Investor Presentation

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 isnot 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. Allmaterial 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 inaccordance 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 arecommendation 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 itscontents.

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 forany 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 whichits 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 otherauthority 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 resultsand 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 historicalfacts. 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 uncertainand 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 materiallyfrom 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 orany 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 andplans. 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 ourbusiness; (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 thatwe 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 filingswith 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 ofactual results. Actual results may differ materially from the projections or other forward-looking statements contained in this presentation. Due to their inherently uncertainnature, you are cautioned not to rely on any such projections or forward-looking statements. We and our affiliates, advisors, agents and other representatives expresslydisclaim 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 otherforward-looking statements.

2

Revenues 2018(1) $435MM

EBITDA 2018(1) $195MM

Production Q4 2018 24.7 kboed

2018 1P Reserves(2) 57.6 MMboe

Vaca Muerta Net Acreage ~134,000 acres

47%

21%

5%4%3%

3%

17%

6th largest oil producer in Argentina(4)

Concentrated in Argentina’s Premier BasinCompany Metrics

Listed in Bolsa Mexicana de Valores: VISTA and VTW408ATotal Shares Outstanding: 75.9 MM(3)

• Conventional assets with production base, infrastructure in place, and top-quality Vaca Muerta acreage ready for full scale development

• Eight operating and one non-operating clusters in the Neuquina basin• Two non-operated blocks in Noroeste and Golfo San Jorge basins

Neuquina Basin Blocks(5)

OTHERS

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.”

1. Based on Q1 2018 pro-forma figures and Q2, Q3 and Q4 2018 Unaudited Financial Statements.2. Reserves as of December 31, 2018, as audited by Gaffney, Cline & Associates3. 75,909,315 Class A Shares and 2 Class C Shares. 4. Average Q3 2018 production, based on Ministerio de Hacienda, Secretaría de Energía.5. Two non-operated blocks in Noroeste and Golfo San Jorge basins not shown.

Vista’s Company OverviewSizable and operated asset base

1. Based on the actual proforma full year 2018 figures2. Offset operators, including YPF in partnership with Chevron and Petronas, Shell, and Wintershall3. Considers $300 MM term loan and cash balance of $81 MM, as of December 31st and 2018 Adj. EBITDA of $195MM4. ISO 14001 and OSHAS 18001 certificates in place.5. Resulting from additional landing zones. 6. 2018A-2022E Compounded Average Growth 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.”

2022target

PRODUCTION: +65 kboed~30% CAGR (6)

EBITDA: +$900 MM ~50% CAGR (6)

EBITDA MARGIN: +60% >15 p.p.(6)

High-growth organic development plan, based on this premium

asset base.

• High-quality, low-cost conventional proved reserves base – 57.6 MMboe of 1P reserves (∼60% oil) with full year 2018 lifting cost of 13.9 $/boe(1)

• High-margin conventional production base – 24.7 kboed (60% oil) with Adj. EBITDA margin of 45%(1)

• Vaca Muerta net acreage – ∼134,000 top-quality net acres located next to ongoing shale developments and completed pilots (2)

• Operational cluster – Proximity of blocks and overlap of future Vaca Muerta development and current conventional operation is key to efficient fast-track development

Premium Neuquina Basin

Asset Base

• Conventional assets generate significant, low-risk cash flow – 2018 Adj. EBITDA of $195MM

• Solid balance sheet – Net debt/EBITDA ratio of 1.1x(4)

Strong Financial Position

• Fully functional operating platform – ~220 employees and strong HSE track record(4)

• 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)(5)

Actionable and Profitable

Growth Plan

• Credentials and organization leverageable for regional expansion – either through acquisitions, joints-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

Unique platform poised for

Regional Expansion

Platform Poised for GrowthTop quality assets well-fit for Vista Management Team

4

First Year of Operations HighlightsDelivered on 2018 plan

1Achieved production growth2.5% operated production growth in Q4 2018 q.o.q., reversing 6 consecutive years of production decline

2 Boosted proved reservesProved reserves increased by 10.3% with a reserves replacement ratio of 161%

3 Right sized-conventional operationsReduced lifting cost from $16.8 in 2017 to $13.9 per boe in 2018; 12.6 $ per boe in Q4 2018

5Hired best-in-basin technical teamKey positions staffed with top-notch professionals with proven experience in Neuquina Basin and Vaca Muerta development

4Fast-track startup of the Vaca Muerta developmentAlready drilled horizontal sections of first 4-well pad and finalized completion of 34 average frac stages per well

7Maintained strong financial position and extended debt maturity profile Refinanced $260MM secured 12-month bridge loan with a $300 MM unsecured 5-year term loan

6 Added 15,000 net core acres in Vaca MuertaAcquired 90% operated working interest in Águila Mora through an asset swap with Shell

8Started regional growthMade the first step by entering in a joint venture over 3 on-shore blocks in Mexico, of which two will be operated by Vista

5

Proved Reserves (MMboe)Asset Overview(1)

1. Based on reserves certification as of December 2018. Sur Río Deseado Este (a non-operated JV) is not included. Aguila Mora has not certified 1P reserves. 2. 35-year exploitation concession in the process of being requested to provincial authorities 3. Total net acreage includes 12,809 net acres from Sur Río Deseado Este.4. The information for 2017 included estimated quantities of proved reserves based on information provided by the previous owners of the blocks acquired by Vista.

• Clustered acreage position in the Neuquina Basin covering ~511k acres in the Provinces of Neuquén, Río Negro and Salta.

• Oil and gas production from well-understood reservoirs through primary and secondary recovery; ~1,040 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 off-takers• Gas production sold to industrial clients (85%), distributors (8%) and spot sales to

power generation and traders (7%) at an average market price of $4.6/MMbtu in 2018.

• Treatment and evacuation infrastructure in place with spare capacity• Exploratory upside in the tight gas reservoirs of the Cuyo, Lotena, and Los Molles

formations

6

OPERATED FIELDS NON-OPERATED FIELDS

TOTALNet Metricsby Asset

Entre Lomas (EL)Agua Amarga (AA)

Jagüel de los Machos (JDM)Medanito (MED)

Bajada del Palo Oeste (BDPO)Bajada del Palo Este (BDPE)Coirón Amargo Norte (CAN)

Águila Mora (AM)

Acambuco (ACAM)Coirón Amargo Sur Oeste (CASO)

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

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

Acreage 275,887 79,072 146,819 6,041 520,628(3)

Production Q4 2018 average daily (boed) 9,100 8,700 6,700 200 24,700

Concession Term 2026 EL2034 /2040 AA

2025 JDM2026 MED

2038 CAN2053 BDPO2053 BDPE2019 AM(2)

2053 CASO -

52.2

57.6

14.3

YE 2017 YE 2018

(8.9)

Production Additions(4)

Conventional Assets OverviewHigh-quality oil-prone production cluster

Reserves Replacement

Ratio

161%

Aguila Mora

Bajada de PaloOeste

Coirón AmargoSur Oeste

Bajada de PaloEste

Bajada del Palo Oeste

• 62,640 net acres (100% WI)• License term: 2053• Commitment: 106$MM in 18

months• 2019 plan: drill 18 wells, frac & tie

13 wells • Operated by Vista

Bajada del Palo Este

• 48,850 net acres (100% WI)• License term: 2053• Commitment: 52$MM in 3 years• 2019 plan: considering bringing in

strategic partner to accelerate pilot and share delineation risk

• Operated by Vista

Coirón Amargo Sur Oeste

• 1,631 net acres (10% WI)• License term: 2053• Remaining commitment: 3$MM

@WI • 2019 plan: frac & tie 3 wells, total

Capex 3$MM @WI• Operated by Shell

Águila Mora

• 20,700 net acres (90% WI)• Evaluation lot expires by the end

of June, 2019• CENCH award expected in 2019• Operated by Vista

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 block, surrounded by already delineated blocks

• Retained 10% non-operated WI in CASO block

Delivered on 2018 planVista’s Vaca Muerta Acreage Position

PERMIAN (WOLFCAMP) EAGLE FORDBAJADA DEL

PALO OESTE

TOC (%) 5.5 4.54.2

Thickness (m) 172 41250

Pressure (psi/ft) 0.48 0.800.90

Potential Best-in-Class Resource Properties(1)

1. Based on Company estimates, Ministerio de Hacienda, Secretaría de Energía. and the EIA7

1. Based on third party report. June 2018.2. Based on Ministerio de Hacienda, Secretaría de Energía3. Based on Company estimates, Ministerio de Hacienda, Secretaría de Energía. and the EIA

Unconventional Operations Map in Shale Oil WindowCOIRÓN AMARGO SUR OESTE• First unconventional oil well CASO.x-1 completed and productive

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.• First six month of production totalized 137.5 kboe vs estimated

type well curve of 126 kboe.LOMA CAMPANA• First unconventional oil pilot completed in Argentina• In full development mode• ~559 wells drilled of which ~148 horizontal with up to 10,500ft

(3,200m) lateral length(1)

• Current production: 45kboe/d(2)

SIERRAS BLANCAS/ CRUZ DE LORENA • 18 wells drilled(2)

• 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)

LA AMARGA CHICA• Second unconventional oil pilot in Argentina• Commenced third pilot phase in 2018(2)

• Current production: 8.1kboe/d(2)

BANDURRIA SUR • JV signed in 2017 with ~$390 MM committed(2)

• Pilot Phase: two-stage(4)

• Six wells drilled (4 horizontals)(2)

AGUADA FEDERAL• Two vertical exploration wells• Four horizontal wells drilled(2)

A

C

D

E

F

B

Águila Mora Block (90% op WI)

Bajada del Palo Oeste Block

(100% op WI)

Bajada del Palo Este Block

(100% op WI)

Coirón Amargo Sur Oeste Block (10% non op WI)

A

BC

D

E

F

Most experienced Management Team in developing Vaca Muerta• Drilled 500 wells across play (~60% of Vaca Muerta activity to date)• Delivered 47% well cost reduction• Reached 50K boe/d, from zero

Ready for full scale development• Completed pilots and ongoing development in adjacent blocks• Production results in neighboring blocks supports Vista’s type curve(3)

• Operated infrastructure in place with spare capacity• Full discretion and flexibility on timing of Bajada del Palo Oeste, Bajada

del Palo Este and Águila Mora development (99% of net acreage)

Vaca Muerta Shale Oil OpportunityActivity significantly mitigates risk of Bajada del Palo Oeste

8

Oil EUR (kbbl) 873

IP 30 (bbl/d) 734

180-day cum (kbbl) 125

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.

Vista Vaca Muerta Type Curve(1)

OPERATED FIELDS

• Type curve based on Bajada del Palo Oeste simulation model, historical production between the Orgánico and La Cocina targets, and horizontal laterals of >3,280 ft (1,000 m)

150

50

100

0

200

100 300 500 (Days)

P50

(bbl/d per 4,920ft (1,500m))

Daily Production

CumulativeProduction

1,000

100

0

P50

(MMbbl per 4,920ft (1,500m))

Well Cost Reduction Drive Boost in IRRs(2)

Realized oil price $/bbl

$9.5 MM

(IRR %)

NPV10 after tax($MM)

6,560 ft (2,000m) horizontal well cost:

9

Gas EUR (Bcf) 0.6 Total EUR (kboe) 983

Dry gas IP 30 (MMcf/d) 0.5 IP 30 (boe/d) 826

180-day cum (Bcf) 0.1 180-day cum (kboe) 141

Potential for Superior ReturnsWell productivity and well cost reduction drive economics

2,5003,622

800

1,696

2012 2017

Vaca Muerta

Permian

Source: Wall Street Research, Company Filings, Press Articles, Texas Railroad Commission and Ministerio de Hacienda, Secretaría de Energía.1. Super Majors include Exxon (and subsidiary XTO), Shell, BP (through its subsidiary in Argentina, Pan American Energy), and Chevron.2. Based on Ministerio de Energía y Minería (Presidencia de la Nación).

Super Majors(1) Focusing on Permian and Vaca Muerta

(Net Acres Held in ‘000s)

Vaca Muerta Appears Poised to Follow Permian’s Growth Trajectory

$1,5000

10

+112%

+45%

0

100

200

300

400

500

600

2012 2013 2014 2015 2016 2017 2018-

50

100

150

200

250

Vaca Muerta 2012 Production: ~4 Mboepd

Permian Year 0 (2008): Production Re-Based to 0 Mboepd

(Mboepd)

($ MM) $1,500 $5,300Vaca Muerta Investments (4) $250$550 $450

Permian VM Permian Year 5 (2014): +556 Mboepd

VM 2018 Q4 Production: ~257 Mboepd

260

200

150

100

Vaca Muerta MomentumNow is a favorable time to enter the play

Improvements in Horizontal Well Productivity(2)

Cumulative Production (kbbl)

0

20

40

60

80

100

120

140

0 30 60 90 120 150 180 210 240 270 300 330 360

2015201620172018 +14%

Days

300 DayCumulative Production

+9%

+18%

150 DayCumulative Production

11968

130

300

2016P 2017P 2018A 2019E

13 1422

34

2016P 2017P 2018A 2019E

Historical and Target CAPEX(1)

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. 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.”

Historical and Target Wells(1)

(#)

Historical and Target Production (1)

($MM)

(kboe/d)

+54%

11

UnconventionalConventional

Pro-forma Actual Estimated

Pro-forma Actual Estimated

+131%

29.827.1

24.5

29.9

2016P 2017P 2018A 2019E

+22%

Outlook (1/2)Vaca Muerta-driven growth plan leveraging existing conventional operating platform

Pro-forma Actual Estimated

199169

124143

18.3 16.813.9 13.0

0

5

10

15

20

25

30

0

50

100

150

200

250

2016P 2017P 2018A 2019E

480575

445 435

2016P 2017P 2018A 2019E

111 108

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.

Historical and Target Revenues(1)

($MM)

Historical and Target OPEX(1)Lifting Cost

($MM)

($MM)

Historical and Target Adj. EBITDA(1) Adj. EBITDA Margin (%)

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

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.”

($ MM)

2016 2018-2021Cumulative

2022-2025Cumulative

2017E

~1,100

Historical and Target Free Cash Flow(1)(2)

12

~(300)

($/bbl)

240182 195

225

42% 41% 45% 47%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

50

100

150

200

250

300

2016P 2017P 2018A 2019E

Two-Year Outlook (2/2)Goal is to deliver superior financial results through intended growth strategy

Pro-forma Actual Estimated

Pro-forma Actual Estimated

Pro-forma Actual Estimated

+10%+15%

-6%

(3) (3)

13

Company HighlightsKey differentiation factors

World-class Management team

Development-ready, core Vaca Muerta shale position

High-growth Development plan

Unique platform for regional expansion

Cash-flow generating asset base

Appendix Agenda

Portfolio Overview 01

02

Management Team 03

14

Full year 2018 and Q4 2018 Results

1. Drilling and Completion.

Conventional

Tailored Operational Approach Key Initiatives Goals

• Nimble, ultra-lean operating model• Rapid decision making, close to

the work front• Continuous cost and efficiency

improvements

• Development - infill drilling and waterflooding optimization

• Subsurface – review models• Operations – review contracting models• Pulling & Work Over – right-size contract

to asset base• Field Service – labor efficiencies

Contain production decline Production optimization Find & develop new

structures Cost control & opex

reduction

Unconventional

• 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

• Top notch unconventional standalone unit• Batch drilling• Extended horizontal laterals • Customized frac designs• Strategically sourced key supplies (frac sand,

water, and drilling fluids)

Rapid growth Accelerated learning curve High IRR development Efficient factory-mode

development Optimized well performance

Corporate

• 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

• Integrate and streamline acquired entities and assets

• Focus on efficiency and revamp corporate culture

• Proactive stakeholders engagement

Cost synergies P&L accountability Support from key

stakeholders

15

Business Plan InitiativesDrive cash flow generation and grow profitably

Conventional Operations Map(1)

Key Stats(1)

Asset Overview

• Eight operated and one non-operated concessions, with concession terms through 2025 / 2026/2040/2053 (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 ~315k acres in the Neuquina Basin plus ~67k acres closely located (less than 50 km away)

• High quality oil production with upside potential through infill drilling and waterflood expansion

• 2018 avg production of 24.5 kboed (60% oil)

• Reserve life of 6.5 years

• Land holdings of ~521,000 net acres

(1) Based on Company information and Ministerio de Hacienda, Secretaría de Energía.(2) Reserves as of December 31, 2018.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

Neuquina Basin – ConventionalProfitable conventional assets with potential for further upside

Asset Overview

• Three operated (132,000 acres) and one non-operated concession (~ 2,000 net acres) in the core of Vaca Muerta

• Full-scale, development-ready, Vaca Muerta core acreage

• Bajada del Palo Oeste, Bajada del Palo Este and Coirón Amargo Sur Oeste are in the same prospectivity window as La AmargaChicha (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 134,000 net acres

• Drilling inventory in Bajada del Palo Oeste: over 400 in base case plan (out of >1,100 potential locations)

Unconventional Operations Map

17

(1) Based on Company information and Ministerio de Hacienda, Secretaría de Energía.

Águila Mora Block (90% op

WI)

Bajada del Palo Oeste Block

(100% op WI)

Bajada del Palo Este Block (100%

op WI)

Coirón Amargo Sur Oeste Block (10%

non op WI)

Neuquina Basin – UnconventionalLarge potential of core Vaca Muerta play

Bajada del Palo Oeste Core Location Map

Bajada del Palo Oeste Overpressure Map

West side of the block between 40 and 32 API°

API°:

0 50 100

150

200

250

300

350

Overpressure (kg/cm2):

Prospective Area

20 25 30 35 40 45 50 55 60

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 above 250 kg/cm2

(4,600 psi)

Multiple Stack Pay Zones~5 wells per section(1)

2,800

2,850

2,900

CARB

ON

ATE

ORG

ANIC

LA C

OC

INA

Up to five different landing zones being tested in adjacent blocks

Tested

18

PotentialIn base plan413 Wells +1,100 Wells(2)

Bajada del Palo Oeste Potential Landing ZonesMultiple landing zones generate extensive drilling inventory

Precedent Acquisition Multiples

Source: Press releases and media coverage.1. Based on Ministerio de Hacienda, Secretaría de Energía.

($/acre)

Buyer

Seller

Acres

Area

Date

27,667

Bandurria Sur

Apr-17

27,500

Bajada de Añelo

Feb-17

23,095

La AmargaChica

Mar-15

49,970

La Escalonada

Apr-14

14,374

Aguada Federal

Jan-14

48,500

Loma Campana

Jul-13

5,050

El Orejano

Sep-13

Bajo del Toro

19,390

Jun-17

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

No No Yes No Yes No NoNoBuyer AcquiredOperatorship

19

$8,500$7,200 $7,000

$8,600

$6,000$7,300

$8,800

$14,000

Selected Precedent Acquisition MultiplesPrecedent transactions in Vaca Muerta

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.”

TYPICAL DEVELOPMENT

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

BAJADA DEL PALO OESTE FAST TRACK

DEVELOPMENTFull-Scale DevelopmentRamp-up

Pilot Phase 1 Field Development in Factory Mode

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

Already completed for Bajada del Palo Oeste BlockAdvanced understanding for Bajada del Palo Oeste 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 elaborationFacilities constructionSand & water logistics optimizationScale contracts negotiation

Full-Scale DevelopmentRamp up in activityOperations standardizationProduction optimization• Choke management policy• Artificial lift optimization• Flow assurance• Telemetry and Automation (Control Room

monitoring)• Preventive shut-in policy to prevent

interference

Well construction continuous improvement• Real time optimization (Remote Operations

Center)• Procedure for new technology testing

20

Horizontal wells to confirm landingzone productivity

Delineation Phase

Fast Track to Full-Scale Development (1/2)Bajada del Palo Oeste development versus typical schedule

4 early production faciltiies and new crude oil treatment plant

Bajada del Palo OesteOil Treatment & Disposal

Facilities for Initial Development Phase Facilities for Full-Scale Development

Bajada del Palo OesteGas Treatment & Disposal

Gas pipeline Centro Oeste

Gas pipeline Aguada del ChanarUSP-14 LC - YPF

Gas pipeline Aguada del ArenaBorde Montuoso

Gas pipeline Borde Montuoso NEUBA II

EC-8

EC-9

6km 4km 27km

OTP-Pipeline PH-PR

EC-8

EC-9

1

2

3

4

EPFOil Treatment PlantO

TP

Entre Lomas

Bajada del Palo

1BMo2BMo

1BP

N1

pipeline to construct

BatteryExisting PipelinePipeline to Construct

Bajada del Palo

EC-8 EC-9

LPG-HRUPlants

Gas pipeline Aguada la ArenaBorde Montuoso

Prospective Area

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

6,000m pipeline from Entre Lomas to existing pipeline

21Important 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.”

OTP

Fast Track to Full-Scale Development (2/2)Facilities capacity in place allow for initial development phase startup

Appendix Agenda

Portfolio Overview 01

Full year 2018 and Q4 2018 Results 02

Management Team 03

22

FY 2018 Highlights

744 747

Guidance Actual

+0.4%

1.38 1.44

Guidance Actual

4.3%

14.6 14.7

Guidance Actual

+0.7%

FY 2018(1)

24,500 boe/d

195 $MM

45%

13.9 $/boe

130 $MM

Daily Production(2) 1.7%

Adj. EBITDA(3) 2.6%

Adj. EBITDA Margin 2 p.p.

Operating Expenses (19.7)%

Capex (9.1)%

%

Oil productionkbbld

Natural gas production

NGL production

Mm3d

bbld

2018Guidance

24,100 boe/d

190 $MM

43%

17.3 $/boe

143 $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 = Gross profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income). 23

Daily Production(1)

Revenues

Adj. EBITDA(2)

Cash at end of period

Financial Debt

Net Leverage Ratio(3)

24,700 boe/d

104.1 $MM

40.4 $MM

80.9 $MM

300 $MM

1.1x

Operating Expenses

12.6 $/boe27% below guidance

Operated production

+ 2.5%q.o.q.

(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).(3) Annualized Adj. EBITDA was calculated Pro Forma Q1 from acquired entities and asset, and Q2, Q3 and Q4 from Vista.

Delivered on 2018 plan4th Quarter Highlights

24

Total & Operated Production

25.424.3 23.7 23.8

24.4

0.2

0.3 0.7 0.40.3

Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018Operated Non Operated

-4.3%-2.5%

0.4%2.5%

Q1 2018 Q2 2018 Q3 2018 Q4 2018

Operated & total production

(kboepd)

24.724.6 24.4 24.2

25.6

23.524.7 25.2

Oct-18 Nov-18 Dec-18Operated Non Operated

Q4 monthly breakdown

+7.2%(kboepd)

24.9

23.8

25.5

Quarterly operated production growth Q4 2018 activity

73 $MM Capex 4 wells drilled in the Bajada del Palo Oeste block in Vaca

Muerta Tied-in 7 conventional wells, 4 of which targeted oil prone

formations and 3 a natural gas one (Lotena) Performed 6 workovers

Ramped up operated production (99% of total production)

25

24.4 24.2 24.7

Q2 2018 Q3 2018 Q4 2018

Guidance (1)

744 730 716

Q2 2018 Q3 2018 Q4 2018

1.42 1.38 1.52

Q2 2018 Q3 2018 Q4 2018

14.7 14.8 14.5

Q2 2018 Q3 2018 Q4 2018

Oil productionkbbld

Natural gas production NGL productionMMm3d bbld

10.1%-3.8%

Total productionkboed

+2.5%24.1 -0.7%14.6 1.38

744

(1) Guidance is Vista’s initial plan (presented to investors) on a full year 2018 basis, adjusted by the days of the 4th quarter.

Daily ProductionTotal production above guidance, driven by natural gas

26

68.0 67.5 65.5

Q2 2018 Q3 2018 Q4 2018

4.8 5.14.0

Q2 2018 Q3 2018 Q4 2018

110.3 116.9 104.1

Q2 2018 Q3 2018 Q4 2018(2)

Crude oil average price$/bbl

Natural Gas average price$/MMBTU

67.04.7

-2.2%

Main off-takers were Trafigura and Shell

Seasonal effect. Sales to industrial segment was 67%, 25% to distributors

- prices ~4 $/MMBTU - and 8% spot sales (power generation, traders)

$MMRevenues

-7.2%

Increased oil inventory in Q4, by approximately 12,000 bbl.

Revenues were also affected by a decline in sales prices

112.2

-14.9%

Guidance (1)

(1) Guidance is Vista’s initial plan (presented to investors) on a full year 2018 basis, adjusted by the number of days of the 4th quarter.(2) Q2 revenues do not include Net Sales corresponding to first week of the quarter of Medanito and Jagüel de los Machos production. Such production was sold by Pampa Energía S.A. and is included as

credit in other current assets

Revenues and PricingRealized prices declined less than global commodity prices

27

Guidance (1)

14.1 11.8 12.6

Q2 2018 Q3 2018 Q4 2018

31.3 26.3 28.6

Q2 2018 Q3 2018 Q4 2018

Total Opex$MM

Opex per boe$/boe

39.317.3-27.2%

Opex highlights Control on formulae and tariffs

“ONE-TEAM PULLING” already showing results, more interventions with lower average unit costs (13.7% lower q.o.q.)

Contained lifting cost despite local inflation of around 12% in the quarter

-27.2%

(1) Guidance is Vista’s initial plan (presented to investors) on a full year 2018 basis, adjusted by the days of the 4th quarter.

OpexStabilized lifting cost in 12.6 $/boe

28

49.5 56.540.4

Q2 2018 Q3 2018 Q4 2018

Guidance (1)

Adj. EBITDA(2)

$MMAdj. EBITDA Margin%

Margin reduction driven by lower commodity prices

-15.7%47.9

(3)

45% 48%39%

Q2 2018 Q3 2018 Q4 2018

-4 p.p.43%

(3)

(1) Guidance is Vista’s initial plan (presented to investors) on a full year 2018 basis, adjusted by the number of days of the 4th quarter. (2) Adj. EBITDA = Gross profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income).(3) Q3 2018 Adj. EBITDA was restated from 57.1 $MM. Adj. EBITDA Margin results in 48% from 49%.

Adjusted EBITDAMargin significantly ahead of guidance

29

Capex

5.4

23.714.13.6

13.4 31.2

2.5

27.8

Q2 2018 Q3 2018 Q4 2018

Conventional Unconventional Facilities and others

Breakdown of Capex$MM

Conventional activity:• 7 wells tied-in (3 wells targeted Lotena formation in Bajada del Palo

Oeste - natural gas - and 4 wells targeted oil in Medanito), plus 6 workovers

Unconventional activity:• Drilled surface and intermediate sections of 8 wells in Bajada del

Palo Oeste in two pads with a spudder rig

• Completed drilling horizontal sections in the first 4-well pad in Bajada del Palo Oeste

• Completed drilling of 3 wells in Coirón Amargo Sur Oeste (CASO)

Facilities:• Well site Infrastructure (ducts and locations)Others:• Bonus paid for unconventional concessions of Bajada del Palo

Oeste and Bajada del Palo Este for 9.0 $MM• SAP project and other IT and communication projects

Key aspects of Q4 Capex

11.0

39.6

73.1

Significantly reduced conventional drilling cost

30

Bajada del Palo Oeste “early technology adopters”

First 4-well pad• Finished drilling with an average

lateral length of 2,550 mts.• Completed 34 average stages per

well• First operator with 100% sand boxes• First pad with 10 clusters per stage• Basin record efficiency: 8 stages in a

day with max volume treatment• First in basin pad with 100% water

through pipelines (>22 km) – no trucks

590

902

891

747648

574

488590

489

734

902

751646

569510

424 392 365

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec 18Actuals Type Curve

September CASO.x-1 well was closed for the month

CASO.x-1 average monthly production in bbld

Completion of first 4-well pad

• CASO.x-1 well continues to show successful performance

• Completed drilling of first four-well pad. Wells CASO x-2, x-3 and x-4 already drilled and at fracking stage

Second 5-well pad• Already drilled intermediate

sections• Drilling horizontal section of

second well • First ever well drilled with

new rotary drilling tool

Coirón Amargo Sur Oeste

Update of Vaca Muerta DevelopmentFirst 4-well pad to be delivered in Q1 2019

31

On February 13, 2019, Vista completed the sale of 5.5 million series A shares and 5.0 million warrants to purchase series A shares for 55$MM

Q4 2018 Vista Consolidated Cash Flow$MM

44.0 54.7

Q3 2018 Q4 2018

Q4 Cash Flow from Operations$MM

+24.3%

123.3

80.9

54.7 1.8 98.9

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

1.1x

1.2xGross Leverage Ratio 1.5x

Net Leverage Ratio 1.0x

Quarterly Leverage Ratios (1)

0.8x

1.5x

Q2 Q3 Q4

(1) Q2 annualized adjusted EBITDA was calculated based on Company estimates of 190 $MM. Q3 ratios were calculated based on annualized Adj. EBITDA by multiplying the sum of Q2 and Q3 Adj. EBITDA by 2.Q4 ratios were calculated based on Pro-forma 2018 total Adj. EBITDA (Q1 from the acquired entities and assets, plus actual Vista’s Adj. EBITDA Q2, Q3 and Q4 2018).

Financial OverviewSolid financial position and strong cash generation from operations

32

Closing Remarks

Delivered 2018 results above guidance despite volatile context

Executed Vaca Muerta operational ramp-up with strong drilling and completion performance in first pad; stay tuned for production update

Strengthened balance with debt term extension at competitive rates

Delivering strong production growth in 2019 with a lower fully-funded Capex program

Expecting to expand EBITDA margin in 2019 driven by lower unit lifting cost

Starting operations in our on-shore fields in Mexico in Q1 2019

33

Consolidated Balance Sheet As ofDecember 31, 2018

As ofDecember 31, 2017

Cash and cash equivalents 80.9 2.7Trade and other receivables 86.1 -Inventories 18.2 -Total current assets 185.1 2.7Property, plant and equipment 820.7 -Goodwill 28.5 -Cash held in escrow - 652.6Other intangible assets 31.6 -Trade and other receivables 20.2 0.1Total non-current assets 901.0 652.7Total assets 1,086.1 655.4Provisions 4.1 -Borrowings 10.4 -Salaries and other contributions 6.3 -Income tax liability 22.4 -Other taxes and royalties payable 6.5 0.0Trade and other payable 84.3 0.3Total current liabilities 134.1 0.3Deferred income tax liabilities 133.8 0.0Provisions 16.2 -Borrowings 294.4 644.6Warrants 23.7 14.8Defined employees’ benefit plans 3.3 0.0Trade and other payable 1.0 0.6Total non-current liabilities 472.4 660.1Total liabilities 606.5 660.4Total equity 479.6 (5.0)Total liabilities and equity 1,086.1 655.4

34

Consolidated Balance Sheet(Amounts expressed in $MM)

1. Remeasurements loss related to defined benefits plans, and Income tax benefits.2. Adjusted EBITDA = Operating profit + depreciation + exploration expenses + extraordinary expenses3. Pro Forma of the year 2018 includes Q1 results from acquired entieties and asset, plus Vista’s Q2, Q3 and Q4 results.

Adjusted EBITDA(1) reconciliation

Adjusted EBITDA for Q4 2018 was 40.4$MM, 15.7% below guidance of47.9$MM. Adjusted EBITDA Margin was 39%, 4 percentage pointsbelow guidance of 43%.

Net Result

Vista recorded a Profit before income taxes of 17.6 $MM for the yearended December 31 2018, and 30.2$MM for Q4 2018.Deferred income taxes of 12.0$MM and current income taxes of35.4$MM generated a net loss for the year of 29.9$MM.

Adjusted EBITDA Reconciliation ($MM)

For he year ended

December 31 2018

October 1, 2018 to

December 31 2018

Pro-Forma Year 2018(3)

Operating profit 54.2 27.6 72.8

Depreciation 74.8 11.5 106.7Restructuring expenses 12.0 1.3 12.0

Other adjustments 2.4 - 3.4

Adjusted EBITDA(2) 146.4 40.4 195.0Adjusted EBITDA Margin

(%) 44% 39% 45%

Income StatementFor the year

ended Dec. 31 2018

October 1, 2018 to December 31

2018

Revenues 331.3 104.1Revenues from crude oil sales 260.1 82.9Revenues from natural gas sales 65.2 19.2Revenues from gas liquid gas liquids 6.1 2.0

Cost of sales 212.5 57.7Operating expenses 86.2 28.6Stock fluctuation 1.2 1.2Depreciation 74.8 11.5Royalties 50.3 16.4

Gross profit 118.8 46.5Selling and administrative expenses 48.5 17.6Exploration expenses 0.6 0.5Other operating income/expenses, net (15.5) 2.9

Operating profit (loss) 54.2 27.6Interest income 2.5 2.1Interest expense (15.7) (4.6)Other financial results (23.4) 5.1

Financial results, net (36.3) 2.6Profit (Loss) before income taxes 17.6 30.2 Income taxes (deferred and current) (47.4) 12.2

Net profit (loss) (29.9) 42.4Other comprehensive loss(1) (2.7) 0.0

Total comprehensive income (loss) (32.5) 42.4

35

Consolidated Income Statement(Amounts expressed in $MM)

Appendix Agenda

Portfolio Overview 01

Full year 2018 and Q4 2018 Results 02

Management Team 03

36

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

Juan Garoby • 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

Chief Operating Officer

Alejandro Cherñacov • 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• 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

Strategic Planning and Investor Relations Officer

Pablo Vera Pinto

• 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 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

Chairman and CEOMiguel Galuccio

Chief Financial Officer

• 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

37

Gastón Remy• More than 15 years of energy industry experience• 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

Department of Dow• 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.

Argentina GeneralManager

Management TeamExperienced team with a solid track record working together

ABILITY TO ATTRACT TALENT AND GENERATE NETWORK

STRATEGIC THOUGHT LEADER

• 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) ❖ 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

EXECUTION FOCUSED AND RESULTS DRIVEN

38

Miguel Galuccio’s Track Record at SchlumbergerLed high-growth “company-shaping” global businesses

STRATEGIC LEADERSHIP WITH VISIBLE IMPACT

• 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 (60% 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)

STRONG FINANCIAL AND OPERATIONAL PERFORMANCE

• 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

SUCCESSFUL BD, M&A AND CAPITAL MARKETS EFFORT

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)

39

• 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

Decades of oil and gas experience in leadership roles consistently delivering remarkable results

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

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

Miguel Galuccio • Please refer to page 39 for Mr. Galuccio’s biographical informationChairman 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

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

Member of the Boardby Riverstone

Susan L. Segal • 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

• She was a Partner at Chase Capital Partners / JPMorgan Partners with a focus on private equity 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

Independent memberof the Board

Mauricio Doehner Cobián • 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• 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

Independent memberof the Board

Pierre-Jean Sivignon • 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 Executive Board. Prior to his Carrefour Group experience, he was Chief Financial Officer, Executive Vice President, Member of the Board of Management at Royal Philips Electronics in Amsterdam.

• 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.

Mark Bly• 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 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• 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

Independent memberof the Board

Independent memberof the Board

40

Board of Directors of World Class ProfessionalsStrong corporate governance, with majority independent composition