CGCInvestorPresentation

June 2019

2019 Annual Conference

AR Partners

CGC | Investor Presentation 2

Disclaimer

These materials have been prepared by Compañía General de Combustibles S.A. (the “Company”) and are being furnished to you solely for yourinformation. The information contained in these materials has not been independently verified. No representation or warranty express or implied ismade as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’sfinancial position, operations or prospects. Some of the information is still in draft form and is subject to verification, finalization, and change. Theinformation contained in these materials should be considered in the context of the circumstances prevailing at the time and has not been, and willnot be, updated to reflect material developments which may occur after the date of the presentation.

Certain statements contained in these materials constitute forward-looking statements. Such forward-looking statements involve known andunknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance orachievements of the Company to be materially different from those expressed by, or implied by the forward-looking statements in these materials.There can be no assurance that the results and events contemplated by the forward-looking statements contained in these materials will in fact occur.These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment inwhich we operate and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made.The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events orotherwise.

The information contained herein is for discussion purposes only and this presentation does not constitute or form part of, and should not beconstrued as constituting or forming part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, anysecurities of the Company or of any other entity, nor shall any part of this document nor the fact of its distribution form part of or be relied on inconnection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding any securities of theCompany or of another entity.

CGC | Investor Presentation 3

2018 Headlines

¾ CGC more than doubled its gas production since the beginning of 2017. Average production reached 5,085Mm3/d in December 2018, a 114% increase compared with January 2017.

¾ CGC drilled a total of 80 wells in the Austral Basin since January 2017: 73 development wells achieving animpressive 92% success rate, plus 7 exploratory wells with positive results.

¾ CGC became the only producer outside Vaca Muerta to be granted the Incentive Program for “Investments inProduction Developments of Unconventional Natural Gas”.

¾ For the first time after approximately a decade, Argentina resumed natural gas exports to Chile, and CGCplayed a leading role in this milestone. CGC began its gas exports to Methanex in September and to Colbún inOctober .

¾ On February 2019, CGC and YPF were awarded with the exploration permit of the last available concession inSanta Cruz, Paso Fuhr, aiming to explore shale gas reservoirs in the Austral Basin.

¾ 2018 Net Sales reached AR$17,708.9 million (approximately USD469.7 million), an 122% increase fromAR$7,959.9 million in 2017(1).

¾ 2018 Adjusted EBITDA (including dividends collected for investments in Associates) amounted to AR$9,576.7million (approximately USD254.0 million), an 376% increase from AR$2,013.2 million in 2017(1).

¾ 2018 Capex reached AR$ 5,925.2 million (approximately USD157.2 million), compared with AR$4,002.6million in 2017.

CGC doubled revenues, increased 375.7% its EBITDA and sharply deleveraged in 2018

(1) Net Sales and Adjusted EBITDA disclosed in constant currency as of the closing of the fiscal year 2018, including the comparative figures of the previous fiscal year, in accordance with the IAS 29regarding financial information in hyperinflationary economies and General Res. No. 777/2018, issued by the Argentine National Securities and Exchange Commission (‘CNV’).

CGC | Investor Presentation 4

1Q19 HeadlinesSuccessful drilling campaign resulting in consistent growth in gas production, revenues and profitability, together with more deleveraging.

¾ Daily average gas production amounted to 4,922.6 Mm3 in 1Q19, which represented an increase of 37.4%compared to 1Q18. In turn, daily average crude oil production reached 870.7 m3 in 1Q19, an increase of18.9% compared to 1Q18.

¾ Since the beginning of this campaign through March 31, 2019, the Company drilled 92 wells, with a totalsuccess rate of 87%. Considering development wells only, success rate was 92%.

¾ During the last two years, CGC drilled more wells in the basin than the aggregate of all operators in the last 15years altogether.

¾ On February 2019, CGC and YPF were awarded with the exploration permit of the last available concession inSanta Cruz, Paso Fuhr, aiming to explore shale gas reservoirs in the Austral Basin.

¾ 1Q19 Net Sales reached AR$5,207.6 million (approximately USD120.1 million), a 52.3% increase fromAR$3,420.2 million in 1Q18(1) (2).

¾ 1Q19 Adjusted EBITDA (including dividends collected for investments in Associates) amounted to AR$3,062.5million (approximately USD70.6 million), an 81.7% increase from AR$1,685.1 million in 1Q18(1) (2).

¾ 1Q19 Capex reached AR$ 1,658.8 million (approximately USD38.3 million), compared with AR$1,218.3 millionin 1Q18(1) (2).

¾ On May 2019, CGC closed a 2-year term loan agreement with local and international financial institutionsamounting to USD75.0 million.

(1) Net Sales, Adjusted EBITDA and Capex disclosed in constant currency as of March 31, 2019, including the comparative figures of the first quarter of 2018, in accordance with the IAS 29regarding financial information in hyperinflationary economies and General Res. No. 777/2018, issued by the Argentine National Securities and Exchange Commission (‘CNV’).

(2) Converted to US$ using the following end of period exchange rate per US$ 1.00: AR$43.35 for 1Q19.

CGC | Investor Presentation 5

CGC is a gas prone leading independent O&G Company and the the main operator in the continental Austral basin

CGC at a glance

Offices

Production

Exploration

Basin

Natural Gas Transportation

Noroeste Basin

Neuquen Basin

Austral Basin

TGM

TGN

Gas Andes

Cipolletti

Rio Gallegos

Buenos Aires

Geographical footprint Upstream Business

Top-6Argentine Gas

Producer

+7.0Mm Acres

3Different basins

Midstream Business

2ndLargest gas

transport infrastructure

23%Stake in TGN

40%Stake in GasAndes

CGC | Investor Presentation 6

CGC has a dominant position in the onshore Austral basin, with a Best-in-Class asset portfolio

Blocks landscape

Upstream Business overview

Austral Basin Highlights

� CGC has a well-balanced O&G portfolio, with interests in more than35 fields across 12 blocks in Austral Basin, mostly 100% owned.

� Owns several infrastructure assets, including:¾ Oil & Gas gathering and treatment plants¾ More than 1,300km of interconnection pipelines¾ Oil storage facilities for more than 130,000 m3 and

operation of Punta Loyola port

� Since 2017, CGC has successfully developed its tight gas fields in ElCerrito – Campo Indio Este concessions, under the IncentiveProgram for unconventional Gas Production. Tight gas productionincreased more than 70% year-over-year as of December 2018.

� On February 2019, CGC and YPF were awarded with theexploration permit of the last available concession in Santa Cruz,Paso Fuhr, aiming to explore shale gas reservoirs in the AustralBasin.

96%of total production

Tight gas developmentCampo Indio Este – El

Cerrito

+6.5 million acresin Santa Cruz province

Installed Infrastructurecapable of supporting

growth

Kill

El Calafate

Kill

Loyola PortRio Gallegos

El Cerrito

Dos Hermanos

CampoBoleadoras

MaríaInés

Cóndor

La Maggie

Tapi Aike

Glencross

EstanciaChiripá

Piedrabuena

Campo Indio Este

Paso Fuhr

100% CGC’s areas

Areas in partnership with ECHO

Areas in partnership with YPF

Unconventional concessions

Key facilities

Gas Pipelines

Oil Pipelines

CGC | Investor Presentation 7

CGC is the best positioned Company in the oil and gas shale window of the Austral Basin

Austral Basin Potential - Palermo Aike Shale

� Palermo Aike Shale was ranked at third place at continental level(South America), and the second largest in Argentina

� Similar acreage to Vaca Muerta, with geochemical characteristicssimilar to Wolfcamp Midland and Barnett Basins

� Potential shale play in the Austral Basin is supported by strong oil andgas shows, overpressure and exploration wells blow outs

� CGC operates more than 3.5 Mm acres located in the oil and gaswindow, with recoverable resources higher than 50 TCF

Palermo Aike – Vaca Muerta size comparison (same scale)

South America Shale Basins

Dry Gas

Dry Gas

WetGas

Wet Gas

Oil

KillCGC’s areas KillAreas with drilling activity in 2018

Main Highlights

CGC | Investor Presentation 8

Midstream Business overviewCGC is a co-controlling partner in TGN & GasAndes, the second largest gas transport infrastructure asset in Argentina, connecting with Chile, Bolivia, Uruguay and Brazil

TGN – Norte Pipeline

TGN – Centro Oeste Pipeline

GasAndes Pipeline

TGM Pipeline

Other Pipelines

Kill

Concepción

NascimientoCoronel

LomaLa Lata

Puelén

Cochico

La Mora

Beazley

Chaján

La Carlota

Buenos Aires

San Jerónimo

Paysandú

Uruguaiana

Ferreyra

Baldissera

Dean Funes

Santa Fe

Lavalle

Tucumán

Recreo

Lumbreras

Miraflores

Pichanal

Crucero

Ordeñes

Coloso

Mejillones

Tocopilla

Salto

Fray Bentos

Tio Pujio Leones

La Candelaria

27.8

51%

31.9

49%

XX

XX

Installed Capacity (MMm3/d)

2016A Volume Transported (%)

Santiago

La Paz

Tres Cruces

Geographical Footprint Midstream Business Highlights

32% of natural gastransported in Argentina

+60 MMm3/dtransport capacity

+7,300 Kmof pipelines in operation

5 interconnectionswith 4 bordering countries

TGN Market Capitalization (in AR$ Million)

Market Capitalization of CGC’s stake in TGN as of March 31, 2019:

AR$ 6,556 million (US$ 150 million)

562,4 1.230,23.163,5

5.316,4

12.390,3

18.849,1

29.569,9

34.490,9

28.998,731.107,7

28.471,4

-

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

ene-14 jul-14 ene-15 jul-15 ene-16 jul-16 ene-17 jul-17 ene-18 jul-18 ene-19 mar-19

CGC | Investor Presentation 9

1Q19 ProductionCGC’s Total Production reached 38.2 Mboe/d in 1Q19, which represents an increase of 38% in comparison with 1Q18, and of 82% compared to 1Q17

Net average daily production (in Mboe/d)

� Average gas production was 4,923 Mm3 per day during 1Q19, which represented an increase of 37% in comparison with 1Q18.

� Unconventional gas production represented 57% of CGC’s total gas sales during 1Q 2019.

� Average oil production (crude + LPG) reached 1,156.9 m3 per day during 1Q19, an increase of 40.9% in comparison with 1Q18, and of 11.2% compared to 4Q18.

3,583 Mm3/d

1Q18

4,923 Mm3/d

1Q19

37%

Evolution of natural gas production

5,5 5,8 5,2 5,2 4,6 4,8 4,8 5,9 5,5

0,2 0,3 0,5 0,6 0,6 0,6 0,6 0,7 1,8

15,4 16,0 17,822,3 22,5

26,7 27,230,7 31,021,0 22,1 23,5

28,1 27,7

32,1 32,7

37,2 38,2

1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 1Q19

Crude oil (Mbbl/d) LPG (Mbbl/d) Gas (Mboe/d)

+38%

CGC | Investor Presentation 10

1Q19 Net Sales and Adjusted EBITDANet Sales reached AR$5,207.6 million (approximately USD120.1 million) an increase of 52.3% compared to 1Q18. Adjusted EBITDA amounted to AR$3,062.5 million (approximately USD70.6 million) a 81.7% increase in comparison with 1Q18.(1)

Adjusted EBITDA and Adjusted EBITDA Margin evolution

Net Sales evolution

49% 59%

(1) Converted to US$ using the following end of period exchange rate per US$ 1.00: AR$43.35 for 1Q19.

26% 21%

72% 75%

3,420

5,208

1Q18 1Q19Oil Gas Other

+52.3%

1,685

3,062

0,000

0,500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1Q18 1Q19

+81.7%

CGC | Investor Presentation 11

1Q19 Drilling CampaignCGC drilled 12 wells in 1Q19 with 91.7% success rate. Total Capex reached AR$ 1,658.8 million (approximately USD38.3 million)(1).

Wells Drilled evolution

12 Gas

Oil

Dry

11 Productive Wells

Wells Drilled in 1Q19

Gross Wells

(1) Converted to US$ using the following end of period exchange rate per US$ 1.00: AR$43.35 for 1Q19.

2940

10 11

4

7

1 1

33

47

11 12

2017 2018 1Q18 1Q19

Productive Dry Exploratory Wells

1 6 2 1

CGC | Investor Presentation 12

Debt & Leverage as of March 31, 2019The Company has significantly reduced its net leverage since December 2017, and presents a solid interest coverage of more than 11x.

(1) Converted to US$ using the following end of period exchange rates per US$1.00: AR$37.70 for December 31, 2018 andAR$43.35 as of March 31, 2019,

(2) US$ 79.8 million corresponds to “ON Clase 10”, a non-recourse bond. All payments will be exclusively addressed withdividends or other remunerations received as a shareholder of Gasinvest, GasAndes Argentina and GasAndes Chile, orwith the sale of the respective shares. Thus, this bond is not considered for the Net Leverage and Coverage ratios.Likewise, insufficient funds obtained by dividends or remunerations at maturity will not constitute an event of default,but will enable the sale of the respective shares.

(3) Calculated as the ratio of Adjusted EBITDA to net interest expense.(4) Market capitalization of TGN as of March 31, 2019: US$653 million.

March 2019 0.85x

Net Leverage Ratio

March 2019 11.83x

Coverage Ratio(3)

CGC’s 23% share in TGN(4): US$150 million

Total and Net Debt(1) (in US$ million), Net Leverage and Coverage ratios

362 341334 312

December 2018 March 2019Total Debt Net Debt

79.8(2)79.8(2)

CGC | Investor Presentation 13

38,6

2,9

300,0

79,8

2019 2020 2021

Debt profile as of March 31, 2019CGC does not face significant maturities in the next two years.

� 2019 & 2020 maturities correspond to short-term bank loans (issued in US$).

� 2021 maturities correspond to the 144A Reg S Bond (US$ 300 million in November) and the “ON Clase 10”(1) issued in January 2018 (US$ 79.8 million in July).

(1) “ON Clase 10” is a non-recourse bond. All payments will be exclusively addressed with dividends or other remunerations received as a shareholder of Gasinvest, GasAndes Argentina and GasAndes Chile, or with the sale of the respective shares. Thus, this bond is not considered for the Net Leverage and Coverage ratios. Likewise, insufficient funds obtained by dividends or remunerations at maturity will not constitute an event of default, but will enable the sale of the respective shares.

Debt Maturities (in US$ million)

Average Life: 2.33 Years

Cash Position: US$29 million

Average Cost: 9.09%

Short Term Investments: US$8 million

CGC | Investor Presentation 14

Concluding RemarksInvestment Highlights

Leading position in the continental Austral basin, featuring a high-quality, diversified asset portfolio in a gas prone basin

Installed infrastructure including treatment plants, pipelines and storage & delivery facilities, including its own port, capable of absorbing significant growth in production

Proven technical capabilities and experienced management team, achieving strong operating results, consistent growth in gas production, increasing EBITDA generation and sharp deleveraging

Strong strategic positioning in the Argentine Gas Business. CGC is the 6th largest Gas producer and a co-controlling partner in TGN and GasAndes, the second largest Gas Transportation Asset in Argentina, and the pipelines connecting to Chile respectively

1

2

3

4

Strong sponsorship of Corporación América, a multinational holding with investments in airports, energy, services, agriculture, real state, construction and technology, owned by the 2nd wealthiest family in Argentina5

CGC | Investor Presentation 15

Annex

CGC | Investor Presentation 16

Oil & Gas Reserve base CGC owns an attractive oil & gas reserve base of 2P reserves of 78.9 MMboe

Reserve Type Oil(MMbbl)

Gas(Mmboe) (2)

Total(Mmboe)

1P Reserves 9.8 49.5 59.3

2P Reserves 14.3 64.6 78.9

3P Reserves 18.3 76.8 95.1

Austral Basin’s Reserves Profile as of December 31, 2018 (1)

+10.5%

83% 17%

185%Reserves Replacement Ratio

(RRR)

Breakdown

(1) Reserves calculation based on DeGolyer and MacNaughton report, as of December 2018.(2) Gas reserves were estimated at their real calorific value.

1P Reserves evolution (1) (2)

11,7 10,5 9,8

37,6 43,1 49,5

49,453,7

59,3

2016 2017 2018

Oil Gas

Compañía General de Combustibles S.A.Argentina. Honduras 5663 2° Floor C1414BNE, Buenos Airesinvestors@cgc.com.ar

CGCInvestorPresentation

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