May 20, 2020

Dear Contango Oil & Gas Company Shareowner:

Vote AGAINST Re-election of John C. Goff, B.A. Berilgen and Lon McCain

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At the June 8, 2020 Contango Oil & Gas Company Annual General Meeting CalPERS will be voting AGAINST John C. Goff (Board Chair), B.A. Berilgen and Lon McCain (Nominating Committee members) who are standing for re-election at the company’s 2020 Annual General Meeting. As of record date April 17, 2020, CalPERS owned approximately 101,000 shares of Contango Oil & Gas Company common stock. As a long-term shareowner of the company, we believe these three board members have demonstrated a lack of responsiveness to multiple CalPERS shareowner engagement requests to address board composition related to diversity.

CalPERS Governance & Sustainability Principles Advocate for Board Diversity

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Consistent with the CalPERS Governance & Sustainability Principles¹ we believe the board should facilitate a process that ensures a thorough understanding of the diverse characteristics necessary to effectively oversee management's execution of a long-term business strategy. Specifically, board diversity should be thought of in terms of skill sets, gender, age, nationality, race, sexual orientation, gender identity, and historically under-represented groups. Consideration should go beyond the traditional notion of diversity to include a more broad range of experience, thoughts, perspectives, and competencies to help enable effective board leadership.

Growing Evidence Diversity is Good for Business Performance

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The 2015 McKinsey & Co. study, “Why Diversity Matters,” shows that companies in the top quartile for gender diversity and racial and ethnic diversity are respectively 15% and 35% more likely to have financial returns above their respective national industry median, while those in the bottom quartile are less likely to do so.² Another report from McKinsey titled “Delivering Through Diversity” shows that companies in the top-quartile for gender diversity on executive teams were 21% more likely to outperform on profitability and 27% more likely to have superior value creation than companies in the fourth quartile. For ethnic/cultural diversity, top-quartile companies were 33% more likely to outperform on profitability.³

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Hold Directors Accountable for Not Engaging with Shareholders

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CalPERS believes Board Chair John C. Goff and Nominating Committee members, B.A. Berilgen and Lon McCain, participate in the consideration of director nominees. These three directors can play a major role in identifying and recruiting diverse qualified directors in the director selection process. These three board members should be held accountable for repeatedly ignoring our shareowner engagements on board diversity. Shareowner engagement can strengthen oversight of companies and can be beneficial for the company and its shareowners.

Governance Concerns at Contango Oil & Gas Company

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In addition to our request to vote AGAINST John C. Goff, B.A. Berilgen and Lon McCain, we would like to highlight the following governance concerns at the company:

Accountability Concerns at Contango Oil & Gas Company – Vote AGAINST Re-election of John C. Goff, B.A. Berilgen and Lon McCain

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We believe Board Chair John C. Goff and Nominating Committee members, B.A. Berilgen and Lon McCain, should be held accountable for demonstrating a lack of board responsiveness to shareowners’ concerns and engagement efforts on board diversity issues. Please vote AGAINST the re-election of these three board members.

Thank you for your support.

Sincerely,

Simiso Nzima

Investment Director, Global Equity

CalPERS Investment Office

PLEASE NOTE: The cost of this solicitation is being borne entirely by CalPERS and is being done through the use of the mail and telephone communication. CalPERS is not asking for your proxy card.  Please do not send us your proxy card.