Investor Presentation As of September 2016 1 Important Notice - PowerPoint PPT Presentation

Investor Presentation As of September 2016 1

Important Notice Safe harbor statement under the US Private Securities Litigation Reform Act of 1995. This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF’s control or may be difficult to predict. YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in “Item 3. Key Information — Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2015 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur. Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise. 2

Agenda 1 Company Overview 2 Upstream and Downstream 3 Financial Results Conclusions 4 3

Corporate Governance Shareholder structure Board composition Chairman of the Board Argentine government Other Members Mr. Gutiérrez Argentine government “Series A” Mr. Monti 48.99% Mr. Rodriguez Simón Shares Class A Free float Mr. Bruno Mr. Apud (*) Mr. Donnini Mr. Di Pierro 51.0% Mr. Vaquié Mr. Isasmendi Mr. Kokogian Mr. Frigerio Mr. Domenech Mr. Felices Mr. Montamat Mrs. Leopoldo 0.01% Audit Comitee Compliance Comitee Mr. Felices (President), Mr. Montamat, Mr. Mr. Rodriguez Simon (President), Mr. Markets Domenech, Mr. Apud and Ms. Leopoldo Apud, Mr. Frigerio and Ms. Leopoldo Appointments and Risk and Sustainability YPF YPFD Remuneration Committee Committee Mr. Montamat (President), Mr. Monti, Mr. Mr. Monti (President), Mr. Di Piero, Mr. Ratings Felices, Mr. Rodriguez Simón and Mr. Kokogian, Mr. Vaquie and Mr Bruno Kokogian B B3 New CEO (as of July 2016) AA (Arg) N/A (Arg) Mr. Ricardo Darré 4

Leading Integrated Energy Co. in Argentina Exploration • Production 7 : 247,8 Kbbl/d of oil, 52,5 Kbbl/d of NGL and 44,4 Mm3/d of natural gas Revenues LTM 1 and production • Proved Reserves 3 4 in 2015: 679 mm bbl of liquids and 547 mm boe of gas US$ 14,764 mm • Unique unconventional opportunities: Vaca Muerta, Lajas, Pozo D-129 Downstream - • Total refining Capacity: 320 Kbbl/d 4 5 (more than 50% 4 of Argentina’s total capacity) refining and • High level of conversion and complexity Adj. EBITDA LTM 1 2 logistics • Nearly 2,700 km 4 of crude oil and 1,801 km 4 of refined products pipeline US$ 4,202 mm Downstream - • The petrochemical business is integrated with the rest of the production chain petrochemicals • Output Capacity: 2.2 4 mm ton per annum Net income LTM 1 Downstream - • The country’s leading company in fuel marketing (56% 7 market share in diesel and gasoline) US$ -2, 179 mm marketing • 1,538 4 6 service stations • MEGA: Liquids separation and a fractioning plant Employees 4 Major Affiliates • Metrogas : Largest local gas distribution company 22,025 • Refinor: Refining, transportation and marketing of refined products • Profertil: Fertilizer producer (urea and ammonia) • AESA: Engineering, manufacturing, construction, operating and maintenance services to power and energy companies (1)YPF financial statements values in IFRS converted to US$ using average FX of each period including net impairment of property, plant & equipment of US$1.5 billion (2) Adjusted EBITDA = Net income attributable to shareholders + Net income for non controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of property, plant & equipment+ Amortization of intangible assets + Unproductive exploratory drillings + Impairment of property, plant equipment. (3) Includes oil, condensates and liquids; converted using 1 boe = 5.615 mmcf of gas as per 20-F 2015. (4) As per 20-F 2015 (5) Does not includes 5 5 50% of Refinor (13 kbbl/d). (6) Excludes 69 Refinor service stations. (7) Q3 LTM 2016

Leading Argentine O&G Company Upstream Downstream Market Share Breakdown (%) Market Share Breakdown (%) Crude Processing 3 No. of Gas Stations 3 Oil Others Production 1 18% Others: 2% Others 4% 46% 5% 4% 28% 5% 35% 56% 4% 16% 5% 6% 6% 19% 16% 14% 11% Gasoline 2 Diesel 2 Others Gas 14% Others Others Production 1 42% 3% 6% 7% 6% 5% 7% 15% 55% 56% 15% 9% 9% 19% 15% 17% Source: IAPG Cumulative Jan – Sep 2016 (1) Cumulative Jan – Sep 2016 (2) (3) As of December 2015 6

Integrated Across Value Chain Oil Domestic market Purchases Domestic 92% business 76% Domestic prices (gasoline, diesel) market 24% International prices (bunker, jet fuel, petrochemicals, lubricants, LPG and others) Production Refining Exports 248 Kbbl/d 292 Kbbl/d 8% International prices (naphtha, LPG, jet fuel, petrochemicals, fuel oil, soybean oil and meal and others) Natural gas 52% 24% Residential Power business + CNG plants Upstream Domestic market 44 mm m 3 /d 24% Industrial Production figures as of Q3 LTM 2016 Natural Gas busisness sales breakdown for the year 2015 7

Agenda Company Overview 1 2 Upstream and Downstream 3 Financial Results Conclusions 4 8

Upstream - Significant Potential with Leading Market Position YPF has 110 concessions in the most productive Argentine basins Cuyana (total reserves 1P: 1,226 mm boe) and 50 exploration blocks Proved reserves: 59 mm boe in the country % liquids: 98% % gas: 2% Production: 7.7 mm boe 2015 Neuquina Proved reserves 1 Production share 2 Proved reserves: 735 mm boe % liquids: 43% % gas: 57% Noroeste Production: 138.9 mm boe Chevron Others Gas 2 % 10% Proved reserves: 37 mm boe % liquids: 12% 45% Tecpetrol 3% % gas: 88% Production: 7.6 mm boe Sinopec 3% Golfo San Jorge YPF Proved reserves: 315 mm boe 44% Pluspetrol 3% % liquids: 87% % gas: 13% Production: 45.6 mm boe Petrobras 5% Austral Liquids Proved reserves: 78 mm boe Pan American Wintershall % liquids: 22% 18% 6% 55% % gas: 78% Total Austral Production: 10.2 mm boe 6 % Total: 1,226 mm boe Total: 357.8 mm boe Source: Company data 2015 Source: IAPG, as of September 2016 (1) Includes international reserves of 2.3 MBOE – (2) As of September 2016. 9

Recent Performance: Strong Emphasis in Production Increase Reverted downward trend in production seen in recent years Crude oil production (kbbl/d) Natural gas production (Mm 3 /d) +33% +10% (vs. 2012 ) (vs. 2012 ) 256.8 46.9 249.7 44.4 44.2 247.8 244.9 244.6 42.4 41.3 240.9 38.1 232.3 34.2 33.9 227.4 33.4 222.6 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016 10