEX S.A.

CANACOL ENERGY LTD

MEDANITO S.A. AMERICAS PETROGAS

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RESERVES (Mboe)

Peer Group 3

Peer Group 2 CGC as a reference to its Local* Peers (& selected regional comparables)

CGC (Austral @100% WI)

*Local Peers measured in its participation in Argentina upstream market

Today* 2015**

Oil (MMBbl) 20.9 37.5

Gas (MMBOE) 28.1 70.9

Total (MMBOE) 49.0 108.3

OIL / GAS % 43% /57% 35%/65%

Today*** 2015

Oil (Bbl/d) 3,327 7,402

Gas (BOE/d) 6,694 17,002

Total (boe/d) 11,135 25,215

Reserves

Production

* Reserves at Jun 2014. ** Reserves post acquisition. *** Production at Dec. 2013.

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Late Phase 2. Upstream Growth Plan Exploration prospects – Summary without Santa Cruz II

Prospects in Austral Basin Conventional & Unconventional Potential

With the current* data (seismic and wells), estimated total exploratory resources and identified seismic requirements are: Conventional (already Identified**): • 150 MMBbl of oil • 1.2 Tcf of gas Unconventional (already identified **): • 100 MMBbl of oil • 0.8 Tcf of gas Identified seismic requirement for Phase 2 (Unitec blocks, SCI and SC I Oeste): • 3D: 6,100 km2

• 2D: 3,500 Km *Without Santa Cruz II ** Non audited, non risked, mean size

Midstream Assets Valuable position and high upside potential

CGC Upside View: increasing its stake in TGN and GasAndes Pipelines

- TGN 15% to 23,1%

- GasAndes 18% to 43,5%

TGN - 23,1%:

• Transports 40% of Argentina Natgas. Connecting Bolivia at the north and Vaca Muerta / Neuquén at the West, through Buenos Aires.

• Huge standalone upside potential.

• Massive upside against comparables.

• Max Capacity: 68 MMm3/d

• Main Pipeline length: 4400 miles.

GasAndes - 43,5% (40% + 3,5% call option):

• Links Neuquén basin with Chile Capital. Binding export restrictions.

• Export / Import real option. Gateway to Chile and LNG facilities in the Pacific.

• MIT estimates a 5Y NPV of 74 MUSD for the interconnection project

TGM – 11%:

• Sole Gas connection with Brazil. Mainly inactive due to export restrictions

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Market Environment – Oil Support and Gas Upside Energy Self Sufficiency policies and Weight of Energy Deficit as main drivers

Drivers behind Oil price resiliency and Gas upside

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Isolation and Detachment

• Argentina Oil prices have been isolated in the last 10 years

• A number of drivers call for a detachment of international references:

• Marginal Cost of Expansion / Local Majors Non Conventional

• Objective of Self Sufficiency

• Argentina price Support tables

Objective of Hydrocarbon Self Sufficiency - Sustainability Pursued

• Oil & Gas policies focused on fiscal burden of energy imports (2014 primary negative balance is -5 B USD, and energy balance is -6 B USD)

• Objective should remain in any change of regime, considering energy deficit weight on national accounts

Gas Price Policy Drivers

• Import Gap. Argentina imports LNG and Nat gas from Bolivia (17 – 10 USD/MMBtu, at 2014 prices)

• Gas incentives signaling 7,5 USD/MMBTu for additional volumes.

Local Prices Framework offering strong resistance for Oil Price.

Gas incentives and industrial segment to offer strong platform for revenue growth

2006 2007 2008 2009 2010 2011 2012 2013 2014

Local Oil Reference and WTI (2006-2014)

Competitive Cost Base with Room for Efficiency Upside Resilient Platform for any price Scenario

CGC presents competitive historical lifting cost, and room for improvement

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Competitive Lifting Costs even at a low scale

• CGC shows a reasonable lifting cost base, even in a scenario of slowing production and capex (2009-2013)

• Idle capacity can allow CGC to significant volume increase with low Opex additions

• Fixed cost are designed for volumes double than current, with ability to manage up to 40% additional net production.

Sales Prices in BOE

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8,9

12,3

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Valuable equivalent BOE Sales Prices

• Significant push from the Gas portion of the Portfolio

• Still Avg. projected Gas Prices below 5 USD/MMBtu

Lifting Costs in BOE

Growth Effort and Financial Challenge Ahead Acquisition Finance, Corp. Finance, Sub and Equity Components

1. Acquisition of PESAs interest in Santa Cruz

2. Working Capital and Development Capex

Funding Requirements 2015-2016

MUSD 200

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Acquisition Finance Debt (in closing process, with 4 banks)

• Senior Syndicated Loan (MARS 850 committed / MARS 1000 target size)

Corp Finance (in development)

• Senior DCM issuance

Mezzanine / Sub Debt (in development)

Initial Equity Supplement

• Pre-IPO Equity to supplement Phase 1 capital requirements

Phase 2 Equity Raising

• After consolidating Phase 1, focused on exploratory investments.

Funding Alternatives Syndicated Loan MUSD 100

Local DCM Supplement MUSD 30 - MUSD 50

Sub Supplement MUSD 30 - MUSD 50 Equity Supplement MUSD 30 - MUSD 50

Phase 2 Equity TBD

Business Plan – Indicative Normalized EBITDA Short – Term Projects impact on Projected Key Figures

* Conso Operations assumed to start Q2 2015 E - Estimated and non Audited Figures Disclaimer CGC is a company under “Regimen de Oferta Pública” Any looking forward statements are not an indication by the management of the company of expected results. These figures are draft and result from estimated calculations based on a specific set of assumptions.

EBITDA 2014 E 45 MUSD

EBITDA 2015E* ~120 MUSD

EBITDA 2016E

(Normalized)

~200 MUSD

CGC As Is (2014) Prior to PBR Acquisition

CGC Transition Post PBR Acquisition

CGC Conso Prior to Exploration Success

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Drivers for the Growth Indication

• Production based in 2 P / Low Risk development

• Operations optimization with room for significant Opex reduction

• Economy of Scale and ability to absorb significant operations growth, with spare capacity allowing quick monetization of discoveries.

• Local Prices Framework (Oil Price support and Gas Price steady growth)