YPF Sociedad Anónima : Conference Highlights September 2021

RECENT HIGHLIGHTS

SEPTEMBER, 2021

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, 2020 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

01

Profitability recovery continues, being well on track to meet the upper range of our guidance for FY21 of US$3.5 billion (+/- 5%), with some risk to the upside, after reaching US$1.9 billion during 1H21 (more than doubling y/y and being just 6% below 1H19).

F.O.B REFINERY / TERMINAL PRICE(1)	(1) Net of commissions, deductions,
freights, turnover tax and other taxes.
US$/BBL
94
86	84	85	86	85

75

69 66 68

2018

2019

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

Jul-21

Aug-21

ADJUTED EBITDA

In Million of US$			+2%
-6%	3,607	3,675
	-3% 3,500

1,970

1,851

1H19

1H21

2019

2021E

02

Benefiting from the rally in international prices and a gradual normalization in fuel margins in the local market, although navigating an unstable equilibrium with fuel prices still 10-20%below IP, impacting local crude prices which are negotiated between producers and refiners at about -20%vs. EP.

03

Demand for our main refined products has recovered faster than expected. After the setback produced by temporary restrictions (May-June),local gasoline and diesel demand recovered to -6%and +2% vs. 2019 levels (average for July and August).

TOTAL PRODUCTION			Crude Oil		Natural Gas		NGL
KBOE/D

514	467		461	490	495
	437
		+6%	+6%	+1%

2019

2020

1Q21

2Q21

Jul-21

Aug-21

DOMESTIC GASOLINE & DIESEL SALES VERSUS 2019

%

		2Q20	3Q20	4Q20	Jan-21			Feb-21			Mar-21	Apr-21	May-21	Jun-21		Jul-21		Aug-21
														2%						4%	6%
					-5%	-11%	-3%		-8%-6%	-6%	-5%		-7%-5%-2%
-20%			-11%	-9%	-12%			-17%
-20%
									-25%
-37%												Gasoline		Diesel
-54%

04

Resumed production growth, with an expansion of 17% between 4Q20 and August 2021 on higher output for both oil and gas (+5% and +14% respectively). We have focused activity in unconventional areas with shale output jumping 90% (+27% in our shale oil core hub and +171% in our operated shale gas areas).

05			OPEX(1)			(1) Operating costs + other expenses, excluding purchases and stock
				variations, royalties and taxes, other operating results, holding results,
			In Million of US$			depreciation and amortization, and unproductive exploratory drillings.
Largely	maintaining the efficiencies			2,378	-21%
				1,876
gained through our company-wide
cost-cutting plan. OPEX(1) for 1H21 was
21% below 2019 levels but macro	1,228	1,150			1,015
variables	(inflation/devaluation)	are				861
testing our ability to keep costs in dollar-
terms under control.
			1Q19	2Q19	1H19	1Q21	2Q21	1H21
CONSOLIDATED PRINCIPAL DEBT AMORTIZATION SCHEDULE (2)	06

In Million of US$

(2) As of June 30, 2021, converted to US$

Int. Bonds

using the exchange rate of AR$95.62 to

6,038

Very manageable financial commitments

US$1.00. Excludes IFRS 16 effects.

Local Bonds

in the short-term as 2021 maturities have

Foreign Bank Loans

Foreign Trade Fin.

already been pre-funded and we project a

Local Bank Loans & Trade Fin. 565

cash-flow neutral scenario for 2022. For

2022, financial

maturities

are close

to

198

228

138

US$800 million

while cash

interests

are

70

estimated at around US$500 million.

42

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

2023+