Investor Presentation - Vista Oil & Gas

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Investor Presentation - Vista Oil & Gas
Investor
Presentation
Investor Presentation - Vista Oil & Gas
Important Note Regarding Projections and Other
Forward-Looking Statements

Purpose of this Presentation: The material that follows is a presentation of general information about Vista Oil & Gas, S.A.B. de C.V. (BMV: VISTA) as of the date of this presentation, it is
not illustrative of any transaction, and is distributed for information purposes only. The information contained herein is public, comes from public sources or is informative in nature. All
material information in connection with Vista has been disclosed through the Mexican Stock Exchange and is available at www.bmv.com.mx or otherwise maintained by the Company in
accordance with applicable law We are providing this presentation for informational purposes only. This presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a
recommendation to purchase any securities. Specifically, this presentation does not constitute a placement prospectus (prospecto de colocación) or equivalent document.

Proprietary Information: This presentation contains proprietary information. You may not copy it, excerpt it, summarize it or distribute it or any of its contents to any other person or entity,
in whole or in part. Any person receiving this presentation, by the mere fact of such reception, acknowledges and agrees that it shall not copy, excerpt, summarize, or distribute it or any of its
contents.

Other Matters: This presentation does not constitute an agreement of any kind, or as legal, tax or investment advisory advice or of any other kind. You must consult your own advisors for
any such advice. This presentation is not aimed at, or destined to be distributed or used by any person or entity that is a citizen or resident in any state, country or other jurisdiction in which
its use or distribution are prohibited by law or where any additional registration or license is required. Neither the National Banking and Securities Commission (“CNBV”), nor any other
authority have approved or disproved the information herein, as well as its accuracy or sufficiency.

Forward-Looking Statements: This presentation contains forward-looking statements, including projections, estimates, targets and goals, information regarding potential operational results
and descriptions of our business strategies, intentions and plans. Forward-looking statements may be identified by such words as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and other similar terms and expressions. Forward-looking statements are not historical
facts. They are based on expectations, beliefs, forecasts and projections, as well as on beliefs by our management team, that, while made on a good faith basis, are inherently uncertain
and beyond our control. Forward-looking statements that cover multiple future periods are, by their nature, more uncertain and subject to factors that could cause them to differ materially
from actual results. Any such expectations, beliefs, forecasts and projections are made only as of the date of this presentation. We undertake no obligation to update any such information or
any forward-looking statement made in this presentation after the date hereof.

Forward-looking statements in this presentation may include, for example, our financial performance, changes in our reserves and operational results and our expansion opportunities and
plans. Factors that could cause actual results to differ from any forward-looking statement include: (1) the occurrence of any event, change or other circumstances that could affect our
business; (2) the outcome of any legal proceedings; (3) competition and our ability to grow and manage growth profitably; (4) changes in applicable laws or regulations; (5) the possibility that
we may be adversely affected by other economic, business, and/or competitive factors; and (6) other additional risks and uncertainties, including the risk factors that we disclose in our filings
with the CNBV and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or “BMV”). We encourage you to read all such filings.

Nothing in this presentation, and in particular, no projection or other forward-looking statement, should be construed as a guarantee of future performance, or as a prediction of
actual results. Actual results may differ materially from the projections or other forward-looking statements contained in this presentation. Due to their inherently uncertain
nature, you are cautioned not to rely on any such projections or forward-looking statements. We and our affiliates, advisors, agents and other representatives expressly
disclaim any liability to you in connection with any undue reliance on the information contained in this presentation, and in particular with respect to any projections or other
forward-looking statements.

                                                                                                                                                                                                       2
Investor Presentation - Vista Oil & Gas
Vista’s Company Overview
     Sizable and operated asset base

             Company Metrics                                                                                             Concentrated in Argentina’s Premier Basin
                                                                                                                        •   Conventional assets with production base, infrastructure in place, and
                                                                                                                            top-quality Vaca Muerta acreage ready for full scale development
             LTM Revenues(1)                                                   $425MM                                   •   Eight operating and one non-operating clusters in the Neuquina basin
                                                                                                                        •   Two non-operated blocks in Noroeste and Golfo San Jorge basins
             LTM EBITDA(1)                                                     $184MM
                                                                                                                        Neuquina Basin Blocks(4)
             Production Q1 2019                                             25.7 kboed

             2018 1P Reserves(2)                                          57.6 Mmboe

             Vaca Muerta Net Acreage                                   ~134,000 acres

              Listed in Bolsa Mexicana de Valores: VISTA and VTW408A
              Total Shares Outstanding: 75.9 MM(3)

              ▪    Premium Neuquina asset base
              ▪    Strong Financial Position, with $87.5MM
                   cash and $247.7MM net debt
              ▪    Actionable and profitable growth plan
                   consisting of almost 100% operated
                   assets and over 400 Vaca Muerta drilling
                   locations

1.    Based on Q2, Q3 and Q4 2018 and Q1 2019 actual figures in Financial Statements.
2.    Reserves as of December 31, 2018, as audited by Gaffney, Cline & Associates
3.    75,909,315 Class A Shares and 2 Class C Shares.
4.    Two non-operated blocks in Noroeste and Golfo San Jorge basins not shown.
                                                                                                                                                                                                                       3

 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.”
Investor Presentation - Vista Oil & Gas
Platform Poised for Growth
Delivered on 2018 guidance, confirmed 2022 targets

                                                                 2018                                 2018                                 2019                 2022            2018A-2022
                                                               Guidance                             Actuals (1)                          Guidance              Target             CAGR(4)

                Daily Production(2)                        24,100 boe/d                         24,500 boe/d                         29,900 boe/d           65,000 boe/d            30%

                       Adj. EBITDA(3)                          190 $MM                              195 $MM                              225 $MM              900 $MM               50%

             Adj. EBITDA Margin                                    43%                                  45%                                  47%                60%               15 p.p.

             Operating Expenses                              17.3 $/boe                            13.9 $/boe                           ∼13 $/boe           High-growth organic development
                                                                                                                                                             plan, based on current premium
                                                                                                                                         300 $MM                       asset base
                                    Capex                      143 $MM                              130 $MM

    (1)   All FY 2018 figures were calculated with the Q1 pro-forma results from the acquired entities and asset; plus Vista’s results for Q2, Q3 and Q4.
    (2)   Includes natural gas liquids (NGL) and excludes flared gas, injected gas and gas consumed in operations.
    (3)   Adj. EBITDA = Operating profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income).                                                             4
    (4)   2018A-2022E Compounded Average Growth Rate.
Investor Presentation - Vista Oil & Gas
Overview of Conventional Assets in Argentina
     High-quality oil-prone production cluster

         Asset Overview                                                                                                          Proved Reserves (MMboe)
                                                                                                                                                                                                                              (5)
                                                                                                                                                                                                                       57.6
        • Clustered acreage position in the Neuquina Basin covering ~525k acres in the
           Provinces of Neuquén, Río Negro and Salta.                                                                                    52.2
                                                                                                                                                                                                       (5)
        • Oil and gas production from well-understood reservoirs through primary and                                                                                                            14.3
                                                                                                                                                                     (8.9)
           secondary recovery; ~1,100 active producing wells and more than 200 injector                                                                                                                                23.4
           wells                                                                                                                         19.6

        • Multiple infill drilling and waterflood projects identified; current recovery factor
           below 15%                                                                                                                                                           Reserves
        • Light crude oil production (Medanito type API >31°); sold to domestic off-takers                                                                                    Replacement
                                                                                                                                                                                 Ratio
        • Gas production sold to industrial clients (58%), distributors & GNC (30%) and
           spot sales to power generation and traders (12%) at an average market price of                                                                                                                              34.2
                                                                                                                                         32.6
           $3.7/MMbtu in 2018.                                                                                                                                                  161%
        • Treatment and evacuation infrastructure in place with spare capacity
        • Exploratory upside in the tight gas reservoirs of the Cuyo, Lotena, and Los Molles
           formations
                                                                                                                                       YE 2017 (4)               Production                  Additions               YE 2018
                                                                                                                                                                                    Oil        Gas

                                                                          OPERATED FIELDS                                                                               NON-OPERATED FIELDS

                       Net Metrics                      Entre Lomas (EL)                Jagüel de los Machos (JDM)            Bajada del Palo Oeste (BDPO)                Acambuco (ACAM)                    TOTAL
                        by Asset                        Agua Amarga (AA)                      Medanito (MED)                   Bajada del Palo Este (BDPE)         Coirón Amargo Sur Oeste (CASO)
                                                                                                                               Coirón Amargo Norte (CAN)
                                                                                                                                    Águila Mora (AM)

                                                                                                                              100%BDPO - 100%BDPE -
                         W.I. (%)                              100%                                  100%                                                              1.5%ACAM - 10%CASO                        -
                                                                                                                                 55%CAN – 90% AM

                1P Reserves(1) (MMBoe)                          20.6                                  15.7                                  19.6                                    1.7                        57.6

                         Acreage                             278,594                                 80,606                              147,251                                  6,050                      525,308(3)

                 Q1 2019 average daily
                                                               9,603                                 8,362                                 6,495                                   200                        24,700
                   production (boed)
                                                                                                                                        2037 CAN
                                                            2026 EL                                 2025 JDM                           2053 BDPO                             2036 / 2040 ACAM
                   Concession Term                                                                                                                                                                               -
                                                         2034 / 2040 AA                             2026 MED                           2053 BDPE                                2053 CASO
                                                                                                                                       2019 AM(2)

1.    Based on reserves certification as of December 2018. Sur Río Deseado Este (a non-operated      4.   The information for 2017 included estimated quantities of proved reserves based on information
      JV) is not included. Aguila Mora has not certified 1P reserves.                                     provided by the previous owners of the blocks acquired by Vista.
2.    35-year exploitation concession in the process of being requested to provincial authorities    5.   Includes approximately 2 MMboe of shale reserves                                                                          5
3.    Total net acreage includes 12,807 net acres from Sur Río Deseado Este.
Investor Presentation - Vista Oil & Gas
Production
Third consecutive quarter of growth in conventional production

    Net production evolution                                                                             Q1 monthly breakdown
    (kboepd)                                                                                             (kboepd)                                     Exit rate: >29 kboed

                                                                                                                                         +8.0%
                                                                                    25.7
           24.6                                                     24.7                                                                                        27.0
                             24.4               24.2
                                                                                                                    25.0                   25.0                  1.7
                                                                                                                     0.4                   0.4                   0.4

           24.3              23.7               23.8                24.4            24.5
                                                                                                                     24.4                  24.4                 24.6

          Q1 2018          Q2 2018            Q3 2018              Q4 2018         Q1 2019                          Jan-19                 Feb-19              Mar-19
                Conventional Argentina                          Mexico                                              Conventional Argentina          Mexico
                Unconventional Argentina                        Non Operated Argentina                              Unconventional Argentina        Non Operated Argentina

    Net production growth                                                                          LTM activity

                                                                                                   ▪   Tied-in first shale oil 4-well pad in Bajada del Palo Oeste
                                                                                   4.0%
                                                                    2.1%                           ▪   Tied-in 29 conventional wells:
                                                                                                        ▪   22 oil wells in Jagüel de los Machos – Medanito
                             -0.8%             -0.8%
                                                                                                        ▪   2 oil wells in Entre Lomas
                            Q2 2018            Q3 2018             Q4 2018        Q1 2019
                                                                                             (1)        ▪   2 gas wells in Entre Lomas
                                                                                                        ▪   3 gas wells in Bajada del Palo Oeste
    (1)    Q1 2019 production includes production from México
                                                                                                                                                                             6
Investor Presentation - Vista Oil & Gas
Vaca Muerta History Recap
Building momentum attracts new players
                                                                                                                                         Super Majors(1) Focusing on Permian and Vaca Muerta
                                                                                                                                                           Vaca Muerta          +112%
                                                                                                                                                           Permian                                1,696
                                                                                                                                      (Net Acres
                                                                                                                                       Held in ‘000s)               800
                                                                                                                                                                                 +45%
                                                                                                                                                                                                  3,622
300      (kboepd)                                                                                                                                                 2,500

250                                                                                                                                                                2012                           2017
                                                   May-2013: First
                                                   unconventional EPF in
                                                   Loma La Lata Norte                                                                                                     Mar-2017: YPF signs agreement
                                                                                                                                                                          with Schlumberger
200                                                Jun-2013: EIA report states
                                                   Vaca Muerta is the 2nd                                                                                                 Mar-2017: Tecpetrol starts field
                                                   largest shale gas and 4th      Jan-2014: SOil-4(h) well with 2 landing                                                 development in Fortin de Piedra
                                                   largest shale oil resource     zones – discovery of Organico as main
150                                                worldwide                      landing zone for horizontal wells                                                       Apr-2017: YPF signs agreement
                                                                                                                                                                          with Shell
                                                   Jul-2013: New Loma
                                                   Campana concession             Mar-2014: YPF introduced
                                                                                  walking rigs to Vaca Muerta                                                             May-2017: YPF signs agreement
                                                   approved (35 years)                                                                                                    with Equinor
100
                                                                                  Apr-2014: YPF starts full field
                                                   Aug-2013: YPF signs            development in Loma Campana
                                                   agreement with Chevron
                                                                                  Jun-2014: SOil-72(h): First
 50                                                Sep-2013: YPF signs            horizontal well to Organico
                                                   agreement with Dow

  0
      2012                            2013                                 2014                        2015                               2016                           2017                           2018                       2019
                                                                                                                                                                                                               Apr-2018: Vista acquires assets from
                    Aug-2012: YPF announces                                       Jul-2014: First walking rigs              Jan-2015: First multi-target                                                       Pampa and Pluspetrol
                    its 100-Days Plan, with VM                                    start operating in Argentina              PAD (3 landing zones)
                    as the key driver for growth                                                                                                                                                               Jul-2018: Vista starts full field
                                                                                                                            Jun-2015: YPF Discovers                                                            development in Bajada del Palo
                    Oct-2012: YPF announces                                       Oct-2014: Congress sanctions
                                                                                                                            unconventional gas in La                                                           Oeste
                    the Plan Exploratorio                                         New Hydrocarbons Law
                                                                                                                            Ribera
                    Argentino (PEA)                                                                                                                                                                            Sep-2018: Vista and Shell announce
                                                                                  Dec-2014: YPF signs deal with                                                                                                asset swap
                                                                                  Petronas
                    Dec-2012: YPF signs                                                                                                                                                                        Nov-2018: Vista obtains CENCH for
                    MOU with Chevron                                                                                                                                                                           Bajada del Palo Este and Oeste

                                                                                                                                                                                                               Dec-2018: YPF starts full field
                                                                                                                                                                                                               development in La Amarga Chica

                                                                                                                                                                                                               Feb-2019: Vista ties-in first pad in
                                                                                                                                                                                                               Bajada del Palo Oeste

        (1)   Super Majors include Exxon (and subsidiary XTO), Shell, BP (through its subsidiary in Argentina, Pan American Energy), and Chevron.

                                                                                                                                                                                                                                                      7
Investor Presentation - Vista Oil & Gas
Vista’s Vaca Muerta Acreage Position
 Delivered on 2018 plan

                           Vaca Muerta 134,000 net acres divided in 4 blocks
           •    Divided Bajada del Palo block into Bajada
                del Palo Oeste and Bajada del Palo Este
                and obtained 35-years concessions with
                12% royalty in both blocks
           •    Acquired 90% operated WI in Águila Mora                                                                                                         Aguila Mora

                block, surrounded by already delineated
                blocks
           •    Retained 10% non-operated WI in CASO
                block
                                                                                                                                                          Bajada de Palo
                                                                                                                                                              Oeste
       Potential Best-in-Class Resource                 Properties(1)
                                   BAJADA DEL        PERMIAN
                                                                  EAGLE FORD
                                   PALO OESTE      (WOLFCAMP)

                   TOC (%)            4.2             5.5             4.5                                                                                          Bajada de Palo
                                                                                                                                                                        Este
                Thickness (m)         250             172             41

               Pressure (psi/ft)     0.90             0.48           0.80                                                                       Coirón Amargo
                                                                                                                                                  Sur Oeste

                         Águila Mora                                  Bajada del Palo Oeste                      Bajada del Palo Este             Coirón Amargo Sur Oeste

       •       20,700 net acres (90% WI)                     •   62,640 net acres (100% WI)              •   48,850 net acres (100% WI)     •   1,631 net acres (10% WI)
       •       Evaluation lot expires by the end             •   License term: 2053                      •   License term: 2053             •   License term: 2053
               of June, 2019                                 •   Commitment: 106$MM in 18                •   Commitment: 52$MM in 3 years   •   Remaining commitment: 3$MM
       •       CENCH award expected in 2019                      months                                  •   Operated by Vista                  @WI
       •       Operated by Vista                             •   2019 plan: drill 18 wells, frac & tie                                      •   2019 plan: frac & tie 3 wells, total
                                                                 13 wells                                                                       Capex 3$MM @WI
                                                             •   Operated by Vista                                                          •   Operated by Shell

1.   Based on Company estimates, Ministerio de Hacienda, Secretaría de Energía. and the EIA
                                                                                                                                                                                       8
Investor Presentation - Vista Oil & Gas
Vaca Muerta Shale Oil Opportunity
 Activity significantly mitigates risk of Bajada del Palo Oeste

     Unconventional Operations Map in Shale Oil Window
                                                                                               A   COIRÓN AMARGO SUR OESTE
                                Águila Mora Block
                                                                                                   •  First unconventional oil well CASO.x-1 completed and productive
                                  (90% op WI)                                                         since March 2018, performing above type well curve.
                                                                                                   •  Total Capex 18.7 MM$, with 2,000 mt (6,560 ft) lateral length and
                                                                                                      27 fracs.
                                                                                                   •  Landing zone in Upper La Cocina.
                                                            Bajada del Palo                        •  First six month of production totalized 137.5 kboe vs estimated
                                                              Oeste Block
                                                             (100% op WI)
                                                                                                      type well curve of 126 kboe.

                                                                         Bajada del Palo
                                                                                               B   LOMA CAMPANA
                                                    F                       Este Block             •  First unconventional oil pilot completed in Argentina
                                                                          (100% op WI)
                                                        D                                          •  In full development mode
                                                                                                   •  ~559 wells drilled of which ~148 horizontal with up to 10,500ft
                                                                                                      (3,200m) lateral length(1)
                                                E
                                                                                                   •  Current production: 45kboe/d(2)
                                                                 C       Coirón Amargo

                                              B
                                                                         Sur Oeste Block
                                                                        (10% non op WI)
                                                                                               C   SIERRAS BLANCAS/ CRUZ DE LORENA
                                                                                                   •  18 wells drilled(2)
                                                               A                                   •  SB-1005 one of the top producing wells in the basin, with IP of
                                                                                                      1kbbl/d + 600 MMscfd(2)
                                                                                                   •  Current production: 3.5kboe/d(2)

Ready for full scale development
                                                                                               D   LA AMARGA CHICA
                                                                                                   •  Second unconventional oil pilot in Argentina
• Completed pilots and ongoing development in adjacent blocks
• Production results in neighboring blocks supports Vista’s type curve(3)                          •  Commenced third pilot phase in 2018(2)
• Operated infrastructure in place with spare capacity                                             •  Current production: 8.1kboe/d(2)
• Full discretion and flexibility on timing of Bajada del Palo Oeste, Bajada                   E   BANDURRIA SUR
  del Palo Este and Águila Mora development (99% of net acreage)                                   •  JV signed in 2017 with ~$390 MM committed(2)
 Most experienced Management Team in developing Vaca Muerta                                        •  Pilot Phase: two-stage(4)
 • Drilled 500 wells across play (~60% of Vaca Muerta activity to date)                            •  Six wells drilled (4 horizontals)(2)
 • Delivered 47% well cost reduction                                                           F   AGUADA FEDERAL
 • Reached 50K boe/d, from zero                                                                    •  Two vertical exploration wells
                                                                                                   •  Four horizontal wells drilled(2)
1.    Based on third party report. June 2018.
2.    Based on Ministerio de Hacienda, Secretaría de Energía                                                                                                              9
3.    Based on Company estimates, Ministerio de Hacienda, Secretaría de Energía. and the EIA
Investor Presentation - Vista Oil & Gas
Developing Vaca Muerta in Factory Mode
Sustainable development since day 1 in Bajada del Palo Oeste

                                                               10
Sustainable Development Approach (1/2)
No trucking used to transfer frac water since first pad

   22 Km flat-hose water transfer to tanks
   on location (7,500 truck trips avoided)
  • Minimal environmental impact
  • 100% guaranteed water availability during frac activities
  • Reduced cost

                                                                11
Sustainable Development Approach (2/2)
Entire first pad with 100% of frac sand transported and stored in sand boxes

                                                                      •   Minimal exposure to sand dust
                                                                      •   Improved logistics and reduced trucking costs
                                                                      •   Improved productivity by increasing sand
                                                                          available on location

                                                                                                                          12
Bajada del Palo Oeste Shale Oil Development
First 4-well pad in Bajada del Palo Oeste tied-in late Q1 2019

   Fast Track Development
                                        Year 1          Year 2          Year 3            Year 4      Year 5          Year 6           Year 7
            TYPICAL DEVELOPMENT                  Delineation Phase                    Pilot Phase 1               Field Development in Factory Mode
   BAJADA DEL PALO OESTE FAST                               Ramp-up                                    Full-Scale Development
          TRACK DEVELOPMENT

                         Best-in-basin performance supported by novel One-Team approach

                VISTA Oil & Gas - 8 Stages (14-02-2019)
                New record- Pumping time 19.3hrs

                New record- fluids and sand on
                a given day 12,697 m3 / 42,856 sxs

     Source: Bloomberg

                                                                                                                                                      13
Bajada del Palo Oeste Update (1/2)
Strong results under sustainable development approach since day 1

                                                                             First 4-well pad
             Two successfully tested                            Drilling and completion cost                    Best-in-basin              Sustainable
                 landing zones                                          within budget                            completion                development
        Target                 Vaca Muerta                                                   Average per    •  Averaged 5.0 frac      • No trucking of water
                                                           Metric
                                                                                                well
 Upper Carbonate               To be tested                                                                    stages per day (record   (22 km flat hose)
                                                               Lateral length (mtrs/ft)        2,550 / 8,366   day of 8 frac stages,
 Lower Carbonate               To be tested                                                                                           • Healthier environment
                                                                                                               with 19.3 hours of
                                                               Stages (#)                           34                                  minimizing sand dust
   Upper Organic               To be tested                                                                    pumping time)
                                                               D&C Cost ($MM)                      13.8                               • EPF construction in
                      MDM-2013h        MDM-2015h                                                             • 100% of completions
  Lower Organic         l                 l                    D&C cost per lateral ft (‘000$)      1.6
                                                                                                               using sandboxes
                                                                                                                                        record time to minimize
                                                                                                                                        gas flaring and crude
                              MDM-2014h       MDM-2016h
                                                                                                                                        trucking
       La Cocina                  l                l           Cost per frac stage ($MM)         0.22

                                      Production above expectations                                                             Second pad update
kboed
 7.0                                                                                                                     •   Drilled all surface and
 6.0                                                                                                                         intermediate sections
 5.0                                                                                                                     •   Drilled horizontal sections of first
 4.0                                                                                                                         three wells
 3.0                                                                                                                     •   Expected tie-in Q3 2019
 2.0

 1.0

 0.0
  3/1/2019         3/9/2019       3/17/2019        3/25/2019          4/2/2019       4/10/2019      4/18/2019
                                                          Gas       Oil
                                                                                                                                                            14
Bajada del Palo Oeste Update (2/2)
Strong well performance across 4 wells in first pad

                                                                           Daily production per well                                                                                            Cumulative production per well

                                                                              Vaca Muerta - Horizontal Wells                                                               MdM-2013h                                          MdM-2014h
                                                  2,000                                                                                                                    kboe                                               kboe
                                                                                                                                                                          60                                                                                      52.7
                                                                                                                       Last 20 days

                                                                                                                                                               Millares
                                                  1,800
                                                                                                                    production (in boed)                                  50
                                                                                                                                                                                                              39.8
                                                                                                                   MdM-2013h               1,352                          40
Normalized Oil Production (boe/day per 2,500 m)

                                                  1,600
                                                                                                                   MdM-2014h               1,912                          30
                                                  1,400                                                            MdM-2015h               1,415                          20
                                                                                                                   MdM-2016h               1,665                          10
                                                  1,200
                                                                                                                                                                          0
                                                                                                                                                                               0   10       20      30      40    50     60    0     10       20      30      40    50        60
                                                  1,000                                                                                                                                 MdM-2013h                                         MdM-2014h
                                                                                                                                                                                        Vista's type curve (1.1 Mmboe)                    Vista's type curve (1.1 Mmboe)

                                                   800
                                                                                                                                                                           MdM-2015h                                          MdM-2016h
                                                                                                                            P50 Type
                                                                                                                                                                           kboe                                               kboe
                                                   600
                                                                                                                                                                          60

                                                                                                                                                               Millares
                                                                                                                                                                                                                                                                   51.3
                                                   400                                                                                                                    50                                45.1

                                                                                                                                                                          40
                                                   200
                                                                                                                                                                          30

                                                                                                                                                                          20
                                                     0
                                                          0                 30                 60                 90                120                150                10
                                                                                                       Days
                                                                                                                                                                          0
                                                                            Oil EUR (kbbl)     972      Gas EUR (Bcf)         0.6 Total EUR (kboe) 1,079
                                                                                                                                                                               0   10       20      30      40    50     60    0     10       20      30      40    50        60
Vaca Muerta                                                                  IP 30 (bbl/d)     662 Dry gas IP 30 (MMcf/d) 0.4          IP 30 (boe/d)    736                             MdM-2015h                                         MdM-2016h
Type Curve(1)                                                             180-day cum (kbbl) 147       180-day cum (Bcf)     0.09 180-day cum (kboe) 163
                                                                                                                                                                                        Vista's type curve (1.1 Mmboe)                    Vista's type curve (1.1 Mmboe)

                                                      (1)     Type curve defined in 2018 without reflecting data acquired in Bajada del Palo Oeste first pad
                                                                                                                                                                                                                                                                         15
Strong Results of Vaca Muerta Wells
First 4 wells performing in line with top-tier wells of the basin

                                               Top 90 Vaca Muerta producing wells average monthly production(1)
 kboed
  1.8
  1.6
  1.4
  1.2
    1
  0.8
  0.6
  0.4
  0.2
    0
                                        Month 1                                                                   Month 2                                    Month 3

                                                                       Wells with higher deliverability than expected
           psi                                                                       millimeters
    10,000                                                                                                    ▪     Strict drawdown management policy to preserve frac integrity
                                                                                                   12
        8,000
                                                                                                              ▪     Bottom-hole pressure still over 7,000 psi, with wells flowing
                                                                                                                    naturally through a 6.35 mm choke (16/64 inches)
        6,000                                                                                      9

        4,000
                                                                                                   6
        2,000

             0                                                                                     3
                 0        6       12    18             24       30      36     42             48
                              MdM-2013h                               MdM-2014h
                              MdM-2015h                               MdM-2016h
     (1)     Capítulo IV – Argentine Secretariat of Energy; Vista’s month 3 projected with information available until April 23, 2019
                                                                                                                                                                                    16
Potential for Superior Returns
 Well productivity and well cost reduction drive economics

          Well Cost Reduction Drive Boost in IRRs(2)
          (IRR %)

               140%

               120%

               100%

                80%

                60%

                40%

                20%
                                                                                            8,200 ft (2,500m)
                                                                                            horizontal well                13.5$MM               12.5$MM             11.5$MM              10.5$MM
                                                                                            cost:
                  0%
                                        55                                  60                                  65                                   70                              75

                                                                                                       Realized oil price $/bbl

                                                                                                   Oil EUR (kbbl)        972         Gas EUR (Bcf)         0.6   Total EUR (kboe)    1,079

                                                 Vista Vaca Muerta                                  IP 30 (bbl/d)        662      Dry gas IP 30 (MMcf/d)   0.4     IP 30 (boe/d)      736
                                                   Type Curve(1)
                                                                                                180-day cum (kbbl)       147        180-day cum (Bcf)      0.09 180-day cum (kboe)    163

1.   Based on independent third party analysis on Company’s acreage made by WDVG – Petroleum Engineering Laboratories.
2.   Does not include capital expenditures for facilities.                                                                                                                                          17
Not Your Typical Headquarters
Vista’s new offices in Neuquén

   • Very close to our Neuquén
     operations
      2 hours drive to Bajada del
      Palo Oeste
   • Modern design in a friendly
     environment
      Attracts stakeholders and
      creates an inspiring workplace
      for our staff
   • Technology hub
      Operations monitored in real
      time, with state-of-the-art
      software and equipment

                                       18
Financial Overview
Solid financial position

   Q1 2019 Vista consolidated cash flow
   $MM
                                                                                                          79.1                              92.6

                                                                                      Equity               54.4

                                                                20.0                 Debt(3)               24.7
                                                                                                                                                                         87.5

                     80.9

           Beginning of period                       Operating activities                       Financing activities               Investment activities             End of period

                                                                                                                             Financial debt breakdown                As of March 31, 2019
       Quarterly Leverage Ratios(1)                                  As of March 31, 2019                         5-year unsecured term loan                                300.2

                                                                                                                  Local debt in Argentina (US dollar denomintated)           35.0
       Gross Leverage Ratio                                                       1.8x
                                                                                                                  Total financial debt(2)                                   335.2
       Net Leverage Ratio                                                         1.3x
                                                                                                                  (-) Cash and cash equivalents                              87.5

                                                                                                                  Net debt                                                  247.7

     (1)    Vista’s LTM Adj. EBITDA
     (2)    Current borrowings total 55.4 $MM while non current borrowings total $MM 279.9                                                                                                  19
     (3)    Borrowings (35.0) – Payments of interests (10.8) + Effects of exchange rate in cash and cash equivalents (0.5)
Outlook (1/2)
Vaca Muerta-driven growth plan leveraging existing conventional operating platform

                                                                                                                                         Historical and Target Production                        (1)
                      Historical and Target Wells(1)
     (#)                                                                                                           (kboe/d)

                                                               +54%         34
                                                        22
                13                  14
                                                                                                                                                                                  +22%
                                                                                                                                  29.8                                                        29.9
              2016P               2017P               2018A               2019E                                                                       27.1
                                                                                                                                                                          24.5
                   Pro-forma                          Actual            Estimated

                      Historical and Target CAPEX(1)
 ($MM)

                                                               +131%       300

               119                                     130
                                                                                                                                 2016P               2017P               2018A               2019E
                                    68
                                                                                                                                     Pro-forma                           Actual           Estimated

              2016P               2017P               2018A               2019E

                   Pro-forma                          Actual            Estimated                                                            Conventional             Unconventional

1.   2016 and 2017 proforma from acquired entities and assets based on information provided to the Company, 2018 actuals include Q1 proforma and Q2, Q3 and Q4 Vista, and 2019 expected based on Company estimates.   20
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.”
Two-Year Outlook (2/2)
 Goal is to deliver superior financial results through intended growth strategy

                                                                                                                                                                                                 Adj. EBITDA
                   Historical and Target Revenues(1)                                                                        Historical and Target Adj. EBITDA(1)                                 Margin (%)
           ($MM)                                                                                                         ($MM)

                                                                                                                            300
                                                                                                                                                                                      +15%                       90%

                                                                +10%                                                                 240
               575
                                                                                                                                                                                                                 80%

                                                                                                                            250

                                                                                                                                                                                                  225            70%

                                  445                  435                  480                                             200
                                                                                                                                                         182                  195                                60%

                                                                                                                                                                                       45%                     47%
                                                                                                                                                                                                                 50%

                                                                                                                                             42%                 41%
                                                                                                                            150

                                                                                                                                                                                                                 40%

                                                                                                                            100                                                                                  30%

                                                                                                                                                                                                                 20%

                                                                                                                             50

                                                                                                                                                                                                                 10%

                                                                                                                              0                                                                                  0%

                                                                                   (3)                                                                                                                   (3)
              2016P              2017P                2018A               2019E                                                    2016P                2017P               2018A                2019E
                   Pro-forma                           Actual            Estimated                                                      Pro-forma                           Actual            Estimated

                                                                         Lifting Cost
            Historical and Target OPEX(1)                                     ($/bbl)                                                  Historical and Target Free Cash Flow (1)(2)
           ($MM)                                                                                                            ($ MM)                                                               ~1,100

     250                                                                                 30

               199
                                  169
                                                                                         25

     200

                                                                            143                                                            111        108
                                                      124
                                                                                         20

     150
                      18.3                16.8                  -6%
                                                                                         15

     100
                                                                13.9                 13.0
                                                                                         10

      50

                                                                                                                                                                          ~(300)
                                                                                         5

                                                                                                                                                                       2018-2021             2022-2025
       0                                                                                 0

                                                                                                                                         2016        2017E
              2016P              2017P                2018A               2019E                                                                                        Cumulative            Cumulative
                   Pro-forma                           Actual            Estimated

1.   2016 and 2017 proforma from acquired entities and assets based on information provided to the Company, 2018 actuals include Q1 proforma and Q2, Q3 and Q4 Vista, and 2019 expected based on Company estimates.
2.   Does not include cash flow from financing activities.
3.   2019 estimates at oil sales price 55.0 $/bbl and natural gas: @4.0 $/MMBTU
                                                                                                                                                                                                                       21
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.”
Company Highlights
Key differentiation factors

World-class Management team

Cash-flow generating asset
base

High-growth Development plan

Unique platform for direct exposure
to Vaca Muerta

Development-ready, core Vaca
Muerta shale position
Agenda

Appendix          01

Q1 2019 Results   02

Management Team   03

                       23
Bajada del Palo Oeste Potential Landing Zones
Multiple landing zones generate extensive drilling inventory

                                                                                                                                                     In base plan                            Potential
                                                                                                                                                      413 Wells                       +1,100 Wells(2)
   Bajada del Palo Oeste Core Location Map

                                                                                                                                                                                                   Tested
                                                                                                                                                                  Multiple Stack Pay Zones
                                                                                                                                                                  ~5 wells per section(1)
                                                                       West side
                                                                       of the block
                                                                       between
                                                                       40 and 32
                                                                       API°

                                                                                                                                                      CARBONATE
                                                                                          2,800

   API°:
   20       25     30        35        40        45    50    55   60

   Bajada del Palo Oeste Overpressure Map
                                                                                          2,850

                                                                                                                                                      ORGANIC
                                                                       West side
                                                                       of the block
                                                                       above 250
                                                                       kg/cm2             2,900
                                                                       (4,600 psi)

                                                                                                                                                      LA COCINA
        Overpressure (kg/cm2):
    0         50        10        15        20        25    30    35
                        0         0         0         0     0     0                   Prospective Area   Up to five different landing zones being tested in adjacent blocks

 Source: WDVG – Petroleum Engineering Laboratories.
 (1) A section equals to 1.6 km (1.0 mile).                                                                                                                                                                 24
 (2) Includes 413 wells in base plan.
Selected Precedent Acquisition Multiples
 Precedent transactions in Vaca Muerta

                                                                                                                                          $14,000
  Precedent Acquisition Multiples
  ($/acre)
                                          $8,500                                        $8,600                                $8,800
                                                                $7,200      $7,000                                 $7,300
                                                                                                     $6,000

    Buyer

   Seller

                                          Bajo del                         Bajada de   La Amarga                   Aguada                  Loma
    Area                                                       Bandurria                           La Escalonada             El Orejano
                                           Toro                  Sur         Añelo       Chica                     Federal                Campana

   Buyer Acquired
   Operatorship                            No                     No         Yes          No            No           Yes         No        No

    Acres                                19,390                 27,667      27,500       23,095       49,970        14,374     5,050       48,500

   Date                                  Jun-17                 Apr-17      Feb-17      Mar-15       Apr-14        Jan-14      Sep-13      Jul-13

   Medanito $/bbl(1)                      55.1                   56.4        57.8        75.6          79.5         72.4         74.6       74.9

Source: Press releases and media coverage.                                                                                                          25
1.   Based on Ministerio de Hacienda, Secretaría de Energía.
Fast Track to Full-Scale Development
 Facilities capacity in place allow for initial development phase startup

                                                    Facilities for Initial Development Phase                                                              Facilities for Full-Scale Development

                                                                                      Entre Lomas       Battery                                                                                                       EPF
                                                                    pipeline to                                                                                                                                   O

                                                                    construct                           Existing Pipeline                                                                                         T
                                                                                                                                                                                                                  P   Oil Treatment Plant
                                                                                                        Pipeline to Construct
                                             Bajada del Palo
                                                                                                                                                                                                        OTP-
                                                                                                                                                             1               3                EC-      Pipeline
                                                                                                                                                                                                       PH-PR
                                                                                                                                                                                               9
                                                                                                           6,000m pipeline                                          OTP
 Bajada del Palo Oeste                                                               1BP                   from Entre Lomas to                                               4
                                                                                                                                                             2
  Oil Treatment & Disposal                                                                                 existing pipeline
                                                                        2BMo               N1                                                                          EC-
                                                           1BMo                                                                                                         8
                                                                                                                                                       6km       4km                27km

                                                                                                                                                   4 early production faciltiies and new crude oil treatment plant

                                                                                                                                                     Gas pipeline
                                                                                                                      Prospective                 Aguada del Chanar
                                                                                                                      Area                         USP-14 LC - YPF
                                                                                                                                                                                      Gas pipeline
                                                                                                                                                                                      Centro Oeste
                                                         Bajada del Palo

                                         Gas pipeline
                                       Aguada la Arena
                                       Borde Montuoso
                                                                                                EC-9                                                               Gas pipeline
   Bajada del Palo Oeste                                                      EC-8                                                                                                                     EC-9
                                                                                                                                                                 Aguada del Arena
                                                                                                                                                                  Borde Montuoso
   Gas Treatment & Disposal                                                                                       LPG-HRU
                                                                                                                   Plants
                                                                                                                                                                             EC-8

                                                                                                                                                  Gas pipeline Borde
                                                                                                                                                  Montuoso NEUBA II

                                                                                                                                                  Existing gas pipelines with spare capacity in the proximity of the block

                                                                                                                                                                                                                                      26
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.”
Agenda

Appendix          01

Q1 2019 Results   02

Management Team   03

                       27
1st Quarter 2019 Highlights
Consolidated figures in Vista Oil & Gas, SAB de CV include operations in Mexico and Argentina

           Strong results in first Vaca Muerta 4-well pad

           Averaged 5.0 frac                                Reached production of
            stages per day                                      +6,500 boe/d

                                   Daily Production(1)                 25,693 boe/d

                                                  Revenues             93.7 $MM

                                           Adj. EBITDA(2)              37.1 $MM

                              Adj. EBITDA margin(2)                    40%

                                                          Cash         87.5 $MM

                                                 Net Debt(3)           247.7 $MM

                               Net Leverage Ratio(4)                   1.3x

    (1)   Includes natural gas liquids (NGL) and excludes flared gas, injected gas and gas consumed in operations
    (2)   Adj. EBITDA = Gross profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income)                28
    (3)   Net Debt: Current borrowings (55.4 $MM) + Non-current borrowings (279.9 $MM) – Cash and cash equivalents (87.5 $MM) = 247.7 $MM
    (4)   Vista’s LTM Adj. EBITDA
Production
Growth in total production, driven by both oil and natural gas

            Total production                                     Oil production
             kboed                                               kbbld
                                        +4.0%
                                                                                                +4.1%

                                                    25.7                                                 15.1
                24.4      24.2      24.7                            14.7       14.8      14.5

               Q2 2018   Q3 2018   Q4 2018         Q1 2019         Q2 2018    Q3 2018   Q4 2018         Q1 2019

            Natural gas production                               NGL production
             MMm3d                                               bbld
                                           +4.6%

                                                                                                  (13.0)%

                                    1.52            1.59
                1.42      1.38                                          744    730       716
                                                                                                         623

               Q2 2018   Q3 2018   Q4 2018         Q1 2019         Q2 2018    Q3 2018   Q4 2018         Q1 2019

                                                                                                                  29
Revenues and Pricing
Realized prices declined less than global commodity prices

   Revenues                                                                 Crude oil average price                    Natural gas average price
   $MM                                                                      $/bbl                                      $/MMBTU

                                                                                        65.5
            104.1                                                                                             56.7
                                        93.7
                                                                                                                               4.0                3.7

           Q4 2018                    Q1 2019                                         Q4 2018                Q1 2019         Q4 2018            Q1 2019

    ▪     Driven by lower prices in the                                      ▪     Main off-takers were Trafigura      ▪   Mainly driven by a decrease of
          quarter                                                                  and Shell                               sales prices to power generation
                                                                             ▪     Sales prices impacted by export         from 3.32 $/MMBTU to 2.65
                                                                                   parity based pricing formula and        $/MMBTU
                                                                                   an applicable oil benchmark
                                                                                   formula, with an average Brent
                                                                                   price of 60.8 $/bbl (1)

    (1)   Source: Bloomberg; 57.7 $/bbl in December 2018, 60.2 $/bbl in January and 64.4 $/bbl in February
                                                                                                                                                              30
Opex
Continued focus on lifting cost reduction

               Total Opex                                                             Opex per boe
               $MM                                                                    $/boe

                         28.6                 27.8                                               12.6                12.0

                        Q4 2018              Q1 2019                                           Q4 2018              Q1 2019

                ▪    Continued controlling costs with new contracting model; strong focus on absorbing production growth with
                     existing cost base
                ▪    Decrease in lifting cost driven by absorption of shale production ramp-up with minimal incremental cost

                                                                                                                                31
Adjusted EBITDA
Q1 2019 EBITDA margin slightly higher despite lower sales prices

                        Adj. EBITDA(1)                                                                                     Adj. EBITDA Margin
                        $MM                                                                                                %

                                     40.4
                                                                   37.1
                                                                                                                                        39%                 40%

                                    Q4 2018                      Q1 2019                                                               Q4 2018            Q1 2019

                                                                                                                              ▪     Lower revenue was offset by cost
                                                                                                                                    efficiency
                                                                                                                              ▪     1 p.p. expansion in EBITDA margin
                                                                                                                                    despite lower sales prices

    (1)   Adj. EBITDA = Operating profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income).
                                                                                                                                                                        32
Closing remarks

Ignited the Vaca Muerta profitable production growth
engine

Best-in-basin completion performance in our first pad

Bajada del Palo Oeste production reached 6,500 barrels
per day with four wells

Exit rate above 29,000 boe per day

Continued success in cost reduction

                          On track to achieve 2019 guidance

                                                              33
Agenda

Appendix          01

Q1 2019 Results   02

Management Team   03

                       34
Management Team
 Experienced team with a solid track record working together

                                                             •   25 years of energy experience across five continents (integrated oil and gas and oilfield services)
                                                             •   Independent board member of Schlumberger
                       Miguel Galuccio                       •   Former Chairman and CEO of YPF and President of Schlumberger SPM/IPM(1)
                       Chairman and CEO                      •   Previously Schlumberger Geomarket Manager for Mexico and Central America
                                                             •   Prior experience with YPF International and Maxus Energy in Argentina and Southeast Asia
                                                             •   Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires

                                                             •   More than 15 years of international business development, consulting and investment banking experience
                                                             •   Previously Business Development Director at YPF in Argentina
                       Pablo Vera Pinto                      •   Former member of the board of fertilizing company Profertil (Agrium-YPF), power generation company Central
                                                                 Dock Sud S.A. (Enel-YPF) and gas distributor Metrogas S.A. (YPF, acquired from British Gas)
                      Chief Financial Officer
                                                             •   Prior experience gained at private equity group in South America as Restructuring Manager, CFO and General Manager
                                                                 of portfolio companies, management consulting at McKinsey & Co. in Europe and investment banking at Credit Suisse in N.Y.
                                                             •   MBA INSEAD; Economics degree from Universidad Torcuato Di Tella

                                                             •   More than 20 years of E&P and oilfield services experience
                       Juan Garoby
                                                             •   Previously, Interim VP E&P, Head of Drilling and Completions, Head Unconventionals at YPF
                       Chief Operating Officer               •   Former President for YPF Servicios Petroleros S.A. (YPF owned drilling contractor)
                                                             •   Prior experience with Baker Hughes Inc. (Brazil, Peru, Ecuador) and Schlumberger Ltd. (Europe and Africa)
                                                             •   Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires

                                                             •   More than 15 years of energy industry experience
                       Gastón Remy                           •   Previously, president of Dow Argentina and south region of Latin America (Argentina, Bolivia, Chile, Paraguay and Urug.)
                                                             •   Prior experience as Legal Director for Latin America and Director for global projects, mergers and acquisitions at the Legal
                       Argentina General                         Department of Dow
                       Manager                               •   Mr. Remy is Vice-president 1°for the Instituto para el Desarrollo Empresarial de la Argentina (IDEA) and was the President for
                                                                 the 53°Coloquio Anual (2017).
                                                             •   He is a lawyer from Universidad de Buenos Aires, and holds an LLM from University of Columbia, New York.

                                                             •   More than 10 years of LatAm E&P strategy, portfolio management and investor relations experience
                       Alejandro Cherñacov                   •   Previously CFO of small-cap Canada-listed E&P company
                       Strategic Planning and                •   Prior experience as Investor Relations Officer and ran the Upstream Project Portfolio at YPF in Argentina
                       Investor Relations                    •   Masters in Finance from Universidad Di Tella, Strategic Decision and Risk Management professional certificate from Stanford
                       Officer                                   University; Economics degree from Universidad de Buenos Aires

1.   Schlumberger Production Management and Schlumberger Integrated Project Management, business segments of Schlumberger Ltd.                                                                    35
Miguel Galuccio’s Track Record at Schlumberger
Led high-growth “company-shaping” global businesses

                                •   More than 12 years in various senior leadership positions, including President of Schlumberger IPM and SPM,
                                    current independent board member of Schlumberger and Geomarket Manager for Mexico and Central America
                                •   Under his leadership, the company conceptualized and implemented novel strategic initiatives with lasting impact
  STRATEGIC THOUGHT LEADER
                                    ❖   Led the creation of SPM, which currently is a focus growth segment for SLB globally having reached 235
                                        kboe/d
                                    ❖   Led Schlumberger’s repositioning with PEMEX, which became one of the top Schlumberger clients globally

                                •   Led IPM to become a benchmark among oil field service companies for operational excellence
                                    –   Executed complex projects across five continents in extremely challenging conditions (e.g. Iraq re-entry,
                                        Russia, Algeria)
                                •   Developed new business models integrating services with E&P risk-returns under SPM
EXECUTION FOCUSED AND RESULTS       ❖   Burgos, Chicontepec, Alianza and Mesozoico projects with PEMEX (more than 2,000 wells drilled over
            DRIVEN                      eight years)
                                    ❖   Casabe project with Ecopetrol; SPM tripled production in five years
                                    ❖   Shushufindi contract with Petroamazonas (Ecuador): operated by SPM, co-funded by E&P company Tecpetrol
                                        (Techint Group) and US private equity firm KKR; SPM doubled production in four years
                                    ❖   Barnett shale gas project (Texas) and Bakken shale oil project (North Dakota)
                                    ❖   Other projects in China, Romania and Malaysia

                                •   Managed fast-growing global organization with more than 6,300 employees in 55 projects across six
                                    regions
  ABILITY TO ATTRACT TALENT
                                    ❖   Pushed out-of-the-box solutions with strong bottom-line impact by motivating teams and engraining
   AND GENERATE NETWORK
                                        a can-do attitude in the company’s engineers and geoscientists
                                •   Developed vast global network across oil and gas industry
                                    ❖   Strong relationships with CEOs of majors, independents and national oil companies

                                                                                                                                                    36
Experienced Management With Proven Track Record
Mr. Galuccio led a remarkable turnaround of YPF in a complex scenario

                                     •   Contributed to shaping key market reforms including gas pricing incentive scheme, domestic crude pricing support,
                                         amended federal hydrocarbons law and reversed decade-long decline in production and reserves
                                     •   Laid foundations for economic development of Vaca Muerta:
  STRATEGIC LEADERSHIP WITH
                                         ❖  500 wells drilled (60% of Vaca Muerta activity to date)
        VISIBLE IMPACT
                                         ❖  47% well cost reduction down to $8MM per horizontal well
                                         ❖  Reached 50,000 boe/d (largest economic shale development outside North America)

                                     •   Tripled share price in first 24 months

    STRONG FINANCIAL AND             •   Grew production by more than 100 kboe/d to reach more than 580 kboe/d
  OPERATIONAL PERFORMANCE            •   Achieved 45% EBITDA growth to reach more than $5Bn
                                     •   Ramped up activity from 25 to 74 drilling rigs at peak maintaining best-in-class safety record
                                     •   Achieved reserves growth of 25% to reach more than 1.2 Bnboe

                                     •   Closed 20+ transactions with deal value in excess of $4Bn; including company-shaping Apache Argentina acquisition ($800
                                         MM) and landmark shale JVs with Chevron ($1.4Bn), Petronas ($550MM) and Dow ($180MM)
   SUCCESSFUL BD, M&A AND            •   Raised more than $8Bn from international and local capital markets with over 30 new issuances between 2012 and 2016 (with
   CAPITAL MARKETS EFFORT                yields below Argentina’s sovereign benchmark); representing 90%+ of all Argentine international issuances
                                     •   Stock covered by more than 20 research analysts from top tier institutions; YPF Management voted top 2 Investor Relations
                                         Team for LatAm oil and gas sector by Institutional Investor

                                     •   Led complex integrated oil and gas organization with more than 20,000 direct employees

   ABILITY TO ATTRACT TALENT         •   Promoted and recruited best-in-class managers for key positions; implemented world-class talent
   AND SOURCE TRANSACTIONS               management initiatives
                                     •   Mr. Galuccio voted Best CEO of Argentina (PwC survey 2014) and LatAm CEO of the Year (BRAVO Latin
                                         Trade business awards 2014)

                      Decades of oil and gas experience in leadership roles consistently delivering remarkable results
                                                                                                                                                                     37
Board of Directors of World Class Professionals
 Strong corporate governance, with majority independent composition

           Miguel Galuccio                 •    Please refer to page 39 for Mr. Galuccio’s biographical information
     Chairman of the Board

              Kenneth Ryan             •       Partner at Riverstone based in the New York office and Partner and Head of Corporate Development, Capital Strategies, and Investor Relations
                                       •       Prior to joining Riverstone in 2011, Mr. Ryan worked for Gleacher & Company and Gleacher Partners in London and New York, more recently as Managing
       Member of the Board                     Director and Co-Head of Investment Banking
            by Riverstone              •       Currently he serves as member of the investment committee at Riverstone Credit Partners and as member of the board of Riverstone Energy Limited, HES
                                               International and Trailstone
                                       •       Mr. Ryan graduated from the University of Dublin Law School, Trinity College

                                       •       Ms. Segal was appointed President and General Director of Americas Society / Council of the Americas in 2003, after working in the private sector in Latin
             Susan L. Segal                    America and other emerging markets throughout more than 30 years
       Independent member              •       She was a Partner at Chase Capital Partners / JPMorgan Partners with a focus on private equity and pioneering venture capital investments in the region
               of the Board            •       Ms. Segal is a member of the Board of Americas Society / Council of the Americas, the Tinker Foundation, Scotiabank and Mercado Libre, as well as President
                                               of the Board of Scotiabank USA
                                       •       Ms. Segal graduated from Sarah Lawrence University and received an MBA from Columbia University in the United States

                                       •       Mr. Doehner has been Executive Vice President of Corporate Affairs and Enterprise Risk Management at Cemex since May 2014
Mauricio Doehner Cobián                •       Mr. Doehner began work with Cemex in 1996 and has held various executive positions in areas such as Strategic Planning, Institutional Relationships and
       Independent member                      Communications and Business Risk Management for Europe, Asia, Middle East, South America and Mexico
               of the Board            •       He worked in Mexico’s Presidential administration leading the relationship with the Mexican public, including diverse issues such as government reforms
                                               and the national budget
                                       •       Mr. Doehner holds a Bachelor’s degree in Economics from Tecnológico de Monterrey, an MBA from IESE/IPADE, and a Professional Certificate in
                                               Competitive Intelligence by the FULD Academy of Competitive Intelligence in Boston, Massachusetts

                                       •       Mr. Sivignon is an advisor to the Chairman and CEO of Carrefour Group in Paris, where he previously held the position of Deputy CEO, CFO and Member of the
     Pierre-Jean Sivignon                      Executive Board. Prior to his Carrefour Group experience, he was Chief Financial Officer, Executive Vice President, Member of the Board of Management at
       Independent member                      Royal Philips Electronics in Amsterdam.
               of the Board            •       He held various financial positions of high level at Faurecia in Paris and Schlumberger Limited in New York and Paris.
                                       •       Mr. Sivignon graduated from French baccalaureate with honors in France and received an MBA from ESSEC (Ecole Superieure des Sciences Economiques et
                                               Commerciales) also in France.

                                       •       Mr. Bly has more than 30 years of experience in the oil and gas industry, having occupied various executive positions at an international level at BP serving
                      Mark Bly                 most recently as Executive Vice President of Safety and Operational Risk
                                       •       Mr. Bly was a part of BP’s E&P Executive Group, responsible for monitoring an international portfolio of Angola, Trinidad, Egypt, Algeria, and the Gulf of Mexico
       Independent member              •       Mr. Bly led the internal investigation of the Deepwater Horizon incident in 2010, and is the author of “Bly Report” that defined the understanding of such event by
               of the Board                    the industry and represented the founding of the new organization and global drilling practices program within BP
                                       •       Mr. Bly received a Master’s degree in Structural Engineering from the University of California at Berkeley and a Bachelor’s degree in Civil Engineering from the
                                               University of California at Davis

1.   Schlumberger Production Management and Schlumberger Integrated Project Management, business segments of Schlumberger Ltd.                                                                                       38
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