YPF Sociedad Anónima : 2Q22 Earnings Webcast Presentation

2nd QUARTER 2022

EARNINGS WEBCAST

AUGUST 11TH, 2022

IMPORTANT NOTICE

Safe harbor statement under the U.S. Private Securities Litigation Reform Act of 1995 (the "Private Securities Litigation Reform Act").

This document contains statements that YPF believes constitute forward-looking statements under within the meaning of the Private Securities Litigation Reform Act.

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, 2021, filed with the U.S. Securities and Exchange Commission (the "SEC"). 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 to sell or the solicitation of any offer to buy any securities of YPF S.A. in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the SEC or an exemption from such registration.

Cautionary Note to U.S. Investors - The United States SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this presentation, such as resources, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-12102 available on the SEC website www.sec.gov.

Our estimates of EURs, included in our Development Costs, are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited history. Actual locations drilled and quantities that may be ultimately recovered from our concessions will differ substantially. Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions and the impact of future oil and gas pricing.

Unless otherwise indicated, the calculation of the main financial figures in U.S. dollars is derived from the calculation of the consolidated financial results expressed in Argentine pesos using the average exchange rate for each period. From 1Q 2019 onwards, the calculation of the main financial figures in U.S. dollars is derived from the sum of: (1) YPF S.A. individual financial results expressed in Argentine pesos divided by the average exchange rate of the period and (2) the financial results of YPF S.A.'s subsidiaries expressed in Argentine pesos divided by the exchange rate at the end of period.

2

MAIN HIGHLIGHTS

PRODUCTION Adj. EBITDA (1) NET INCOME

BOE/D	US$	US$
504k	1,500mn	798mn
Flat Q/Q	+54% Q/Q	+3.2x Q/Q
+9% Y/Y
+38% Y/Y	n.m. Y/Y

CAPEX

US$

932mn

+25% Q/Q

+61% Y/Y

	2Q 2022
FCF (2)		NET DEBT
US$		US$
310mn		5,843mn
-21% Q/Q		(US$70mn) Q/Q
Flat Y/Y		(US$656mn) Y/Y

1. Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects +/- one-off items.
2. FCF = Cash flow from Operations less capex (investing activities), M&A (investing activities), and interest and leasing payments (financing activities).

3

INTER-ANNUAL PRODUCTION GROWTH REMAINED STRONG, LED BY SHALE OPERATIONS

TOTAL PRODUCTION	+9%		Crude Oil		Natural Gas		NGL
KBOE/D

461		506						504
214		240						237
							+1.4%
210		222						225
		2Q21			1Q22							2Q22
	LIFTING COST						Lifting Cost		Lifting Cost- Core Hub
	US$/bbl
						+21%			-2%			13.3
				11.7
11.0
3.6				3.7			3.5
		2Q21			1Q22		2Q22

			TOTAL PRODUCTION BREAKDOWN			Tight		Shale			Conventional
	KBOE/D						+62% Y/Y
506					+1.4																					504
10%																											9%
								-1.3					-2.2
						38%																	39%
														-9% Y/Y				-11% Y/Y
52%																											52%
						1Q22					Shale		Conventional				Tight			2Q22
			YPF O&G AVERAGE														Crude Oil (US$/BBL)
			REALIZATION PRICES														Natural Gas (US$/MMBTU)
70,0																															65.1	5,7
																58.9																		5,2
60,0					51.6
																																	4,7
50,0					3.8																						3.9
																													4,2
																3.1																		3,7
40,0
																																					3,2
30,0
																																					2,7
20,0																																		2,2
								2Q21							1Q22								2Q22	4

OUR FOCUS IN OPERATING EFFICIENCIES IN VACA MUERTA CONTINUED RENDERING VERY POSITIVE RESULTS

UNCONVENTIONAL HORIZONTAL WELLS(1)			(1) Operated wells.	NET SHALE PRODUCTION							Shale Oil		Shale Gas
		Completed Horizontal Wells
# of Wells					KBBL/D & KBOE/D					+48%		+81%
				Drilled Horizontal Wells
		38		38		96	97
		29	29		70		74
21	22
			50	54

2Q21	1Q22	2Q22	2Q21	1Q22	2Q22

DRILLING SPEED (1)	(1) Calculated as the
	average drilling speed
Meters/Day	per well

+59%

FRAC SPEED			CORE HUB - DEVELOPMENT COST (2)
# Stages/Set per month	+36%		US$/BOE		-19%
		(2) These values are subject to variation according to the best
		estimate of the EUR of the connected wells during the period.
		The values for the past including herein have
		been restated according with recent EUR estimations.

220

156

248

		201	8.7
148	163				7.4			7.1

2Q21	1Q22	2Q22	2Q21	1Q22	2Q22	2Q21	1Q22	2Q22	5