YPF SA : Q2 2013 Results Press Release

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF THESECOND QUARTER 2013

· Ordinary revenues for Q2 2013 were ARS 21,941 million, a 36.4% increase compared to Q2 2012.

· Recurring operating income for Q2 2013 was 18.6% higher than same period in 2012 to reach ARS 2,218 million.

· Recurring EBITDA for Q2 2013 was ARS 5,765 million, a 40% increase.

· Recurring net income for Q2 2013 was ARS 1,091 million, a 30.9% increase compared to same period in 2012.

· Investment in fixed assets for the second quarter of 2013 was ARS 6,510 million, a 90.8% increase compared to Q2 2012 investments of ARS 3,412 million.

· During Q2 2013, crude oil production increased by 0.4% compared to Q2 2012, to reach 228.2 Kbbld, while natural gas production was 33.0 Mm3d, a 3.2% decrease compared to Q2 2012. It should be noted that the downward trend in production seen in recent years continues to revert, as evidenced when comparing current crude oil production to immediately preceding quarter, which shows a daily average growth by 0.8% (+1.9 Kbbld) and 5.1% ( +1.6 Mm3d) respectively

· In the Downstream business, during Q2 2013, the processing level was 76%, a 15.9% decrease compared to Q2 2012 due to La Plata refinery incident.

In order to reflect the business evolution net of non recurring and significant events taking place during Q2 2013, the category 'recurring results' does not include the impact of the ARS 855 million provision on assets relating to claims arising from certain gas export and transportation contracts with Brazil cancelled in 2009, in respect of which a partial award was issued by the Arbitral Tribunal of the International Chamber Commerce against YPF, which the Company will continue to appeal. Recurring operating income for Q2 2013 was ARS 2,218 million, 18.6% higher than that for same period in 2012, mainly due to the fact that stronger sales, measured in terms of volume as well as price, from our main products exceed increases in production costs. Positive results were achieved in spite of the economic impact of unprecedented storms affecting the La Plata refinery that crippled both physical assets and operating margins in our Downstream business segment. Ordinary income in the second quarter of 2013 was ARS 21,941 million, a 36.4% increase compared to Q2 2012. This increase was driven mainly by a rise in income from sales of liquid fuel in the domestic market as a consequence of higher volumes sold (increases of 14.6% in gasoline and 4.4% in diesel) and higher prices (increases of 29.1% in gasoline and 22.9% in diesel). Also, it is important to mention the positive impact of higher income from natural gas for ARS 1,239 million as a consequence of the implementation of the Incentive Scheme for Additional Injection of Natural Gas and the adjustment of the Argentine peso-denominated average price for the CNG and industries segments. As for exports, the sale of 1.99 MBbl of ARS 1,029 million in the current quarter is worth mentioning considering availability and lower processing capacity at La Plata refinery, as aforementioned, while no exports were recorded in 2012. Costs of sales for Q2 2013 increased by 36.8% compared to Q2 2012. Purchases increased by 44.0% compared to Q2 2012 mainly as a consequence of the rise in volumes of gasoil, gasoline and JP1 imported in order to meet our demand despite the incident affecting La Plata refinery. In turn, other costs of sales increased by 31.7%, mainly due to higher expenses relating to service outsourcing, equipment and facilities rental in addition to substantially higher crude oil royalties paid (as a consequence of higher wellhead prices in pesos), higher amortization relating to higher investment activity and, to a lesser extent, increased payroll expenses. Recurring net income for the period was ARS 1.091 million, 30.9% higher compared to Q2 2012. Total investment in fixed assets for the quarter was ARS 6,510 million, 90.8% higher than Q2 2012. This increased investment stems from a boost in Upstream development activities, mainly in unconventional areas, and advances in the set of projects in our Downstream segment.