Vaca Muerta Strategic Investment

Relative 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

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