#1* VISTA OIL & GAS Investor Presentation February 2018#2About this Presentation Purpose of this Presentation 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. In this presentation: • the terms "Vista", "Vista Oil & Gas", "Issuer", "Company", "us", "we" or "our" refer to Vista Oil & Gas, S.A.B. de C.V., and the term "Riverstone" refers to "Riverstone Investment Group LLC", a limited liability company incorporated under the laws of the State of Delaware, United States of America, as well as to its affiliate entities and funds. This presentation is being provided by Vista, and is not being provided by, and shall not constitute a presentation of, Riverstone. An investment in Vista does not constitute an investment in Riverstone or any of its funds. Riverstone's historic results or those of its funds are not necessarily indicative of Vista's future performance. 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. 1#3Important Note Regarding Projections and Other 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, statements about our capacity to complete the initial business combination, the benefits from such initial business combination, our financial performance after the initial business combination, 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 delay the business combination; (2) the outcome of any legal proceedings that may be instituted against us following announcement of the proposed initial business combination and transactions contemplated thereby; (3) the inability to complete the initial business combination due to the failure to obtain approval of our stockholders; (4) the risk that the proposed initial business combination disrupts our current plans and operations as a result of the announcement and consummation of the transactions described herein; (5) our ability to recognize the anticipated benefits of the initial business combination, which may be affected by, among other things, competition and our ability to grow and manage growth profitably following the initial business combination; (6) costs related to the initial business combination; (7) changes in applicable laws or regulations; (8) the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and (9) 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#4Process Overview Vista on track to de-SPAC 1 August 2017 Riverstone and Management Team formed Vista Oil & Gas, an energy-focused SPAC, and raised $700MM (1) 2 January 2018 Vista agreed to acquire a portfolio of assets in Argentina's most prolific hydrocarbon basin from Pampa and Pluspetrol 3 February 2018 Vista secured commitments for up to $400MM to complete the acquisitions and fund the initial Vaca Muerta development program ■ First LatAm-listed SPAC and first-ever listed E&P company in Mexico, having attracted high quality investors through its IPO ■ Established to take advantage of a distinct window of opportunity to acquire and develop assets in the Latin American oil and gas sector and to become the leading independent E&P company ■ ◉ Unique initial platform with entry enterprise value of ~$860MM ■ Attractive entry equity valuation at $10.00/share, with an estimated intrinsic value of $16.37/share(2) Acquired assets provide Vista with a solid base of reserves and flowing production with strong potential cash flow generation and core Vaca Muerta acreage ready for full scale development ■ ■ Equity commitments of $100MM successfully secured prior to public announcement, with closing of acquisitions expected in April 2018 Additionally, Vista secured a commitment from certain banks to provide a backstop credit facility of up to $300MM to cover any potential equity shortfalls, and increase the certainty of closing (1) $650MM through its Global Offering ($325MM through an IPO on the Mexican stock exchange and $325MM through a concurrent international offering) and $50MM through a forward purchase agreement with a Riverstone-managed vehicle. (2) Based on a pro forma PV-10 fully diluted value per share assuming Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards, and realized gas price of $4.6/mmbtu flat in real terms 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." 3#5Initial Acquisition Overview Sizable and operated asset base Two Deals Delivering Synergetic Asset Portfolio Pampa energía pluspetrol ■ Acquisition of PELSA and APCO O&G Int'l (1), both with about 50 years of operating track record in the oil & gas industry ■ Conventional assets with production base, infrastructure in place, and top-quality Vaca Muerta acreage ready for full scale development ■ Full operating platform with 168 employees (mostly technical), and operational contracts in place (~1,500 third party employees) (2) Concentrated in Argentina's Premier Basin ☐ Six operated and one non-operated block in the Neuquina Basin, including two with core shale oil Vaca Muerta acreage ◉ Two non-operated blocks in Noroeste and Golfo San Jorge basins Neuquina Basin Blocks (7) YPF Entre Lomas (100% W.1) Medanica Displayed Area Bajada del Palo (100% W.1) YPF YPF Pro Forma Enterprise Value of $863 MM (3) Pro Forma Metrics Acquisition Metrics wintershall GyP PCR 25 de Mayo- Medanito (100% W.I.) $PC2 Pan American YPF ENERG PETRONAS Risked EUR(4) 395 MMboe $2.2/boe YPF Conventional Assets Coiron Amargo Norte (55% W.I) YPF Tecpetrol EBITDA 2017E(5) Production 2017E(5) $182 MM 27.5 Kboe/d 1P Reserves(6) 55.7 MMBoe 3.0x $19,582/boed $9.7/boe Jaguel de los Machos (100% W.I.) pluspetro Vista Operated YPF Vista Non-operated Unconventional Assets Unconventional Coiron Amargo Sur Oeste (45% W.I.) pluspetrol Core Shale Oil Acreage ~54,000 acres $6,000/acre Oil Field Agua Amarga (100% W.1) Gas Field (1) Acquisition 99.68% of equity stake in PELSA and 100% of equity stake in APCO O&G. (2) Pro forma as of September 30, 2017. (5) Based on Company information and Company estimates based on results from the first nine months of 2017. (3) Based on a $10/share stock price valuation, 96.3MM outstanding shares, and net cash position of $100 MM (6) (7) Reserves as of December 31, 2016, based on Ministerio de Energía y Minería (Presidencia de la Nación). Pro forma for completion of the acquisition, based on Company information. 4 (4) Based on Company development plan. 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."#6Platform Poised for Growth Top quality assets well-fit for Vista Management Team Premium Neuquina Basin Asset Base " ◉ " High-quality, low-cost conventional proved reserves base - 55.7 Mmboe of 1P reserves (65% oil) with break-even price of $30/bbl(1) High-margin conventional production base - 27.5 Kboed (60% oil) with EBITDA margin of 41% (2) Core Vaca Muerta shale oil acreage - 54,000 top-quality net acres located next to ongoing shale developments and completed pilots (3) Operational cluster - Proximity of blocks and overlap of future Vaca Muerta development and current conventional operation is key to efficient fast-track development VISTA OIL & GAS 5-year target Strong Financial Position Conventional assets generate significant, low-risk cash flow - 2018E target EBITDA of $190 MM(4) Solid balance sheet - No debt as of acquisition date(5) Actionable and Profitable Growth Plan Unique Platform Poised for Regional Expansion ◉ ◉ Fully functional operating platform 168 employees and strong HSE track record(6) Discretionary and flexible timing of development plans - operated, mostly 100%- owned assets with minimal capex commitments Operated infrastructure in place - initial development phase covered by existing treatment and transport spare capacity ■ Deep inventory of highly profitable Vaca Muerta drilling locations - 413 risked locations included in base plan (out of 1,100 potential locations) (7) Credentials and organization leverageable for regional expansion - either through acquisitions, joint-ventures or future licensing rounds Access to deal flow and strong BD pipeline of actionable opportunities - focus on building an initial Mexico platform and complementary deals in Argentina (1) Based on a PV10 discounted cash flow project level valuation assuming $30/bbl flat in real terms and realized gas price of $4.6/mmbtu flat in real terms. (2) 2017E figures based on Company estimates, including nine months of actuals. (3) Offset operators, including YPF in partnership with Chevron and Petronas, Shell, and Wintershall. ■ Production: " EBITDA: ■ EBITDA Margin: +65 Kboe/d -30% CAGR (8) +$900 MM ~50% CAGR (8) +60% >20 p.p.(8) High-growth development plan, based on this premium asset base. Assumes no borrowings under the backstop credit facility are needed to fund the Transaction. (4) At $63.8/bbl realized crude oil price. 5) (6) (7) (8) ISO 14001 and OSHAS 18001 certificates in place. Resulting from additional landing zones. Compared to 2018E numbers. 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." 5#7Immediate Priorities Path to near-term value creation Priorities 1 2 Key Action Plan Integrate acquired entities and assets Take over, secure business continuity, and integrate operating teams Update reporting, management and operating systems Launch development of Vaca Muerta Complete top-notch unconventional team by hiring basin specialists Begin drilling with one fit-for-purpose rig and complete four horizontal wells during the second half of 2018 Tie-in first unconventional wells by early 2019 3 Contain conventional production decline Drill and complete at least ten wells in 2018 Revise existing subsurface models and redefine exploration and production projects portfolio 4 • Right-size conventional operations 5 Pursue regional expansion plan Merge contracts from acquired entities and introduce new pay-for-performance contracting model Engage with key stakeholders to improve labor efficiency Continue strategic dialogues to establish an operating platform in Mexico Evaluate complementary opportunities to consolidate the Argentina operation and enter Colombia and Brazil 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." Co 6#8Conventional Assets Overview High-quality oil-prone production cluster Asset Overview (1) ■ Clustered acreage position in the Neuquina Basin covering ~538k acres in the Provinces of Neuquén and Río Negro Oil and gas production from well-understood reservoirs through primary and secondary recovery; ~680 active producing wells and more than 190 injector wells ■Multiple infill drilling and waterflood projects identified; current recovery factor below 15% ■Light crude oil production (Medanito type API >31°); sold to domestic of takers at -2% discount to Brent Gas production sold to industrial clients (80%), power plants (15%) and residential clients (5%) at an average market price of approximately $4.6/Mmbtu Treatment and evacuation infrastructure in place with spare capacity ■ Exploratory upside in the tight gas reservoirs of the Cuyo, Lotena, and Los Molles formations Asset Profile (4) Oil Production 27.5 Kboe/d 1P Reserves 55.7 MMboe P1 3P Reserves 82.6 MMboe 60% Gas 40% 64% 36% P2 P3 68% 24% 8% Blocks with unconventional potential Net Metric Entre Lomas Agua Amarga Jagüel Medanito CAN Bajada del Palo CASO Total W.I. (%) (1) 100% 100% 100% 100% 55% I 100% 45% I 1P Reserves (1) 20.5 2.5 6.9 10.1 1.0 13.5 0.0 I 55.7(4) (MMBoe) Acreage (1) 183,472 92,415 47,937 31,135 54,797 120,832 7,398 537,986 2017E Production (1) 10.1 1.4 4.0 5.0 0.3 6.3 0.0 27.5(4) (kboe/d) Concession Term(1)(2) 2026 2034 / 2040 2025 2026 2038 2026(3) 2018(3) (1) Based on Company information and Ministerio de Energía y Minería (Presidencia de la Nación). (2) 10-year extension of conventional concessions available under Federal Hydrocarbon Law (with royalties increasing from 15% to 18%). (3) 35-year new unconventional concession available under Federal Hydrocarbon Law (with 12% flat royalties). (4) Includes reserves and production from Acambuco. 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." 7#9Vaca Muerta Shale Oil Opportunity (1/2) Favorable combination of value drivers 50,000+ Net Prime Acres Core Location in Shale Oil Window Pan American op NENERGY wintershall GyP YPF PETRONAS VISTAQIL & GAS Schlumberger YeF Chevron Prospective Area Bajada de Palo VISTAQIL & GAS 25 Coirón Amargo Sur Oeste Potential Best-in-Class Resource Properties (1) Ready for Full Scale Development ■ Completed pilots and ongoing development in adjacent blocks mitigate risk ■ Production performance in neighboring blocks supports Vista's type curve (2) ■ Operated infrastructure in place with spare capacity for initial development phase ■ Full discretion and flexibility on timing of Bajada del Palo development (90% of net acreage) ■ Top-notch operating partner in Coirón Amargo Sur Oeste (Shell), with significant Vaca Muerta experience (10% of net acreage) With the Most Experienced Management Team in Developing Vaca Muerta Drilled 500 wells across play (~70% of Vaca Muerta activity to date) (1) Delivered 47% well cost reduction Reached 50K boe/d, from zero(1) ✓ In-depth technical knowledge And Access to Riverstone's North America Shale Expertise Active in all major shale basins ~3.1 MM acres and ~300K boe/d(3) Bajada del Palo Core Permian (Wolfcamp) Eagle Ford TOC (%) 4.2 5.5 4.5 Leading E&P industry CEOs including Mark Papa and Jim Hackett Thickness (m) Pressure (psi/ft) 250 172 41 0.90 0.48 0.80 Target single well IRR > 75% (4) and target break-even price (5) of $35/bbl (1) Based on Company estimates and Ministerio de Energía y Minería (Presidencia de la Nación) and the EIA (2) Based on independent third party analysis on Company's acreage made by WDVG - Petroleum Engineering Laboratories. (3) Aggregate position including current and past investments. (4) Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards; realized gas price of $4.6/mmbtu flat in real terms. (5) Based on a discounted cash flow project level valuation assuming $35/bbl flat in real terms and realized gas price of $4.6/mmbtu flat in real terms, and a 10% discount rate. 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." 8#10Vaca Muerta Shale Oil Opportunity (2/2) Activity significantly mitigates risk of Bajada del Palo West Unconventional Operations Map in Shale Oil Window Tecpetrol Statoil Pan American ENERGY TOTAL Exon 45 A Loma Campana op B Sierras Blancas/ Cruz de Lorena E Bajada de Palo ■ 18 wells drilled (2) West wintershall ☐ GyP YRF ◉ SB-1005 one of the top producing wells in the basin, with IP of 1kbbl/d + 600 MMscfd(2) Current production: 5kboe/d(2) PETRONA C * VISTA OIL & GAS YPFO Schlumberger C La Amarga Chica YPF PETRONAS B ■ Second unconventional oil pilot in Argentina 50 50 Chevron VISTAOL & GAS Coirón Amargo B Prospective Area Sur Oeste Chevron YPF ■ First unconventional oil pilot completed in Argentina ■ In full development mode ~400 wells drilled of which ~240 horizontal with up to 7,380ft (2,250m) lateral length(1) Current production: 45kboe/d(2) (1) Based on Loma Campana information from YPF's 3Q17 investor presentation. (2) Based on Ministerio de Energía y Minería (Presidencia de la Nación). (3) Based on YPF February 1, 2018 relevant fact filed in the CNV. (4) Based on YPF October 11, 2017 relevant fact filed in the CNV. ☐ Commencing third pilot phase in 2018(2) Current production: 5kboe/d(2) D Bandurria Sur ◉ Schlumberger YPF Recent JV signed in 2017 with ~$390 MM committed (3) Pilot Phase: two-stage (4) • Five wells drilled (3 horizontals)(2) E Aguada Federal ■ wintershall GyP Two vertical exploration wells Several horizontal wells drilled (2) 9#11Vaca Muerta Progress to Date Play's risk has been substantially mitigated over the last five years Increasing Horizontal Well Lateral Length (1) Capex per Well has Declined (1) (Lateral length - ft) (Average frac stages - #) (k$ / lateral ft) - 27 19 18 17 17 6 4,920 4,264 4,920 4,920 4,920 5,248 4,920 7,216 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Improvements in Horizontal Well Productivity (2) Cumulative Production (kbbl) 100 67 83 33 0 45 06 4,920ft (1,500m) horizontal 7,216ft (2,200m) horizontal well cost of $8.2 MM well cost of $11.7 MM 2.77 2.77 2.31 2.03 1.88 1.73 1.73 1.62 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Achieved Ramp-up in Production (3) (kboe/d) 78.4 75 +70% 54.5 37.4 50 60 40.3 25.2 300 Day Cumulative 24.9 18.4 Production 25 8.5 41.0 10.1 29.3 4.1 1.1 3.3 21.9 16.4 1.4 6.8 0 2011 2012 2013 2014 2015 2016 2017 ■ Oil ■Gas 120 135 150 165 165 180 160 195 210 QIZ 225 240 440 255 270 285 300 315 330 345 360 2015 2016 (1) Based on Loma Campana information from YPF's 3Q17 investor presentation. (2) Based on information from YPF's December 2016 Vaca Muerta Field Trip presentation. Days (3) Based on Company estimates and Ministerio de Energía y Minería (Presidencia de la Nación). 10#12873 IP 30 (bbl/d) 180-day cum (kbbl) 125 734 Gas EUR (Bcf) 0.6 Dry gas IP 30 (MMcf/d) 0.5 Potential for Superior Returns Well productivity and well cost reduction drive economics Vista Vaca Muerta Type Curve (1) Oil EUR (kbbl) Well Cost Reduction Drive Boost in IRRS (2) Total EUR (kboe) 983 (IRR %) IP 30 (boe/d) 826 6,560 ft (2,000m) horizontal well cost: $9.5 MM NPV10 after tax (SMM) 120% 180-day cum (Bcf) 0.1 180-day cum (kboe) 141 $11.5 $10.5 MM ▪ Type curve based on Bajada del Palo simulation model, historical production between the Orgánico and La Cocina targets, and horizontal laterals of >3,280 ft (1,000 m) Daily 1,000 Production (bbl/d per 4,920ft (1,500m)) 100 0 P50 100% $9.4 80% 60% $9.9 $10.5 $11.5 MM $7.8 $8.3 $8.9 $9.4 $12.5 MM $6.2 $6.8 $7.3 $7.9 40% $5.2 $5.8 $6.3 200 P50 Cumulative Production (MMbbl per 4,920ft (1,500m)) 150 100 50 0 100 300 500 700 (Days) $4.2 $4.7 20% $3.2 0% $55 $60 $65 $70 $75 Brent $/bbl (1) Based on independent third party analysis on Company's acreage made by WDVG - Petroleum Engineering Laboratories. (2) Does not include capital expenditures for facilities. Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking Statements." 11#13Vaca Muerta Momentum Now is a favorable time to enter the play Super Majors (1) Focusing on Permian and Vaca Muerta (Net Acres Held in '000s) ■Vaca Muerta ■Permian + 112% 1,696 Discount to Permian Trading Multiples Narrowing (2) (Permian trading comps and Vaca Muerta acquisition precedents at average adjusted US$/net acres) 800 + 45% 3,622 2,500 2012 2017 Vaca Muerta Appears Poised to Follow Permian's Growth Trajectory (Mboepd) Permian VM 600 180 500 150 400 120 300 90 Permian Year 0 (2008): Production Re-Based to 0 Mboepd 200 60 100 30 0 0 Vaca Muerta 2012 Production: -4 Mboepd 2012 YPF $36,461 $35,725 $3,905 $3,277 $42,868 $1,000 $48,864 $7,255 2014 2015 2016 2017 (3) Vaca Muerta Acquisition Multiple - ⚫US Permian Pure Play Trading Multilple Permian Year 5 (2014): +556 Mboepd VM 2018E Production: +155 Mboepd Schlumberger YPF YPF wintershall ExxonMobil YPF DOW YPF ExxonMobil 2013 Chevron 2014 2015 2016 YPF Pan American ENERGY 2017 YPF TOTAL PETRONAS Tecpetrol TOTAL $5,300 ($ MM) Vaca Muerta Investments (4) $1,500 $550 $250 $450 (2) Source: Wall Street Research, Company Filings, Press Articles, Texas Railroad Commission and Ministerio de Energía y Minería (Presidencia de la Nación). (1) Super Majors include Exxon (and subsidiary XTO), Shell, BP (through its subsidiary in Argentina, Pan American Energy), and Chevron. Public filings and press releases. Permian adjusted for production value at $35,000/ boe/d. (3) Permian Pure Play companies include Concho, Diamondback, Parsley Energy, and RSP Permian; trading multiple represents annual average Enterprise Value / annual net Permian acres. (4) Investments announced in the public media. Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking Statements." Statoil 2018 ExxonMobil 12#14Two-Year Outlook (1/2) Vaca Muerta-driven growth plan leveraging existing conventional operating platform Historical and Target Wells (1) (#) 23 13 14 +57% 36 2016 2017E 2018E 2019E Historical and Target CAPEX (1) ($ MM) 143 119 68 +156% 366 2016 2017E 2018E 2019E (1) Based on Company information and Company estimates. Historical and Target Production (1) (kboe/d) 29.8 27.5 +24% 24.1 2016 2017E 2018E Conventional 29.9 2019E Unconventional 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." 13#15Two-Year Outlook (2/2) Goal is to deliver superior financial results through intended growth strategy Historical and Target Revenue (1) ($ MM) 575 445 445 2016 2017E Historical and Target OPEX (1) ($ MM) (1) (2) (3) 199 169 18.3 +31% 583 Historical and Target EBITDA (1) ($ MM) 2018E 2019E Lifting Costs ($/bbl) ($ MM) -12% 165 152 17.3 16.8 2016 2017E 2018E 2019E Conventional 240 2016 182 42% 1% 2017E +52% EBITDA Margin (%) 288 190 49% 43% 2018E 2019E Historical and Target Free Cash Flow (1) (2) 111 108 15.1 Unconventional ~1,100 ~(300) 2016 2017E 2018-2021, Cumulative (3) 2022-2025 Cumulative Consolidated Based on Company information and Company estimates assuming Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards, and realized gas price of $4.6/mmbtu flat in real terms. Does not include cash flow from financing activities. Does not include cash balance in PELSA and APCO O&G Int'l. Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking Statements." 14#16Intrinsic Value Analysis Potential upside Pro Forma PV-10 Fully Diluted Value per share (1) Cumulative PV-10 (2) ($MM) $1,017 Entry Price pro forma equity value @ $10/sh. $10.57/sh. $1,737 Potential Upside $16.37/sh. Conventional Base Case 90% of value from 1P reserves Current production of 27.5 Kboe Right size conventional operations (3) Unconventional Base Case 413 locations in development plan Conservative type curve assumptions Infrastructure-advantaged acreage Additional Upside +700 potential locations in Vaca Muerta Longer laterals and improved well design Waterflood in mature assets Tight Gas projects Conventional exploration upside (1) Brent at strip for 2018 and 2019 as of 1/22/18 and $60/bbl flat in 2018 real terms from 2020 onwards; realized gas price of $4.6/mmbtu flat in real terms. Includes $100 MM of cash; assumes 86.3 MM Series A Shares (including conversion of Series B Shares from Management Team and Riverstone) in addition to 10 MM additional Series A Shares corresponding to the $100 MM of additional equity recently committed. (2) PV-10 after tax based on Company development plan; should not be construed as an audited quantity. (3) Fully diluted value per share assumes outstanding warrants are exercised resulting in total fully diluted shares outstanding of 106.1MM Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See "Important Note Regarding Projections and Other Forward-Looking Statements." 15#17Relative Valuation Summary (1/2) Attractive entry valuation... EV/1P Reserves (1) ($/boe) $9.7 37% discount $15.5 $24.6 EV/2017E Production (1) ($/boe/d) $19,582 57% discount $31,364 $73,595 EV / 2017E EBITDA (1) (x) 3.0x 52% discount 4.7x 9.9x Vista Conventional (2) (3) (2) (3) (2) Vista Total Comps Median (3) Vista Conventional Vista Total Comps Median Vista Conventional Vista Total Comps Median $42.9 $27.0 Median: $24.6 (3) $23.4 (4) (5) (6) Permian U.S. Midcap Independent Latam Ind. E&P $138,678 $86,385 Median: $73.595 (3) $40,246 (4) (5) (6) Permian U.S. Midcap Independent Latam Ind. E&P 13.9x 10.5× Median: 9.9x (3) 5.6x (4) (5) (6) Permian U.S. Midcap Independent Latam Ind. E&P (1) Based on Capital IQ, market data as of 1/25/2018 and Company estimates. (2) Vista pro forma total enterprise value at $10/sh. adjusted for Vaca Muerta acreage value at $6,000/acre. (3) Median of all comps in the set. (4) Arithmetic average of: Centennial, Callon, Concho, Energen, Diamondback, Jagged Peak, Laredo, Parsley, RSP Permian (5) Arithmetic average of: Centennial, Callon, Carrizo, Energen, Jagged Peak, Laredo, Matador, Oasis, QEP, SRC, WPX, Extraction (6) Arithmetic average of: Gran Tierra, Parex, GeoPark, Frontera. 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." 16#18Relative Valuation Summary (2/2) ...with potential upside driven by highly profitable growth plan. 2018E 2019E Target EBITDA Growth (1) (%) 52% Vista 35% 31% Median: 30% (2) 26% Permian (3) U.S. Midcap (4) Independent Latam Ind. E&P (5) EV / 2018 E Target EBITDA (1) (x) 4.5x Vista EV/2019E Target EBITDA (1) (x) 3.0x 8.6x 6.6x Median: 6.3x (2) 4.7x (3) (4) (5) Permian U.S. Midcap Independent Latam Ind. E&P 6.4x 5.0x Median: 4.7x (2) 3.7x (3) (4) (5) Vista Permian U.S. Midcap Independent Latam Ind. E&P (1) Based on Capital IQ, market data as of 1/25/2018 and Company estimates. (2) Median of all comps in the set. (3) Arithmetic average of: Centennial, Callon, Concho, Energen, Diamondback, Jagged Peak, Laredo, Parsley, RSP Permian (4) Arithmetic average of: Centennial, Callon, Carrizo, Energen, Jagged Peak, Laredo, Matador, Oasis, QEP, SRC, WPX, Extraction (5) Arithmetic average of: Gran Tierra, Parex, GeoPark, Frontera. 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." 17#19Investment Highlights Key differentiating factors. 1 World-class management team 2 Development-ready, core Vaca Muerta shale position 3 High-growth development plan 4 VISTA OIL & GAS Cash-flow generating asset base 5 6 Attractive entry valuation Unique platform for regional expansion 18#20Fit with Investment Criteria and Strategy Intend to deliver on IPO promises Criteria Laid Out During IPO Operational Approach Growth Focus Acquisition Strategy Vision ■ Establish a leading, publicly traded E&P independent and partner of choice in the region Criteria of Proposed Transaction ✓ Initial platform with sizable proved reserves and flowing production First country entry with materiality High-growth development plan Target companies / assets that are: ■ At an inflection point, requiring management expertise and/or capital ■Can leverage extensive network and insight of Management Team and Riverstone Target assets in need of capital and operational expertise ✓ Good fit with Management Team and Riverstone's unconventional experience ■ Selectively evaluate assets across the region with emphasis on those that may generate superior growth and returns Geographically diversified portfolio ☐ Core position in top shale resource play globally with deep drilling inventory of high-return unconventional wells ■ Novel approach to people and community, asset management and incorporation of technology Established relationships with key stakeholders Extensive in-basin technical experience Access to top basin specialists Relationship with top technology providers 19#21Projected Transaction Timeline Investor Marketing (Feb '18) Investor meetings in US, Canada, Europe, and Mexico • Targeted top quality institutional investors . • Secured commitments for $100MM of additional equity Financing commitments for up to $300 MM backstop credit facility • Capital Raise (Feb '18) • Announced Initial Business Combination on February 19, 2018 Transaction Roadshow & Vote (Feb-Mar '18) • • Roadshow targeting investors to present Initial Business Combination Shareholders' meeting and vote on transaction March 22, 2018 Transaction Closing (Apr '18) ⚫ Funding (if applicable) under backstop facility • • Consideration payment to transaction counterparties in April 2018 20 20#22Appendix Agenda 1 Portfolio Overview 2 Transaction Summary 3 Pro Forma Historical Financials 4 Management Team 5 Argentina Macro 21#23Business Plan Initiatives Drive cash flow generation and grow profitably Conventional Tailored Operational Approach ■ Nimble, ultra-lean operating model ■Rapid decision making, close to the work front ■ Continuous cost and efficiency improvements Secure attractive positions early in the basin life cycle ■ Tight integration across subsurface, facilities, D&C(1), and production ■ Full-scale efficiency-focused D&C (1) operation Asset-centric organization ■ Management close to the workfront Tailored standards and operational procedures to improve cost and efficiency Close collaboration with service providers · Recruit and train the best local basin specialists Key Initiatives ■ Development - infill drilling and waterflooding optimization Subsurface - review models - review contracting Operations models - Pulling & Work Over-right-size contract to asset base Field Service - labor efficiencies Top notch unconventional standalone unit - Batch drilling ☐ Extended horizontal laterals ☐ Customized frac designs Strategically sourced key supplies (frac sand, water, and drilling fluids) ■ Integrate and stream line acquired entities and assets ☐ Focus on efficiency and revamp corporate culture Proactive stakeholders engagement Goals Contain production decline Production optimization Find & develop new structures Cost control & opex reduction Rapid growth Accelerated learning curve High IRR development Efficient factory-mode development Optimized well performance Cost synergies P&L accountability Support from key stakeholders Unconventional Corporate (1) Drilling and Completion. 22 22#24JURASSIC CRETACEOUS Neuquina Basin Stratigraphy Multiple formations enhance growth potential Synthetic Stratigraphic Column SYSTEM/STAGE FORMATION A GROUP Mulichinco/Lajas/Lotena Formation LITHOLOGY Paleocene Maastrichtian Campanian SPISEDADDADDAR Santonian Coniacian Turonian Cenomanian Albian Aptian Barremian Hautevirian BRACKEROPER Anacleto Malargüe Rio Colorado Bajo de la Carpa Subgroup Plottier Rio Neuquén Portezuelo Cerro Lisandro Huincul Candeleros Rayoso Huitrin Upper Mb Subgroup Rio Limay Subgroup Neuquén Bajada del Agrio Valanginian Berriasian Tithonian Avilė Mb Lower Mb A Mulichinco B Quintuco Mendoza Vaca Muerta Tight gas formations with solid results all throughout the basin Sands and conglomerates with low permeability requiring hydraulic stimulation to enhance productivity Productivity depth ranges from 2,000 to 4,000 meters B Quintuco/Vaca Muerta Formation World class unconventional formation in production since 2010 TOC ranges from 2 to 10% Thickness ranges from 25 to over 500 meters Source rock of Neuquina Basin C Kimmeridgian Tordillo Auquilco La Manga Oxfordian Lotena Lotena C Tordillo/Sierras Blancas/Punta Rosada Formation Callovian Bathonian Tábanos Lajas Bajocian Aalenian Cuyo Toarcian Los Molles Pliensbachian Şinemurjan Lapa Precuyo Hettangian TRIASSIC PALEOZOIC Basement Conventional formations with over 40 years of production history Light oil with API above 32° Most of the these formations under secondary recovery Unconformity Coarse siliciclastics Continental mudstone Evaporites Volcaniclastic deposits Carbonate Marine mudstone 23 23#25Neuquina Basin - Conventional Profitable conventional assets with potential for further upside Asset Overview Six operated and one non-operated concessions, with concession terms through 2025/2026/2040 (with 10 year extensions available under Federal Hydrocarbon Law under predefined bonus formula) Oil and gas production from well understood reservoirs with primary and secondary production ■Contiguous acreage position across three concessions in the Río Negro and Neuquén provinces covering ~398k acres in the Neuquina Basin plus ~140k acres closely located (less than 50 km away) ■High quality oil production with upside potential through infill drilling and waterflood expansion Key Stats (1) 1P reserves of 54.7 MMboe and 2P reserves of 74.7 MMboe(2) 2017E production of 27.3 kboe/d (61% oil) " Reserve life of 7.5 years ◉ Land holdings of ~538,000 acres Vista Value-Add Conventional Operations Map (1) Bajada del Palo (100% W.1) Entre Lomas (100% W.1) Medan YPF YPF YPF GyP Pan Ameri ENERG YPF PETRONAS YPF PF Coiron Amargo Norte (55% W.I) Vista Operated Oil Field Gas Field pluspetro PCR Displayed Area 25 de Mayo- Medanito (100% W.I.) PCR YPE Tecpetrol Jaguel de los Machos (100% W.I.) YPF pluspetrol Agua Amarga (100% W.1) ✓ Extensive operational experience in the basin ✓ Established relationships with key stakeholders ✓ Potential ability to increase secondary recovery (1) Based on Company information and Ministerio de Energía y Minería (Presidencia de la Nación). (2) Reserves as of December 31, 2016. 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." 24 24#26Bajada del Palo West Neuquina Basin - Unconventional Large potential of core Vaca Muerta play Asset Overview (1) One operated (48,000 acres) and one non-operated concession (6,000 net acres) in the core of Vaca Muerta ■Full-scale, development-ready, Vaca Muerta core acreage ■ Bajada del Palo and Coirón Amargo Sur Oeste are in the same prospectivity window as La Amarga Chicha (YPF- Petronas), Loma Campana (YPF-Chevron), Sierras Blancas and Cruz de Lorena (Shell) and Aguada Federal (Wintershall), which have completed pilots and/or are in development phase ■ Significant progress in cost reduction has improved economics of development over the past few years Key Stats (1) Land holdings of 137,000 acres with 54,000 net core shale oil acres EUR (P50): 311 MMBoe ■Drilling inventory: 413 in base case plan (out of >1,100 potential locations) Vista Value-Add ✓ Management team with top experience in Vaca Muerta ✓ Support from Riverstone, leading PE investor in North American shale (technology, network, etc.) Unconventional Operations Map (1) Pan American bp ENERGY BANDER wintershall GyPYRE PETRONAS VISTA OIL & GAS YPF BANDURRIA SER YPF Schlumberger FACALIZA YPF A CAMPANA YPP Chevron 50 Coirón Amargo Sur Oeste | Prospective Area 30 VISTA OIL & GAS CACACHEANGAS DEVELOPMENT (1) Based on Company information and estimates. 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." 25 25#27Bajada del Palo Location and Potential Landing Zones Multiple landing zones generate extensive drilling inventory Dolomite Weight Fraction HIDROCARBON INTERGRANULAR WATER Bajada del Palo Core Location Map API° : 20 25 30 35 40 45 50 55 60 Bajada del Palo Overpressure Map Overpressure (kg/cm2): 0 50 100 150 200 250 300 350 Prospective Area Source: WDVG - Petroleum Engineering Laboratories. (1) A section equals to 1.6 km (1.0 mile). (2) Includes 413 wells in base plan. West side of the block between 40 and 32 API° West side of the block 2,800 2,850 above 250 kg/cm² (4,600 psi) 2,900 (m) 9 In base plan Potential Resistivity-True Formation 0.2 ohm.m 2000 HSGR Resistuity-Inducton Amay 90 413 Wells HSGR 200 02 chmm 2000 Plagioclase Weight Fraction +1,100 Wells(2) Caliber Resistuly-Induction Array 60 Thermal Neutron Porosity Orthoclase Weight Fraction IN Gamma Ray 16 02 chm.m 2000 0.45 WV 0.15 Resistivity-Induction Array 30 Buk Density 02 CLAY BOUND WATER Total Porosity viv Effective Water Saturation 0 CAPI Bit Size 200 02 ohm.m 2000 1.95 g/cm3 2.95 Resistivity-Inducton Array 10 Photoelectric Factor 16 02 ohm.m 2000 0 be 10 Quartz Weight Fraction Effective Porosity vv Hydrocarbon Filled Porosity Jite Weight Fraction Total Water Saturation Effective Water Saturation 00 viv Total Water Saturation Tested TOC Schncker TOC Schmoker Multiple Stack Pay Zones VV WV 10 ww 0.1 ~5 wells per section (1) Organic La Cocina Carbonate Up to five different landing zones being tested in adjacent blocks 300 m 26 50 m#28Fast Track to Full-Scale Development (1/2) Bajada del Palo development versus typical schedule Typical Development Bajada del Palo Fast Track Development Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Delineation Phase Ramp-up Pilot Phase 1 Field Development in Factory Mode Full-Scale Development Delineation Phase 3D seismic acquisition and interpretation . Prospective drillable area definition Data gathering in vertical wells: ✓ • Core acquisition for the whole VM interval • Full set of logs (sonic and image) • Thermal maturity confirmation Petrophysical analysis to determine landing zones Horizontal wells to confirm landing zone productivity Already completed for Bajada del Palo Block Advanced understanding for Bajada del Palo Block Pilot Phase 1 Inputs for field development plan . Pad configuration definition . Number of wells per pad • Batch drilling and optimization • Completion design optimization Field development plan elaboration Facilities construction ✓ Sand & water logistics optimization Scale contracts negotiation Full-Scale Development Ramp up in activity Operations standardization Production optimization • Choke management policy • Artificial lift optimization • Preventive shut-in policy to prevent interference • Flow assurance . Telemetry and Automation (Control Room monitoring) Well construction continuous improvement • • Real time optimization (Remote Operations Center) Procedure for new technology testing 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." 27#29Fast Track to Full-Scale Development (2/2) Facilities capacity in place allow for initial development phase startup Facilities for Initial Development Phase Facilities for Full-Scale Development Entre Lomas pipeline to construct Bajada del Palo Oil Treatment & Evacuation Bajada del Palo Bajada del Palo Gas Treatment & Evacuation Gas pipeline Aguada la Arena Borde Montuoso 1BP 2BMo N1 1BMo Bajada del Palo Gas pipeline Bmo - NEUBA II ------ ----- Battery Existing Pipeline Pipeline to Construct EC-9 EC- Gas Pipe 6,000m pipeline from Entre Lomas to existing pipeline OTP- 4 Early Production Facilties and new crude oil treatment plant EG-9 Pipeline PH-PR OTP →→ 2 . EC 6km 4km 27km EPF OTP Oil Treatment Plant Gas pipeline Aguada del Chanar USP-14 LC YPF Gas pipeline Centro Oeste ם Gas pipeline Aguada del Arena Borde Montuose EC-8/ EC-9 LPG-HRU Plants Gas pipeline Borde Montuoso NEUBA II | Prospective Area Existing gas pipelines with spare capacity in the proximity of the block 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." 28#30Appendix Agenda 1 Portfolio Overview 2 Transaction Summary 3 Pro Forma Historical Financials 4 Management Team 5 Argentina Macro 29 29#31Transaction Summary Transaction Sources and Uses Transaction Summary - In January 2018, Vista agreed to acquire a portfolio of assets in Argentina's most prolific hydrocarbon basin from two sellers ◉ 99.68% equity stake in Petrolera Entre Lomas ("PELSA") 100% equity stake in APCO O&G Int'l and APCO Argentina 100% W.I. in 25 de Mayo-Medanito and Jagüel de los Machos 3.85% W.I. in Entre Lomas, Bajada del Palo and Agua Amarga block Vista secured commitments for $100MM in additional equity and secured a commitment from certain banks to provide a backstop credit facility of up to $300M M to complete the acquisitions Implied Total Enterprise Value Shares Outstanding (MM) Sources Share Price ($/sh.) Equity Value ($MM) (+) Net Debt Total Enterprise Value ($MM) Pro Forma Capitalization Pro Forma Capitalization at Closing Current Public Equity Investors New Public Equity Investors Riverstone Vista Capital Partners (FPA) Riverstone / Management Team (1) Total Shares Outstanding (MM) (1) Includes shares held by independent directors (2) Assumes cashless exercise of warrants $MM % IPO Proceeds 650 81.3% Riverstone Vista Capital Partners (FPA) 50 6.3% Capital Raise 100 12.5% Total 800 100.0% Uses $MM % Purchase Price 675 84.4% 96.3 Transaction Expenses 25 3.1% $10.00 Estimated Balance Sheet Cash at Close 100 12.5% 963 Total 800 100.0% (100) 863 At $10/sh. At $18/sh.(2) 67.5% 65.0 67.3% 72.8 10.4% 10.0 9.2% 10.0 5.2% 5.0 5.2% 5.6 16.9% 16.3 18.3% 19.8 100% 96.3 100% 108.2 30 30#32Selected Precedent Acquisition Multiples Precedent transactions in Vaca Muerta Precedent Acquisition Multiples ($/acre) $8,500 $8,600 $8,800 $7,200 $7,000 $7,300 $6,000 $14,000 Chevron PETRONAS Buyer Schlumberger Dow wintershall Statoil Seller YPF YPF YPF YPF TOTAL GyP YPF YPF Area Bajo del Bandurria Toro Sur Bajada de Añelo La Amarga Chica La Escalonada Aguada Federal El Orejano Loma Campana Buyer Acquired No No Yes No No Yes No No Operatorship 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 $/bbl(1) 55.1 56.4 57.8 75.6 79.5 72.4 74.6 74.9 Source: Press releases and media coverage. (1) Based on Ministerio de Energía y Minería (Presidencia de la Nación). 31#33Appendix Agenda 1 Portfolio Overview 2 Transaction Summary 3 Pro Forma Historical Financials 4 Management Team 5 Argentina Macro 32#34Pro Forma Balance Sheet ($ MM) Cash and cash equivalents Accounts receivables As of September 30, 2017 (1) As of December 31, 2016(1) Variance % $97 $81 20% $46 $44 5% Other current assets $40 $50 -20% Total current assets $183 $175 5% Property, plant and equipment, net $553 $614 -10% Other non-current assets $334 $311 7% Total non-current assets $887 $925 -4% Total assets $1,070 $1,100 -3% Accounts payable $43 $52 -17% Other current liabilities $40 $60 -33% Total current liabilities $83 $112 -26% Deferred income tax liability $126 $136 -7% Other non-current liabilities $79 $77 3% Total non-current liabilities $205 $213 -4% Total Liabilities $288 $325 -11% Total shareholders equity $782 $775 1% (1) These statements have been prepared based on the historical financial information compiled from each of the potential acquisitions as of December 31, 2016 and as of September 30, 2017, and assuming the creation of the Company on that date. For the preparation of the historical financial information, (i) the financial information regarding PELSA and APCO was compiled in U.S. dollar as of December 31, 2016 and as of September 30, 2017 and (ii) the information relating to the Direct Interests was compiled in Argentine Pesos and converted to U.S. dollar, for comparison purposes. The unaudited condensed combined pro forma financial statements have been prepared to comply with regulatory ruling issued by Mexican National Banking and Securities Commission in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"). 33#35Pro Forma Income Statement For the nine months ended September 30 (1) For the twelve months ended December 31 (1) ($ MM) Net sales 2017 $334 2016 Var % 2017 (2) 2016 Var % $431 -23% $445 $575 -23% Cost of sales ($269) ($299) -10% ($359) ($398) -10% Gross Profit $65 $132 -51% $86 $177 -51% Administrative expenses ($10) ($11) -9% ($13) ($14) -7% Selling expenses ($11) ($12) -8% ($15) ($16) -6% Exploration expenses ($1) ($3) -67% ($1) ($4) -75% Other expenses, net ($4) ($38) -89% ($5) ($51) -90% Financial expenses ($7) ($11) -36% ($9) ($15) -40% Financial income $2 $2 0% $3 $2 50% Profit Before Taxes $34 $59 -42% $46 $79 -42% Income taxes ($20) ($36) -44% ($27) ($48) -44% Net Income $14 $23 -39% $19 $31 -39% EBITDA EBITDA Margin (%) Depreciation $136 $180 -24% $182 $240 -25% 41% 42% -3% 41% 42% -3% $95 $110 -13% $127 $146 -13% (1) (2) These statements have been prepared based on the historical financial information compiled from each of the potential acquisitions as of December 31, 2016 and as of September 30, 2017, and assuming the creation of the Company on that date. For the preparation of the historical financial information, (i) the financial information regarding PELSA and APCO was compiled in U.S. dollar as of December 31, 2016 and as of September 30, 2017 and (ii) the information relating to the Direct Interests was compiled in Argentine Pesos and converted to U.S. dollar, for comparison purposes. The unaudited condensed combined pro forma financial statements have been prepared to comply with regulatory ruling issued by Mexican National Banking and Securities Commission in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB"). In order to carry out the comparative analysis of the consolidated results, the pro forma figures showing the results as of September 2017 were projected linearly (133%) so as to obtain the data shown in the December 31, 2017 column. 34#36Appendix Agenda 1 Portfolio Overview 2 Transaction Summary 3 Pro Forma Historical Financials 4▸ Management Team 5 Argentina Macro 35#37Management Team Experienced team with a solid track record working together Miguel Galuccio Chairman and CEO Pablo Vera Pinto Chief Financial Officer Juan Garoby Chief Operating Officer Alejandro Cherñacov ■ 25 years of energy experience across five continents (integrated oil and gas and oilfield services) ■Independent board member of Schlumberger ■ Former Chairman and CEO of YPF and President of Schlumberger SPM/IPM(1) ■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 ■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) ■ Prior experience gained at private equity group in South America with finance and operations management responsibilities as Restructuring Manager, CFO and General Manager of portfolio companies, management consulting at McKinsey & Company in Europe and investment banking at Credit Suisse in New York ■MBA INSEAD; Economics degree from Universidad Torcuato Di Tella More than 20 years of E&P and oilfield services experience ■ Previously, Interim VP E&P, Head of Drilling and Completions, Head Unconventionals at YPF ■ 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 10 years of LatAm E&P strategy, portfolio management and investor relations experience ■ Previously CFO of small-cap Canada-listed E&P company Investor Relations Officer ■ Prior experience as Investor Relations Officer and ran the Upstream Project Portfolio at YPF in Argentina ■Masters in Finance from Universidad Di Tella, Strategic Decision and Risk Management professional certificate from Stanford University; Economics degree from Universidad de Buenos Aires (1) Schlumberger Production Management and Schlumberger Integrated Project Management, business segments of Schlumberger Ltd. 36#38Miguel Galuccio's Track Record at Schlumberger Led high-growth "company-shaping" global businesses Strategic thought leader Execution focused and results driven ■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 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 Burgos, Chicontepec, Alianza and Mesozoico projects with PEMEX (more than 2,000 wells drilled over 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) Ability to attract talent and generate network Other projects in China, Romania and Malaysia ■Managed fast-growing global organization with more than 6,300 employees in 55 projects across six regions Pushed out-of-the-box solutions with strong bottom-line impact by motivating teams and engraining 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 37#39Experienced Management With Proven Track Record Mr. Galuccio led a remarkable turnaround of YPF in a complex scenario Strategic leadership with visible impact Strong financial and operational performance Successful BD, M&A and capital markets effort ☐ 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: - 500 wells drilled (70% of Vaca Muerta activity to date) 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 " Grew production by more than 100 kboe/d to reach more than 580 kboe/d 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) Raised more than $8Bn from international and local capital markets with over 30 new issuances between 2012 and 2016 (with 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 Ability to attract talent and source transactions ■Led complex integrated oil and gas organization with more than 20,000 direct employees Promoted and recruited best-in-class managers for key positions; implemented world-class talent 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 38#40Board of Directors comprised by World Class Professionals Strong corporate governance, with majority independent composition Miguel Galuccio Chairman of the Board Kenneth Ryan Member of the Board by Riverstone Susan L. Segal Independent member of the Board Mauricio Doehner Cobián Independent member of the Board Anthony Lim Independent member of the Board Mark Bly Independent member of the Board " " " " Please refer to page 36 for Mr. Galuccio's biographical information 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 Director and Co-Head of Investment Banking 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 America and other emerging markets throughout more than 30 years Prior to her current appointment, she was a Partner at Chase Capital Partners / JPMorgan Partners with a focus on private equity in Latin America and pioneering venture capital investments in the region 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 Mr. Doehner began work with Cemex in 1996 and has held various executive positions in areas such as Strategic Planning, Institutional Relationships and Communications and Business Risk Management for Europe, Asia, Middle East, South America and Mexico ■Further, 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. Lim is an advisor at GIC Private Limited, a leading global investment firm, where he previously held the position of Managing Director and President (Americas) and prior to his appointment to the United States in 2009, he was President of GIC in London for 11 years Prior to joining GIC, he was General Manager in Bankers Trust Company and held various positions of high level Mr. Lim currently serves as a member of the Global Advisory Board of Teach for All, an organization dedicated to global education, and is a Founding Member of the Global Advisory Board of the Woodrow Wilson Center Additionally, Mr. Lim serves in the Expert Advisory Board and the Surveillance of Asset Management of External Clients Committee of the World Bank Treasury and was a member of the Board for Hedge Fund Standards from 2007 to 2016 Mr. Lim graduated from Singapore National University and completed the Management Program at Harvard Business School 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 most recently as Executive Vice President of Safety and Operational Risk Mr. Bly was also a part of BP's E&P Executive Group, responsible for monitoring an international portfolio with units in Angola, Trinidad, Egypt, Algeria, and the Gulf of Mexico 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 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. 39#41Appendix Agenda 1 Portfolio Overview 2 Transaction Summary 3 Pro Forma Historical Financials 4 Management Team 5 Argentina Macro 40#42Entry to Argentina at an Inflection Point Argentina's market friendly reforms and initiatives are encouraging Economic Structural reforms and initiatives since December 2015... Removed capital controls and repatriation restrictions Resolved defaulted debt and regained access to financial markets Reduced export taxes and removed import restrictions Floated FX and recovered monetary reserves Improving Country Risk 10-year Benchmark G/Spread Evolution - (bps) 200 bps reduction 530 Institutional Instituted inflation targeting policy to reach single-digit CPI by 2020 Established four-year plan to eliminate primary fiscal deficit The economic emergency law was not renewed and ceased to be in force as of January 6, 2018. have already resulted in improvements... With Capital Markets Activity on the Rise Debt & equity issuances - ($ Bn) Macri assumes Office 12/10/15 Rising & Steady Growth Expectations Forecasted GDP (% change y-o-y) Investment led cycle - including US$60 Bn of expected FDI inflows over the next 5 years 3.1%.3% 3.1% 3.1% $34.8 3.6% 3.8% $26.8 3.2% 2.4% 2.6% 2.0% 1.4% 1.5% 0.8% Apr-16 Restructure of Argentinean international debt Sep-16 330 $1.2 $1.7 $3.2 $4.2 $0.3 $1.8 (2.0%) Mar-17 Aug-17 Jan-18 2014 2015 2016 ■Debt Equity 2017 2015 2016 2017 2018 2019 2020 ■Potential GDP ■GDP Growth 2021 " and forward outlook is encouraging Outlook for reforms has improved with strong popular support after mid-term elections. Recently, (i) tax reform passed, lowering tax burden and encouraging investment, (ii) integral reform of the capital markets underway and (iii) labor reform to be pushed later in 2018 Government pursuing agreements between unions and private sector to increase productivity in specific sectors, including oil and gas Diverse and attractive investment opportunities of more than $250bn in multiple sectors like infrastructure, energy, mining and agribusiness Foreign Direct Investment ("FDI") picking up, signaling favorable time to invest Source: Bloomberg, Wall Street Research. 41#43Key Dynamics of Argentina's Oil & Gas Industry Positive changes in regulation support sector dynamics. Starting in 2012, the government started to implement changes to foster investments in the Oil & Gas sector, including introduction of a gas price subsidy scheme to gradually close between domestic market price and import parity, and enactment of amended federal hydrocarbons law to adapt regulatory framework to unconventionals and off-shore exploration and development Since December 2015, with the current administration in office, the government has taken decisive steps to fully normalize the domestic Oil & Gas market and attract investment, including liberalization of domestic fuel pricing, elimination of export duties and export quotas, and normalization of tariffs for transport and distribution of gas and electricity Oil Prices Domestic Crude Prices vs. Brent (US$/bbl) Argentina Oil and Gas Pricing Dynamics Gas Prices (US$/mmbtu) 18 130 16 16.7 15.7 14.6 110 Domestic 14 argentine crude 12.6 currently 12 trading at Brent 11.0 90 levels 10 70 8 7.5 70 8.0 6.5 CO 6 50 4 4.8 5.0 2 1.9 2.1 2.2 2.2 2.2 2.4 2.5 30 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 Brent Medanito Escalante Market prices (wellhead) Subsidy Plan Gas (wellhead) Source: Ministerio de Energía y Minería (Presidencia de la Nación). ..... LNG CIF 42