Vaca Muerta Strategic Investment

Relative 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

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