INVESTORPRESENTATION

DECEMBER 2019

2

Disclaimer

Additional information about Vista Oil & Gas, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at

www.vistaoilandgas.com.

This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S.

Securities Exchange Commission or an exemption from such registration.

This presentation does not contain all the Company’s financial information. As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available

on the Company’s website.

Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on

the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in

the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.

This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics

have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may

not compare to the performance in previous periods.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or

any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this

presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be

accepted by the Company or any of its Affiliates, members, directors, officers or employees or any other person in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise

arising in connection therewith.

This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period.

The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.

This presentation includes “forward-looking statements” concerning the future. The words such as “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions are included

with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance of achievements is a forward-looking statement.

Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are

based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. There will be differences between actual and projected results, and actual results may be materially

greater or materially less than those contained in the projections. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the

projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. These expectations and

projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results,

performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our

forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social,

demographic and business conditions in Argentina, Mexico and in other countries in which we operate; uncertainties relating to future election results in Argentina and Mexico, particularly presidential elections in Argentina and

congressional elections in Mexico; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors, including changes to the regulatory environment in which we

operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any

changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or

Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad;

the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on

reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange

rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; environmental, health and safety

regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from

historical averages; changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; our relationship with our employees and our ability to retain key members of our senior

management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses;

our expectations for future production, costs and crude oil prices used in our projections; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a

result of U.S., Mexican or other Latin American political conditions.

Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new

information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated

with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov).

You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not

intended to constitute, and should not be construed as investment advice.

Other Information

Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaoilandgas.com. From time to time, Vista may use its website as a channel of distribution of material information.

Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts.

3Q19 Production31.6

Mboe/d

2018 1P Reserves(4) 57.6

MMboe

3Q19 Lifting cost 9.8 $/boe

Vaca Muerta acreage~134,000

net acres

LTM Revenue(1) $424MM

LTM Adj. EBITDA(1)(2) $176MM

Net debt $207MM

Gross / net leverage

ratio(3) 2.6x / 1.2x

3

Company overview

(1) “LTM” means last twelve months(2) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results,

net + Depreciation + Restructuring expenses + Other adjustments (3) Gross leverage ratio calculated as total financial debt divided by LTM Adj. EBITDA. Net leverage

ratio calculated as total financial debt minus cash & equivalents divided by LTM Adj. EBITDA.

Concentrated in Argentina’s Premier BasinStrong operating and financial performance

◼ Conventional assets with production base and infrastructure in place, with spare capacity to treat and evacuate incremental production

◼ Top-quality Vaca Muerta acreage already producing, and leveraged by existing asset base

◼ Productivity of first 8 wells among best-in-basin, with average peak IP-30 above 1,600 boe/d

◼ Continuous improvement in drilling and completion efficiency

◼ JV over 3 on-shore blocks in Mexico, 2 of which will be operated by Vista

Profitable operated asset base with growth potential

(4) Reserves as of December 31, 2018, as audited by Gaffney, Cline & Associates.(5) Two non-operated blocks in Noroeste and Golfo San Jorge basins (Argentina), one operated block

in Sureste basin (Mexico), one operated block and another non-operated block in Tampico-Misantla basin (Mexico) not shown.

Neuquina Basin blocks(5)

Vista blocks with unconventional potential Vista conventional blocks

Coirón Amargo Sur

OesteCoirón Amargo Norte

25 de Mayo

Medanito

Águila Mora

Platform poised for growthDelivered on 2018 guidance

4

(1) As presented at the Shareholders Meeting on March 2, 2018.(2) All FY 2018 figures were calculated with the Q1 pro forma results from the acquired entities and

assets plus Vista’s results for Q2, Q3 and Q4.

Important Note: Projections are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. There will bedifferences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections.

(3) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments

(4) 2018A-2022E Compounded Annual Growth Rate.

High-growth organic development plan, based on current premium asset base

2018Actuals(2)

24,500 boe/d

195 $MM

45%

13.9 $/boe

130 $MM

Daily Production

Adj. EBITDA(3)

Adj. EBITDA Margin

Operating Expenses

Capex

2018Guidance(1)

24,100 boe/d

190 $MM

43%

17.3 $/boe

143 $MM

%

1.7%

2.6%

2 p.p.

(19.7)%

(9.1)%

2019 UpdatedGuidance

28,000-29,000boe/d

160-180 $MM

-

10.5-11.5 $/boe

225-275 $MM

24,500

65,000

2018 Actual 2022 Target

Target production growth

boe/d

LTM operational highlights

Q3 2019 unconventional production totaled 7,501 boe/d from 8 wells in Bajada del Palo Oeste

Reduced average operating cost from 11.8 $/boe to 9.8 $/boe y-o-y

Achieved 31% production growth y-o-y

Increased proved reserves from 52.2 MMboe to 57.6 MMboe - implied RRR of 161%

Investment highlights

5

Only “pure-play” Vaca Muerta public investment opportunity

Low-cost and stable conventional operation

Prime Vaca Muerta locations already under development

with solid results

Strong cash flow generation with significant upside potential

Flat and agile organization led by experienced Oil & Gas

team

Low-cost and stable conventional operation

16.9

14.1

11.8 12.6 12.0 12.3

9.8

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

27.224.6 24.4 24.2 24.7 25.7

29.031.6

2017 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Conventional Unconventional

32.6 34.2

19.6

14.323.4(8.9)

YE 2017 Production Additions YE 2018

7

Low-cost and stable conventional operationConventional assets operating milestones

(1) The information for 2017 includes estimated quantities of proved reserves based on information provided by the previous owners of the blocks acquired by Vista.(2) Includes 3.4 MMboe of total proved unconventional reserves.(3) Production excludes natural gas consumption of 0.7 MMboe.(4) Additions are calculated as the difference between YE 2018 reserves less YE 2017 reserves plus FY2018 production.

24.1

57.1Lifting cost

($/boe)

Reverted decline in conventional production

24.1

Total production

(Mboe/d)

Achieved a YE 2018 reserve replacement ratio of 161%(2)Reduced operating expenses

Proved reserves

(MMboe)

(1)

52.257.6(2)

Oil Gas

Pro forma

Pro forma Actual

(3)(4)

Actual

+28%

(42%)

Block W.I. (%)

2018 1P Net

Reserves

(MMboe)

Net

Acreage

3Q 2019

production

(Mboe/d)

Concession

term Operator

Entre Lomas (EL) 100% 18.8 183,014 8.6 2026 Yes

Bajada del Palo Oeste

(BPO)100% 15.9 62,641 12.4 2053 Yes

Bajada del Palo Este

(BPE)100% 3.1 48,853 1.3 2053 Yes

Agua Amarga 100% 1.8 95,580 0.7 2034/2040 Yes

25 de Mayo Medanito 100% 8.6 32,247 3.4 2026 Yes

Jaguel de los Machos 100% 7.0 48,359 4.2 2025 Yes

Coirón Amargo Norte

(CAN)55% 0.6 14,629 0.2 2037 Yes

Aguila Mora 90% – 21,128 – 2054 Yes

Coirón Amargo Sur Oeste

(CASO)10% 1.3 1,644 0.2 2053 Yes

Sur Río Deseado Este 16.9% – 12,807 – 2021 No

No

roeste

Acambuco 1.5% 0.5 4,406 0.2 2036/2040 No

Su

reste

CS-01 50.0% – 11,758 0.2 2047 Yes

A-10 50.0% – 42,915 0.2 2047 Yes

TM-01 50.0% – 8,944 0.0 2047 No

Total 57.6 588,925 31.6

Go

lfo

San

Jo

rge

Neu

qu

ina

Arg

en

tin

aM

ex

ico

Tam

pic

o -

Mis

an

tla

59% 41%

Oil Gas

8

Low-cost and stable conventional operation High-quality oil-weighted production cluster

(1) Includes 3.4 MMboe of total proved unconventional reserves.(2) Represents crude oil, condensate, gasoline and LPG.(3) In 2Q19, Vista exported its first crude oil cargo(4) LTM as of Q3 2019.(5) Includes 7.5 Mboe/d of unconventional production in Bajada del Palo Oeste.

Total production (Q3 2019)

64% 33%

2%

Oil Gas NGL

31.6 Mboe/d

1P Reserves(1)

(YE 2018)

57.6 MMboe

◼ Oil and gas production from well-understood reservoirs

◼ Primary and secondary recovery showing attractive returns

◼ Light crude oil production sold mainly to domestic off-takers(3)

◼ Gas production sold to industrial clients (57%), distributors & CNG (37%) and spot sales to power generation and traders (6%)(4)

◼ Treatment and evacuation infrastructure in place with spare capacity

(1) (5)

Asset profile

(8)

(8)

(2)

(7)

(6)

(6) Includes Entre Lomas Neuquén and Entre Lomas Río Negro.(7) Includes Jarilla Quemada and Charco del Palenque.(8) Vista will operate the field once approved by the National Hydrocarbons Commission “CNH”.

~1,100 active

producing wells

Medanito type crude oil

production with API >30

+200 injector wells2018 Reserve Replacement

Ratio of 161%

Prime Vaca Muertalocations already under development with solid results

0

50

100

150

200

250

300

2012 2013 2014 2015 2016 2017 2018 2019

Vaca Muerta history recapBuilding momentum

Aug-2012: YPFannounces its 100-Days Plan, with VM as the key driver for growth

Oct-2012: YPFannounces the Plan ExploratorioArgentino (PEA)

Dec-2012: YPF signs MOU with Chevron

Jul-2014: First walking rigs start operating in Argentina

Oct-2014: Congress sanctions New Hydrocarbons Law

Dec-2014: YPFsigns deal with Petronas

Jun-2015: YPF discoversunconventional gas in La Ribera

Mar-2017: Tecpetrolstarts field development in Fortin de Piedra

Apr-2017: YPF signs agreement with Schlumberger

May-2017: YPF signs agreement with Shell

Aug-2017: YPF signs agreement with Equinor

May-2013: First unconventional EPF in Loma La Lata Norte

Jun-2013: EIA report states Vaca Muerta is the 2nd largest shale gas and 4th largest shale oil resource worldwide

Jul-2013: New Loma Campana concession approved (35 years)

Aug-2013: YPF signs agreement with Chevron

Sep-2013: YPF signs agreement with Dow

(Mboe/d)

Mar-2014: YPF introduces walking rigs to Vaca Muerta

Apr-2014: YPF starts full fielddevelopment in Loma Campana

Apr-2018: Vista acquires assets from Pampa and Pluspetrol

Jul-2018: Vista starts full fielddevelopment in Bajada del Palo Oeste

Aug-2018: Vista and Shellannounce asset swap

Nov-2018: Vista obtains CENCH for Bajada del Palo Este and Oeste

Jun-2018: Exxon signsagreement with Qatar Petroleum

Dec-2018: YPF startsfull field developmentin La Amarga Chica

Dec-2018: YPF signs agreement with Petronas

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

10

◼ Net acres: 21,128 (90% WI)

◼ License term: 2054

◼ Operator: Vista

◼ Commitment: capital expenditure of $32MM until

November 2021

Vista’s Vaca Muerta acreageFour blocks in the epicenter of prominent developments

Águila Mora

Bajada del Palo Este

◼ Net acres: 48,853 net acres (100% WI)

◼ License term: 2053

◼ Operator: Vista

◼ Commitment: capital expenditure of $52MM until

December 2021

Bajada del Palo Oeste

◼ Net acres: 62,641 (100% WI)

◼ License term: 2053

◼ 2019 plan: 12 new wells in production (8 wells already

producing)

◼ Operator: Vista

◼ Commitment: capital expenditure of $106MM until June

2020 (fulfilled as of 2Q19)

◼ Production reached 4,823 boe/d with 4 wells in 2Q19

Coirón Amargo Sur Oeste

◼ Net acres: 1,644 (10% WI)

◼ License term: 2053

◼ 2019 plan: 3 new wells in production (completed in 1Q19)

◼ Operator: Shell

◼ Four wells currently in production supporting Vista’s view

on type curve

De-risked areas adjacent to developed fields from global O&G players including ExxonMobil, Chevron, Shell and YPF, among others

Producing areas Pilot / Delineation areas

Contour lines numbers denote API degrees

11

0.0

2.0

4.0

6.0

8.0

10.0

12.0

1-Mar-19 7-Apr-19 14-May-19 20-Jun-19 27-Jul-19 2-Sep-19 9-Oct-19

LaCocina

Organic

LowerCarbonate

MidCarbonate

UpperCarbonate

Vista’s Vaca Muerta developmentBajada del Palo Oeste prime acreage

Stacked pay potential across multiple zones

Potential Best-in-Class Resource Properties(1)

Permian (Wolfcamp)

Eagle FordBajada del Palo Oeste

TOC (%) 3 3 - 54.2

Thickness (m) 200 - 300 30 - 100250

Pressure (psi/ft) 0.6 0.5 – 0.90.9

(1) Based on Company estimates, Ministerio de Hacienda, Secretaría de Energía and the EIA.

12

Mboe/d

Achieved ramp-up in unconventional production

Cube development scheduled to minimize parent-child effect

800 – 900ft / 250 – 300m lateral spacing

Base plan

Drilling inventory

+400 wells

PotentialIn base plan

~250m

▪ Consistent strong results across 8 wells in first 2 pads

▪ Finished drilling third 4-well pad with improved drilling efficiency

Location of Vista’s first pads

Conceptual cube development

228 daysOil Gas

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

Vista’s Vaca Muerta developmentBajada del Palo Oeste fast track to full-scale development in factory-mode

BAJADA DEL PALO OESTE

Fast track development

Fast track development plan supported by novel One-Team approach

Field Development in Factory ModeRamp-up

Field Development in Factory ModePilot Phase 1Delineation PhaseTypical development

Current stage

Location ready

Frac set completing 1st PAD

Spudder rig already drilled surface and

intermediate sections

Walking rig drilling horizontal sections in

2nd PAD

13Drilling Completions

22 Km flat-hose water transfer to tanks

on location

• 100% guaranteed water availability during frac activities

• Reduced cost

• Minimal environmental impact

• 7,500 truck trips avoided

Vista’s Vaca Muerta developmentBajada del Palo Oeste fast track to full-scale development in factory-mode (cont’d)

14

100% of completion using sand boxes

• Minimal exposure to sand dust

• Improved logistics and reduced trucking costs

• Improved productivity by increasing sand available on location

Vista’s Vaca Muerta developmentBajada del Palo Oeste fast track to full-scale development in factory-mode (cont’d)

15

Vaca Muerta development (1/3)Significant drilling and completion improvement between first and second pads

16

Drilling speed Completion speed

Drilling and completion cost within budget

Metric Average per well

First pad Second pad

Lateral length

(meters/ft)2,550 / 8,366 2,117 / 6,946

Stages (#) 34 36

Frac spacing

(meters/ft)75 / 246 60 / 197

First pad highlights

◼ 5 average stages per day (136 stages in 27 days)

◼ Pumping time reached 19.3 hours and 8 stages in a 24-hour period

◼ Fluids and sand reached 12,697 m3 / 42,856 sxs

◼ 10 clusters per stage

Second pad highlights

◼ 7.6 average stages per day (143 stages in 18.8 days)

◼ Pumping time reached 22.0 hours and 11 stages in a 24-hour period

◼ Reduced frac spacing from 75 to 60 meters

Significant cost reduction in second pad

13.8

12.6

First pad Second pad

D&C cost per well Completion cost

$MM $/stage

0.220.20

First pad Second pad

Improved efficiency in second and third pads

477

726 741

Firstpad

Secondpad

Thirdpad

ft/day

5.0

7.6

First pad Second pad

stages/day+55%

+52%

(9%) (9%)

Drilling:

◼ Drilled surface and intermediate sections with spudder rig

◼ Rotary Steering System during the build-up section

Completion:

◼ Silobags to store proppant near the pad’s location

◼ Monoline frac-manifold system to connect all 4 wells

◼ Rig-lock wireline connection and frac valves remote greasing

State-of-the-art technology

(1) Average lateral length of 2,808 meters

(1)

0

30

60

90

120

150

180

210

240

0 20 40 60 80 100 120 140 160 180 200 220 240

Vista's type curve (1.1 Mmboe) MdM-2013h

MdM-2014h MdM-2015h

MdM-2016h MdM-2029h

MdM-2030h MdM-2032h

MdM-2033h

Mboe

Vaca Muerta development (2/3)First two pads are producing above expectations

17

Formation First pad Second pad

Organic

La Cocina

MdM-2013h MdM-2015h

MdM-2016hMdM-2014h

MdM-2029h MdM-2032h

MdM-2030h

Cumulative production by well

Days

MdM-2033h

(1)

(1) Type curve defined in 2018 without reflecting data acquired in Bajada del Palo Oeste first pad; (2) Average of the 4 wells after +215 days; (3) Average of the 4 wells after +95 days

Vaca MuertaType Curve(1)

Production from first pad is

20%(2) above type curve while

production from second pad is

34% above type curve(3)

Peak IP-30

1,310

1,884

1,392

1,670

1,368

2,013

1,443

1,824Average

1,564

Average1,662

MDM2013

MDM2014

MDM2015

MDM2016

MDM2029

MDM2030

MDM2032

MDM2033

boe/d

MDM2030

MDM2029

MDM2032

MDM2033

First pad Second pad

Oil Gas Total

EUR 972 Mbbl 0.6 Bcf 1,079 Mboe

Peak IP-30 1,017 bbl/d 0.6 MMcf/d 1,119 boe/d

180-day cumulative 147 Mbbl 0.09 Bcf 163 Mboe

Daily production by well

0.0

0.3

0.6

0.9

1.2

1.5

1.8

2.1

2.4

0 20 40 60 80 100 120 140 160 180 200 220 240Vista's type curve (1.1 Mmboe) MdM-2013h MdM-2014h

MdM-2015h MdM-2016h MdM-2029h

MdM-2030h MdM-2032h MdM-2033h

(1)Days

Mboe

0

20

40

60

80

100

120

(1) Source: Ninety effective days cumulative oil production, based on Argentine Secretariat of Energy Chapter IV wells declared as horizontal and oil producers; Information as of November 14, 2019

Cumulative 90-day oil production of top 150 Vaca Muerta wells(1)

Mbbl

Outstanding productivity from all 8 wells, both from La Cocina and Organic landing zones

18

• All 8 operated Vaca Muerta wells ranked among top 15% in the basin

• 2 of the best 3 wells considering 90-day cumulative production

MDM-2013MDM-2015

MDM-2029MDM-2032

MDM-2016

MDM-2014

MDM-2033

MDM-2030

Vaca Muerta development (3/3)Producing in line with best operators in the basin

CU

ST

OM

LA

YO

UT

Unsaved Document / 3/6/2019 / 23:41

Strong cash flow generation with significant upside potential

Financial debt breakdown As of September 30, 2019

5-year unsecured term loan 300.1

Local bonds in Argentina (2 & 3 years maturity) 100.1

Local debt in Argentina (US dollar denominated) 47.9

Total financial debt(2) 448.1

(-) Cash and cash equivalents 241.3

Net debt 206.9

Q3 2019 Vista consolidated cash flow

$MM

(1) Vista’s LTM Adj. EBITDA

(2) Current borrowings total 70.0 $MM while non current borrowings total $MM 378.2 20

Quarterly leverage ratios as of September 30, 2019(1)

Gross leverage ratio 2.6x

Net leverage ratio 1.2x

Financial overviewSolid financial position

Flat and agile organization led by experienced Oil & Gas team

Susan L. Segal – Independent

Member of the Board of Americas Society / Council of the Americas, the Tinker Foundation, Scotiabank and MercadoLibre, as well as President of the Board of Scotiabank USA

▪ Sarah Lawrence University and MBA from Columbia University

Lean organization led by one of the most experienced O&G teams in the region

22(1) Schlumberger Production Management and Schlumberger Integrated Project Management, business segments of Schlumberger Ltd.

Juan Garoby – Chief Operating Officer

+20 years of E&P and oilfield services experience

▪ Former Interim VP E&P, Head of Drilling and Completions, Head Unconventionals at YPF and former President for YPF Servicios Petroleros (YPF owned drilling contractor)

▪ Prior experience in Baker Hughes and Schlumberger

▪ Petroleum Engineer from Instituto Tecnológico de Buenos Aires

Alejandro Cherñacov – Strategic Planning & Investor Relations Officer

+13 years of LatAm E&P strategy, portfolio management and investor relations experience

▪ Former CFO of small-cap Canada-listed E&P company

▪ Prior experience as Investor Relations Officer at YPF

▪ Masters in Finance from Universidad Di Tella, Strategic Decision & Risk Management Professional Certificate from Stanford, Economics degree from Universidad de Buenos Aires

Pablo Vera Pinto – Chief Financial Officer

+15 years of international business development, consulting and investment banking experience

▪ Former Business Development Director at YPF; board member at Profertil (Agrium-YPF), Dock Sud (Enel-YPF) and Metrogas (YPF)

▪ Prior experience at McKinsey and Credit Suisse

▪ MBA INSEAD; Economics degree from Universidad Di Tella

Chairman and CEO

Miguel Galuccio▪ +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)

▪ Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires

Gastón Remy – Corporate Director

+15 years of energy industry experience

▪ Former president of Dow Argentina and southern region of Latin America

▪ President of the Instituto para el Desarrollo Empresarial de la Argentina (IDEA)

▪ Lawyer from Universidad de Buenos Aires and LLM from University of Columbia

Kenneth Ryan – Non-independent

Partner, Head of Corporate Development, Capital Strategies and Investor Relations at Riverstone in New York

▪ University of Dublin Law School, Trinity College

Mauricio Doehner Cobián – Independent

Executive Vice President of Corporate Affairs & Risk Management at Cemex since 2014

▪ Bachelor’s degree in Economics from Tecnológico de Monterrey, MBA from IESE/IPADE, and a Professional Certificate in Competitive Intelligence by the FULD Academy of Competitive Intelligence in Boston, Massachusetts

Pierre-Jean Sivignon – IndependentAdvisor to the Chairman and CEO of Carrefour Group in Paris until December 2018, where he previously held the position of Deputy CEO, CFO and Member of the Executive Board

▪ French baccalaureate with honors in France and MBA from ESSEC (Ecole Superieure des Sciences Economiques et Commerciales)

Mark Bly – Independent

+30 years of experience in the O&G industry

▪ Occupied various executive positions internationally at BP

▪ Master’s degree in Structural Engineering from the University of California and a Bachelor’s degree in Civil Engineering from the University of California

Board of directors of world class professionalsTop performing executive team

Closing remarks

23

Only “pure-play” Vaca Muerta public investment opportunity

Low-cost and stable conventional operation

Prime Vaca Muerta locations already under development

with solid results

Strong cash flow generation with significant upside potential

Flat and agile organization led by experienced Oil & Gas

team

CU

ST

OM

LA

YO

UT

Unsaved Document / 3/6/2019 / 23:41

Appendix

Funding Aleph Midstream joint-ventureStrategic transaction frees up capital for higher return upstream activities

25

Business case

◼ Aleph is the first midstream player focused on providing gathering, processing, and evacuation services for oil and gas production in the Neuquina basin

◼ History of unconventional play in the United States shows that offloading midstream capital to a third party can allow for a potential more rapid production growth

− Aleph Midstream could allow upstream players to focus on core E&P activities

Transaction Summary

◼ Vista, Riverstone and Southern Cross created an independent midstream company to operate in the Neuquina basin focused on Vaca Muerta shale oil

◼ Vista is expected to contribute a majority of its existing midstream assets to Aleph in exchange for a equity interest of at least 21.6% in the company

◼ Financial Sponsors are expected to contribute up to $160 million to Aleph in exchange for an equity interest in the company of up to 78.4%

◼ Aleph Midstream is managed by an independent management team and its board is chaired by an independent chairman

◼ Aleph Midstream is expected to deploy necessary capital to build additional facilities required to service Vista’s projected increase in oil and gas production

◼ Vista expects to commit and deliver a minimum volume of hydrocarbons to Aleph Midstream at an agreed tariff, plus operational expenses

Funding: capital markets activityRaised $200 million through dual listing in NYSE and two-tranche Argentine bond issuances

26

Vista Argentina raised $50 million in 24-month local bond

issuance and raised additional $50 million in 36-month

subsequent local bond issuance

• 7.88% and 8.50% annual interest rate for the 24-month and

36-month class, respectively

• Bullet at maturity on July 31, 2021 and August 7, 2022

• Quarterly interest payments

Vista closed and settled a global offering of 10,906,257

shares in NYSE and BMV and began trading on the NYSE

• Gross proceeds totaled approximately $ 101 million

• Following the closing of the transaction, Vista’s outstanding

shares reached 86,835,259

• Shares were issued at 9.25 $/share

• After the offering, shares are traded under the ticker VIST in

NYSE

67.559.8

48.7

Q3 2018 Q2 2019 Q3 2019

5.13.8 3.5

Q3 2018 Q2 2019 Q3 2019

116.9 120.4105.4

Q3 2018 Q2 2019 Q3 2019

Crude oil average price$/bbl

Natural gas average price$/MMBtu$MM

Revenues

27

▪ Mainly driven by lower realized

prices▪ During the first half of the quarter

realized prices were 55.5 $/bbl,

impacted by a lower Brent price

and an export parity based

formula

▪ During the second half of the

quarter realized prices were 42.5

$/bbl as a consequence of the

Presidential Decree N°566

▪ Realized prices decreased mainly

due to an over-supplied domestic

gas market and a reduction in the

distribution segment prices

(28)%

(31)%

(10)%

Revenues and pricingProduction growth offset by lower realized prices

26.3

32.528.4

Q3 2018 Q2 2019 Q3 2019

Total Opex$MM

Opex per boe$/boe

11.8 12.2

9.8

Q3 2018 Q2 2019 Q3 2019

(1) Includes crude oil stock fluctuation for 0.3 $MM

28

▪ Decrease in lifting cost versus Q3 2018 mainly driven by shale production ramp-up with minimal incremental cost

and continued right-sizing of operations

▪ Impact of Argentine peso devaluation

+8%(17)%

(1) (1)

OpexStrong y-o-y lifting cost reduction

56.951.5

46.6

Q3 2018 Q2 2019 Q3 2019

Adj. EBITDA(1)

$MM

Adj. EBITDA Margin%

29

49%43% 44%

Q3 2018 Q2 2019 Q3 2019

(1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments

▪ Cost efficiencies supported q-o-q margins, which decreased 10% against 18% drop in Adj. EBITDA

(18)%(10)%

Adjusted EBITDAMaintained margins q-o-q in a low realization price environment

30

Consolidated Balance SheetAmounts expressed in $MM

Consolidated Balance Sheet As of Sept. 30, 2019 As of Dec 31, 2018

Property, plant and equipment 903.0 820.7

Goodwill 28.5 28.5

Other intangible assets 33.4 31.6

Right-of-use assets 9.8 -

Investments in associates 0.1 -

Trade and other receivables 15.9 20.2

Total non-current assets 990.7 901.0

Assets held for sale 7.1 -

Inventories 16.7 18.2

Trade and other receivables 102.6 86.1

Cash, bank balances and other short-

term investments241.3 80.9

Total current assets 367.6 185.1

Total assets 1,358.3 1,086.1

Deferred income tax liabilities 132.1 133.8

Leases liabilities 5.3 -

Provisions 14.7 16.2

Financial liabilities 378.2 294.4

Warrants 2.6 23.7

Employee defined benefit plans

obligations3.4 3.3

Accounts payable and accrued liabilities 0.6 1.0

Total non-current liabilities 536.9 472.4

Liabilities held for sale 1.6 -

Provisions 2.2 4.1

Leases liabilities 4.2 -

Financial liabilities 70.0 10.4

Salaries and social secutiry payable 6.8 6.3

Income tax payable - 22.4

Other taxes and royalties payable 5.3 6.5

Accounts payable and accrued liabilities 85.7 84.3

Total current liabilities 175.8 134.1

Total liabilities 712.7 606.5

Total equity 645.6 479.7

Total liabilities and equity 1,358.3 1,086.0

Adjusted EBITDA(1) reconciliation

Adjusted EBITDA for Q3 2019 was 46.6$MM, with an adjusted

EBITDA margin of 44%

Net Result

Vista recorded a Net Result of 21.5 $MM for the quarter ended September 30th, 2019.

31

Consolidated Income StatementAmounts expressed in $MM

(1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments

Income StatementJul 1, 2019 to

Sep 30, 2019

Jul 1, 2018 to

Sep 30, 2018

Revenues from contract with customers 105.4 116.9

Revenues from crude oil sales 84.7 91.8

Revenues from natural gas sales 19.2 23.3

Revenues from gas liquid gas liquids sales 1.6 1.8

Cost of sales (91.4) (75.8)

Operating expenses (28.4) (26.5)

Crude oil stock fluctuation (2.4) 0.3

Depreciation, depletion and amortization (45.9) (32.4)

Royalties (14.7) (17.1)

Gross profit 14.0 41.1

Selling expenses (6.9) (7.2)

General and administrative expenses (8.3) (9.3)

Exploration expenses 0.3 0.1

Other operating income/expenses, net 1.5 (4.7)

Operating profit (loss) 0.6 20.0

Investments in associates 0.1 -

Interest income 0.4 (1.1)

Interest expense (8.0) (7.2)

Other financial results 22.4 (11.3)

Financial results, net 14.8 (19.7)

Profit (Loss) before income taxes 15.5 0.3

Current income tax benefit (expense) 5.1 (13.3)

Deferred income tax benefit (expense) 0.9 (14.9)

Net Result 21.5 (27.9)

Adjusted EBITDA ReconciliationJul 1, 2019 to

Sep 30, 2019

Jul 1, 2018 to

Sep 30, 2018

Net (loss) / profit for the period 21.5 (27.9)

(+) Income tax expense / (benefit) (6.0) 28.2

(+) Financial results, net (14.8) 19.7

(+) Investments in associates (0.1) -

Operating profit (loss) 0.6 20.0

(+) Depreciation 45.9 32.4

(+) Restructuring expenses - 4.5

(+) Other adjustments - -

Adjusted EBITDA(1) 46.6 56.9

Adjusted EBITDA Margin (%) 44% 49%

Vista’s existing facilitiesFacilities capacity in place allow for initial development phase startup

32

Entre Lomas (EL) Capacity

Oil treatment

plant

~25

Mbbl/d

Gas processing

(LPG-HRU)

~45

Mscf/d

Water treatment

plant

~80

Mbbl/d

Medanito / Jaguel de los

Machos (MED-JDM)Capacity

Oil treatment plant ~19

Mbbl/d

Water treatment plant ~70

Mbbl/d

Vista holds enough treatment and transportation capacity to increase oil production to ~32Mboe/d with minimal investments in facilities

TGS/TGN & OldelvalPipelines

Oil treatmentplant (OTP)

Water & effluenttreatment

Gas processing(LPG – HRU)

Battery

CrudeConditioningPlant (PTC)

Salt Water Injection Plant (PIAS)

Battery

Satellites

Lease automated custodytransfer

(LACT) unit

EL

MED - JDM

Coirón Amargo

Sur Oeste

Bajada del

Palo OesteBajada del

Palo Este

Agua Amarga

Coirón

Amargo

Norte

Entre Lomas

Jaguel de los Machos

25 de Mayo Medanito

PIAS

1BP

2BMo

2EL

1LO

4PB

6PB

7PB8PB

s1BMo

sChdPS

LPG-HRUULACT

4CB

7

PIAS

PTC

s1LO

1EC

6CB

3CB

2CB

4PB

1EL

s2EL

sLPi

s1BoMo2sBP

s1BP

s5CB

5

5

N2N1

Oil Facilities

Gas Facilities

These assets will be contributed to Aleph Midstream in exchange for an equity interest in the company (next slide)

33

Mexican assets overviewFirst steps towards platform regionalization

C

AB

Key facts Background / development strategyLocation

TM-01

◼ State: Veracruz

◼ Net area: 8,944 acres(1)

◼ Fluid: Oil

◼ Fields: 3

◼ 3D Seismic coverage

◼ Wells Drilled: 40

◼ Lithology: Reef limestone

◼ 3Q19 net production: 0.0 Mboe/d(1)

◼ Quick production with workovers in existing wells and new drilling in Abra, Tamabra and San Andrés formations

◼ Exploration potential in underexploited, shallower sandstone reservoirs

◼ Upside through EOR implementation and facilities upgrades

C

CS-01

◼ State: Tabasco

◼ Net area: 11,758 acres(1)

◼ Fluid: Oil and Condensate

◼ Fields: 2

◼ Wells Drilled: 50

◼ Lithology: Sandstone

◼ 3Q19 net production: 0.2 Mboe/d(1)

◼ Incremental production through workover activities and new drilling prospects to produce undeveloped reserves at upper Zargazal and Amate formations which have original pressure and hydrocarbon saturation

◼ Future upside will come from field redevelopments, infrastructure upgrades and exploration of untested deeper formations

A

A-10

◼ State: Tabasco

◼ Net area: 42,915 acres(1)

◼ Fluid: Gas

◼ Fields: 4

◼ Drilled Wells: 19

◼ Lithology: Coarse Grained Sands

◼ 3Q19 net production: 0.2 Mboe/d(1)

◼ 13 wells have been drilled supporting assessment potential

◼ Exploratory area with gas potential in AmateFormation

◼ Tepetitán Field (Pemex) is used as analogous

B

Operator

Vista

Vista

Jaguar

(1) At Vista’s 50% working interest.