YPF Sociedad Anónima : Financial Statements 06-30-2020

August 18, 2020 at 08:41 am EDT

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission ("CNV"). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT

NoteDescription

Glossary of terms ...................................................................................................................................................

Legal Information....................................................................................................................................................

Condensed interim consolidated statements of financial position ...................................................................

Condensed interim consolidated statements of comprehensive income .......................................................

Condensed interim consolidated statements of changes in shareholders' equity.........................................

Condensed interim consolidated statements of cash flow................................................................................

Notes to the condensed interim consolidated financial statements:

General information, structure and organization of the business of the Group .............................................
Basis of preparation of the condensed interim consolidated financial statements........................................
Seasonality of operations ......................................................................................................................................
Acquisitions and dispositions................................................................................................................................
Financial risk management ...................................................................................................................................
Segment information ..............................................................................................................................................
Financial instruments by category........................................................................................................................
Intangible assets.....................................................................................................................................................
Property, plant and equipment .............................................................................................................................

Right-of-useassets ................................................................................................................................................
Investments in associates and joint ventures .....................................................................................................
Inventories ...............................................................................................................................................................
Other receivables ...................................................................................................................................................
Trade receivables ...................................................................................................................................................
Cash and cash equivalents ...................................................................................................................................
Provisions ................................................................................................................................................................
Income Tax..............................................................................................................................................................
Taxes payable.........................................................................................................................................................
Salaries and social security...................................................................................................................................
Lease liabilities........................................................................................................................................................
Loans........................................................................................................................................................................
Other liabilities ........................................................................................................................................................
Accounts payable ...................................................................................................................................................
Revenues.................................................................................................................................................................
Costs ........................................................................................................................................................................
Expenses by nature ...............................................................................................................................................
Other net operating results....................................................................................................................................
Net financial results ................................................................................................................................................
Investments in joint operations .............................................................................................................................
Shareholders' equity ..............................................................................................................................................
Earnings per share .................................................................................................................................................
Issues related to Maxus Entities...........................................................................................................................
Contingent assets and contingent liabilities........................................................................................................
Contractual commitments......................................................................................................................................
Main regulations and others..................................................................................................................................
Balances and transactions with related parties ..................................................................................................
Employee benefit plans and similar obligations .................................................................................................
Assets and liabilities in currencies other than the Peso....................................................................................
Subsequent events.................................................................................................................................................

Page

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS

Term		Definition
ADR		American Depositary Receipt
ADS		American Depositary Share
AESA		Subsidiary A-Evangelista S.A.
AFIP		Argentine Tax Authority
ANSES		National Administration of Social Security
ASC		Accounting Standards Codification
Associate		Company over which YPF has significant influence as provided for in IAS 28
BCRA		Central Bank of the Argentine Republic
BNA		Banco de la Nación Argentina
BO		Official Gazette of the Argentine Republic
BONAR		Argentine Treasury Bonds
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CDS		Associate Central Dock Sud S.A.
CGU		Cash-Generating Units
CIMSA		Subsidiary Compañía de Inversiones Mineras S.A.
CNDC		Argentine Antitrust Authority
CNV		Argentine Securities Commission
CPI		Consumer Price Index
CSJN		Argentine Supreme Court
CT Barragán		Joint venture CT Barragán S.A.
DOP		Deliver or pay
Eleran		Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine National Gas Regulatory Authority
FACPCE		Argentine Federation of Professional Councils in Economic Sciences
FASB		Financial Accounting Standards Board
FOB		Free on Board
Group		YPF and its subsidiaries
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IEASA (former ENARSA)		Integración Energética Argentina S.A. (former Energía Argentina S.A.)
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
IIBB		Turnover tax
INDEC		National Institute of Statistics and Census
IWPI		Internal Wholesale Price Index
Joint venture		Company jointly owned by YPF as provided for in IFRS 11
JO		Joint operation
LGS		Argentine General Corporations Law No. 19,550 (T.O. 1984), as amended
LNG		Liquified natural gas
LPG		Liquefied Petroleum Gas
MEGA		Joint Venture Company Mega S.A.
MEGSA		Mercado Electrónico del Gas S.A.
Metroenergía		Subsidiary Metroenergía S.A.
Metrogas		Subsidiary Metrogas S.A.
MINEM		Former Ministry of Energy and Mining (Ministerio de Energía y Minería)
MMBtu		Million British thermal units
NO		Negotiable Obligations
Oiltanking		Associate Oiltanking Ebytem S.A.
Oldelval		Associate Oleoductos del Valle S.A.
OLCLP		Joint Venture Oleoducto Loma Campana - Lago Pellegrini S.A.
OPESSA		Subsidiary Operadora de Estaciones de Servicios S.A.
OTA		Associate Oleoducto Trasandino (Argentina) S.A.
OTC		Associate Oleoducto Trasandino (Chile) S.A.
PEN		National Executive Branch
Peso		Argentine Peso
Profertil		Joint Venture Profertil S.A.
Refinor		Joint Venture Refinería del Norte S.A.
RTI		Integral Tariff Review
SE		Secretariat of Energy
SEC		U.S. Securities and Exchange Commission
SGE		Government Secretariat of Energy
Subsidiary		Company controlled by YPF in accordance with the provisions of IFRS 10
Termap		Associate Terminales Marítimas Patagónicas S.A.
TSEP		Transportation system entry point
UHaF		Under-Secretariat of Hydrocarbons and Fuels
UNG		Unaccounted Natural Gas
US$		U.S. dollar
US$/Bbl		U.S. dollar per barrel
VAT		Value Added Tax
Y-GEN I		Joint venture Y-GEN Eléctrica S.A.U.
Y-GEN II		Joint venture Y-GEN Eléctrica II S.A.U.
YPF Brasil		Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda.
YPF Chile		Subsidiary YPF Chile S.A.
YPF EE		Joint venture YPF Energía Eléctrica S.A.
YPF Gas		Associate YPF Gas S.A.
YPF Holdings		Subsidiary YPF Holdings, Inc.
YPF International		Subsidiary YPF International S.A.
YPF or the Company		YPF Sociedad Anónima
YPF Ventures		Subsidiary YPF Ventures S.A.U.
YTEC		Subsidiary YPF Tecnología S.A.
WEM		Wholesale Electricity Market

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina

Fiscal year number 44

Beginning on January 1, 2020

Principal business of the Company

The Company's purpose shall be to perform, on its own, through third parties or in association with third parties, the study, exploration, development and production of oil, natural gas and other minerals and refining, marketing and distribution of oil and petroleum products and direct and indirect petroleum derivatives, including petrochemicals, chemicals, including those derived from hydrocarbons, and non-fossil fuels, biofuels and their components, as well as production of electric power from hydrocarbons, through which it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company's purpose to render, directly, through a subsidiary or in association with third parties, telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its objective. In order to fulfill these objectives, the Company may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry

Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume "A", Sociedades Anónimas, with the Public Registry of Buenos Aires City, in charge of the Argentine Registrar of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5109, Book 113, Volume "A", Sociedades Anónimas, with the above mentioned Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

April 29, 2016 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on December 21, 2016 under No. 25,244, Book 82 of Corporations.

Capital structure

393,312,793 shares of common stock, Pesos 10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in Pesos)

3,933,127,930

GUILLERMO EMILIO NIELSEN

President

English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission ("CNV"). In case of discrepancy, the financial statements filed with the CNV prevail over this translation

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2020 AND DECEMBER 31, 2019 (UNAUDITED)

(Amounts expressed in millions of Pesos)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
			June 30,	December 31,
	Notes	2020	2019
ASSETS
Noncurrent Assets
Intangible assets................................................................................................	8	42,868	37,179
Property, plant and equipment ...........................................................................	9	1,144,901	1,069,011
Right-of-use assets............................................................................................	10	62,330	61,391
Investments in associates and joint ventures .....................................................	11	81,190	67,590
Deferred income tax assets, net ........................................................................	17	2,332	1,583
Other receivables ..............................................................................................	13	11,305	11,789
Trade receivables ..............................................................................................	14		5,258	15,325
Total noncurrent assets ..................................................................................		1,350,184	1,263,868
Current Assets

Inventories.........................................................................................................	12	101,284	80,479
Contract assets..................................................................................................	24	442	203
Other receivables ..............................................................................................	13	32,543	36,192
Trade receivables ..............................................................................................	14	100,978	118,077
Investment in financial assets ............................................................................	7	8,119	8,370
Cash and cash equivalents................................................................................	15		83,541	66,100
Total current assets.........................................................................................			326,907	309,421
TOTAL ASSETS ...............................................................................................		1,677,091	1,573,289
SHAREHOLDERS' EQUITY

Shareholders' contributions ...............................................................................		10,861	10,572
Reserves, other comprehensive income and retained earnings .........................			551,836	531,977
Shareholders' equity attributable to shareholders of the parent company			562,697	542,549
Non-controlling interest......................................................................................			6,012	5,550
TOTAL SHAREHOLDERS' EQUITY.................................................................		568,709	548,099
LIABILITIES
Noncurrent Liabilities
Provisions..........................................................................................................	16	172,804	144,768
Deferred income tax liabilities, net .....................................................................	17	96,294	97,231
Contract liabilities ..............................................................................................	24	-	294
Income tax liability .............................................................................................	17	2,917	3,387
Taxes payable ...................................................................................................	18	239	1,428
Lease liabilities ..................................................................................................	20	41,511	40,391
Loans ................................................................................................................	21	415,576	419,651
Other liabilities ...................................................................................................	22	757	703
Accounts payable ..............................................................................................	23		2,467	2,465
Total noncurrent liabilities ..............................................................................		732,565	710,318
Current Liabilities
Provisions..........................................................................................................	16	6,250	5,460
Contract liabilities ..............................................................................................	24	6,085	7,404
Income tax liability .............................................................................................	17	1,344	1,964
Taxes payable ...................................................................................................	18	13,851	11,437
Salaries and social security ...............................................................................	19	9,300	10,204
Lease liabilities ..................................................................................................	20	24,925	21,389
Loans ................................................................................................................	21	195,824	107,109
Other liabilities ...................................................................................................	22	1,495	1,310
Accounts payable ..............................................................................................	23		116,743	148,595
Total current liabilities ....................................................................................			375,817	314,872
TOTAL LIABILITIES .........................................................................................			1,108,382	1,025,190
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ...................................		1,677,091	1,573,289

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

GUILLERMO EMILIO NIELSEN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH AND THREE-MONTH PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)

(Amounts expressed in millions of Pesos, except per share information, expressed in Pesos)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
			For the six-month period		For the three-month
			ended June 30,		period ended June 30,
	Notes	2020	2019	2020	2019
Net income
Revenues .......................................................................................	24		308,228	291,236	133,558	160,329
Costs ..............................................................................................	25		(292,736)		(238,965)		(146,822)		(134,211)
Gross profit / (loss).......................................................................			15,492		52,271		(13,264)		26,118
Selling expenses ............................................................................	26		(37,044)	(21,037)	(23,168)	(11,217)
Administrative expenses .................................................................	26		(14,132)	(10,524)	(7,383)	(5,756)
Exploration expenses .....................................................................	26		(856)	(2,577)	(140)	(1,056)
Impairment of property, plant and equipment ..................................	9		(57,429)	-	(57,429)	-
Other net operating results .............................................................	27		15,323		(334)		7,940		(921)
Operating (loss) / profit ................................................................			(78,646)		17,799		(93,444)		7,168
Income from equity interests in associates and joint ventures .........	11		3,720	3,514	2,300	1,955
Financial income.............................................................................	28		51,623	19,802	30,817	(5,541)
Financial loss..................................................................................	28		(67,814)	(30,663)	(37,680)	(10,666)
Other financial results .....................................................................	28		10,782		4,442		12,075		1,765
Net financial results ........................................................................	28		(5,409)		(6,419)		5,212		(14,442)
Net (loss) / profit before income tax ............................................
		(80,335)		14,894		(85,932)		(5,319)
Income tax......................................................................................	17		1,638	(25,374)	884	2,992
Net loss for the period..................................................................
		(78,697)	(10,480)	(85,048)	(2,327)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation differences from subsidiaries, associates and joint
ventures .........................................................................................			(4,090)	(1,560)	(2,277)	431
Result from net monetary position in subsidiaries, associates and
joint ventures (1)...............................................................................			3,762	4,343	1,568	2,002
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF....................................................			99,346		48,127		56,453		(7,860)
Other comprehensive income / (loss) for the period..................			99,018	50,910	55,744	(5,427)
Total comprehensive income / (loss) for the period...................
		20,321	40,430	(29,304)	(7,754)
Net profit / (loss) for the period attributable to:
Shareholders of the parent company ..............................................			(78,418)	(10,869)	(84,630)	(2,684)
Non-controlling interest...................................................................			(279)	389	(418)	357
Other comprehensive income for the period attributable to:
Shareholders of the parent company ..............................................			98,277	50,067	55,429	(5,795)
Non-controlling interest...................................................................			741	843	315	368
Total comprehensive income / (loss) for the period
attributable to:
Shareholders of the parent company ..............................................			19,859	39,198	(29,201)	(8,479)
Non-controlling interest...................................................................			462	1,232	(103)	725
Earnings per share attributable to shareholders of the parent
company:
Basic and diluted ............................................................................	31		(199.84)	(27.71)	(215.67)	(6.85)

Result associated to subsidiaries, associates and joint ventures with the Peso as functional currency. See accounting policy in Note 2.b.1 to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements

GUILLERMO EMILIO NIELSEN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)

(Amounts expressed in millions of Pesos)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

								For the six-month period ended June 30, 2020
									Shareholders' contributions
													Acquisition
				Adjustment			Adjustment					cost of
		Subscribed		to	Treasury		to treasury			Share-based		treasury			Share trading		Issuance
		capital		contributions	shares		shares			benefit plans		shares			premium		premiums		Total
Balance at the beginning of the fiscal year ............................................	3,924	6,085		9	16	117		177			(396)	640	10,572
Accrual of share-based benefit plans(4) .......................................................	-	-		-	-	300		-	-	-	300
Settlement of share-based benefit plans(2) ..................................................	-	1		-	(1)	(59)		66	(18)	-	(11)
As decided by the Shareholders' Meeting on April 30, 2020(3) ...................	-	-		-	-	-		-	-	-	-
Other comprehensive income ......................................................................	-	-		-	-	-		-	-	-	-
Net loss ........................................................................................................	-		-		-		-			-		-		-		-		-
Balance at the end of the period ..............................................................	3,924	6,086		9	15	358		243	(414)	640	10,861
				Reserves										Equity attributable to
								Purchase of			Other					Shareholders		Non-		Total
				Future			treasury			comprehensive		Retained			of the parent		controlling		shareholders'
		Legal		dividends	Investments		shares			income		earnings			company		interest		equity
Balance at the beginning of the fiscal year ............................................	2,007	2,500		44,255	500	516,786		(34,071)	542,549	5,550	548,099
Accrual of share-based benefit plans(4) .......................................................	-	-		-	-	-		-	300	-	300
Settlement of share-based benefit plans (2) .................................................	-	-		-	-	-		-	(11)	-	(11)
As decided by the Shareholders' Meeting on April 30, 2020(3) ...................	-	1,200		(35,321)	50	-		34,071	-	-	-
Other comprehensive income ......................................................................	-	-		-	-	98,277		-	98,277	741	99,018
Net loss ........................................................................................................	-		-		-		-			-		(78,418)		(78,418)		(279)		(78,697)
Balance at the end of the period ..............................................................	2,007	3,700		8,934	550	615,063	(1)	(78,418)	562,697	6,012	568,709

Includes 627,491 corresponding to the effect of the translation of the financial statements of YPF and, (33,781) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 21,353 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1. to the annual consolidated financial statements.
Net of employees' income tax withholdings related to the share-based benefit plans.
See Note 30.
See Note 37.

GUILLERMO EMILIO NIELSEN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED) (Cont.)

(Amounts expressed in millions of Pesos)

								For the six-month period ended June 30, 2019
									Shareholders' contributions
				Adjustment			Adjustment				Acquisition cost
		Subscribed		to	Treasury		to treasury		Share-based		of treasury		Share trading		Issuance
		capital		contributions	shares		shares		benefit plans		shares		premium		premiums		Total
Balance at the beginning of the fiscal year ....................................	3,923	6,084		10	17	115		11	(282)	640	10,518
Accrual of share-based benefit plans(4) ...............................................	-	-		-	-	217		-	-	-	217
Repurchase of treasury shares............................................................	(4)	(6)		4	6	-		(280)	-	-	(280)
Settlement of share-based benefit plans(2) ..........................................	1	1		(1)	(1)	(57)		71	(17)	-	(3)
As decided by the Shareholders' Meeting on April 26, 2019(3) ...........	-	-		-	-	-		-	-	-	-
As decided by the Board of Directors on June 27, 2019(3) ..................	-	-		-	-	-		-	-	-	-
Other comprehensive income ..............................................................	-	-		-	-	-		-	-	-	-
Net income / (loss) ...............................................................................	-		-		-		-		-		-		-		-		-
Balance at the end of the period ......................................................	3,920		6,079		13		22		275		(198)		(299)		640		10,452

				Reserves								Equity attributable to
								Purchase of		Other				Shareholders		Non-		Total
				Future			treasury		comprehensive		Retained		of the parent		controlling		shareholders'
		Legal		dividends		Investments		shares		income		earnings		company		interest		equity
Balance at the beginning of the fiscal year ....................................	2,007	-		11,020	220	297,120		38,315	359,200	3,157	362,357
Accrual of share-based benefit plans(4) ...............................................	-	-		-	-	-		-	217	-	217
Repurchase of treasury shares............................................................	-	-		-	-	-		-	(280)	-	(280)
Settlement of share-based benefit plans (2) .........................................	-	-		-	-	-		-	(3)	-	(3)
As decided by the Shareholders' Meeting on April 26, 2019(3) ...........	-	4,800		33,235	280	-		(38,315)	-	-	-
As decided by the Board of Directors on June 27, 2019(3) ..................	-	(2,300)		-	-	-		-	(2,300)	-	(2,300)
Other comprehensive income ..............................................................	-	-		-	-	50,067		-	50,067	843	50,910
Net income / (loss) ...............................................................................	-		-		-		-		-		(10,869)		(10,869)		389		(10,480)
Balance at the end of the period ......................................................		2,007		2,500		44,255		500		347,187	(1)	(10,869)		396,032		4,389		400,421

Includes 355,847 corresponding to the effect of the translation of the financial statements of YPF and, (23,240) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 14,580 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1. to the annual consolidated financial statements.
Net of employees' income tax withholdings related to the share-based benefit plans.
See Note 29 to the annual consolidated financial statements.
See Note 37.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

GUILLERMO EMILIO NIELSEN

President

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED) (Amounts expressed in millions of Pesos)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
		For the six-month period
		ended June 30,
		2020	2019
Operating activities:
Net loss..........................................................................................................................................................................	(78,697)	(10,480)
Adjustments to reconcile net loss to cash flows provided by operating activities:
Income from equity interest in associates and joint ventures ...................................................................................	(3,720)	(3,514)
Depreciation of property, plant and equipment .........................................................................................................	86,572	61,755
Depreciation of right-of-use assets............................................................................................................................	8,679	4,353
Amortization of intangible assets...............................................................................................................................	1,409	1,036
Retirement of property, plant and equipment and intangible assets and consumption of materials ....................... .	7,360	8,764
Charge on income tax ...............................................................................................................................................	(1,638)	25,374
Net increase in provisions .........................................................................................................................................	16,165	7,304
Impairment of property, plant and equipment ...........................................................................................................	57,429	-
Exchange differences, interest and other..................................................................................................................	2,240	1,822
Share-based benefit plan ..........................................................................................................................................	300	217
Accrued insurance .....................................................................................................................................................	(3,189)	-
Result from assignment of interest in areas ..............................................................................................................	(12,233)	-
Changes in assets and liabilities:
Trade receivables ......................................................................................................................................................	27,219	(15,237)
Other receivables.......................................................................................................................................................	7,267	(2,875)
Inventories .................................................................................................................................................................	(5,389)	(9,612)
Accounts payable ......................................................................................................................................................	(15,382)	18,261
Taxes payables..........................................................................................................................................................	377	809
Salaries and social security .......................................................................................................................................	(843)	830
Other liabilities ...........................................................................................................................................................	151	384
Decrease in provisions included in liabilities due to payment/use ............................................................................	(1,639)	(1,943)
Contract assets..........................................................................................................................................................	(263)	(96)
Contract liabilities.......................................................................................................................................................	(1,219)	(230)
Dividends received ....................................................................................................................................................	2,096	761
Proceeds from collection of business interruption insurance ...................................................................................	1,004	758
Income tax payments ................................................................................................................................................	(1,456)		(5,055)
Net cash flows from operating activities(1)(2) ............................................................................................................	92,600	83,386
Investing activities:(3)
Acquisition of property, plant and equipment and intangible assets ............................................................................	(67,886)	(74,315)
Contributions and acquisitions of interests in associates and joint ventures ...............................................................	-	(4,676)
Proceeds from sales of financial assets........................................................................................................................	28,172	957
Payment from purchase of financial assets ..................................................................................................................	(19,649)	-
Interests received from financial assets ........................................................................................................................	-	452
Proceeds from assignment of interest in areas ............................................................................................................	13,867		-
Net cash flows used in investing activities ..............................................................................................................	(45,496)	(77,582)
Financing activities:(3)
Payments of loans .........................................................................................................................................................	(79,057)	(33,292)
Payments of interest......................................................................................................................................................	(29,587)	(16,997)
Proceeds from loans .....................................................................................................................................................	81,588	55,239
Repurchase of treasury shares .....................................................................................................................................	-	(280)
Payments of leases .......................................................................................................................................................	(10,059)	(5,571)
Payment of interest in relation to income tax ................................................................................................................	(440)		(124)
Net cash flows used in financing activities..............................................................................................................	(37,555)	(1,025)

Translation differences of cash and cash equivalents ...........................................................................................	7,892	5,568

Net increase in cash and cash equivalents..............................................................................................................	17,441		10,347
Cash and cash equivalents at the beginning of the fiscal year ....................................................................................	66,100	46,028
Cash and cash equivalents at the end of period...........................................................................................................	83,541		56,375
Net increase in cash and cash equivalents..............................................................................................................	17,441	10,347

Does not include exchange differences generated by cash and cash equivalents, which are disclosed separately in this statement.
Includes 6,284 and 2,786 for the six-month period ended June 30, 2020 and 2019, respectively, for payment of short-term leases and payments of the variable charge of leases related to the underlying asset return/use.
The main investing and financing transactions that have not affected cash and cash equivalents correspond to:

	For the six-month period
	ended June 30,
	2020		2019
Unpaid acquisitions of property, plant and equipment..................................................................................................	2,918	11,465
Additions of right-of-use assets....................................................................................................................................	4,302	4,786
Capitalization of amortization of right-of-use assets ....................................................................................................	1,796	673
Capitalization of financial accretion for lease liabilities .................................................................................................	452	95
Debt capitalization of joint ventures ..............................................................................................................................	-	738
Dividends payable .........................................................................................................................................................	-	2,300
Dividends receivable .....................................................................................................................................................	-	50

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

GUILLERMO EMILIO NIELSEN

President

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of Pesos, except for shares and per share amounts expressed in Pesos, or as otherwise indicated)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP

General information

YPF Sociedad Anónima is a stock corporation (sociedad anónima) incorporated under the laws of the Argentine Republic, with a registered office at Macacha Güemes 515, in the City of Buenos Aires.

YPF and its subsidiaries form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream and Downstream segments.

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of June 30, 2020:

Held directly and indirectly.
See Note 3 to the annual consolidated financial statements.
See Note 34.h to the annual consolidated financial statements.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP (Cont.)

Organization of the business

As of June 30, 2020, the Group carries out its operations in accordance with the following structure:

Upstream;
Gas and Power;
Downstream;
Central administration and others, which covers the remaining activities not included in the previous categories. Activities covered by each business segment are detailed in Note 6.

Almost all operations, properties and clients are located in Argentina. However, the Group also holds participating interests in exploratory areas in Bolivia and production areas in Chile. The Group also sells lubricants and derivatives in Brazil and Chile.

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS 2.a) Basis of preparation

The condensed interim consolidated financial statements of YPF for the six-month period ended June 30, 2020 are presented in accordance with IAS 34 "Interim Financial Reporting". These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements of the Group as of December 31, 2019 prepared in accordance with IFRS issued by the IASB and the interpretations issued by the IFRIC.

Moreover, some additional information required by the LGS and/or CNV's regulations have been included.

These condensed interim consolidated financial statements were approved by the Board of Directors' meeting and authorized to be issued on August 10, 2020.

These condensed interim consolidated financial statements corresponding to the six-month period ended on June 30, 2020 are unaudited. The Company´s Management believes they have included all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Loss for the six- month period ended on June 30, 2020 does not necessarily reflect the proportion of the Group's full-year loss.

2.b) Significant Accounting Policies

The most significant accounting policies are described in Note 2.b to the annual consolidated financial statements.

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax detailed in Note 17.

Functional and presentation currency

As mentioned in Note 2.b.1. to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency. Additionally, according to CNV Resolution No. 562, YPF must present its financial statements in Pesos.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.)

Effects of the translation of investments in subsidiaries, associates and joint ventures with a functional currency corresponding to a hyperinflationary economy

The results and financial position of subsidiaries with the Peso as functional currency were translated into U.S dollars by the following procedures: all amounts (i.e., assets, liabilities, stockholders' equity items, expenditures and revenues) were translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which were presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts were not adjusted to reflect subsequent variations in price levels or exchange rates). Thus, the effect of the restatement of comparative amounts was recognized in other comprehensive income.

These criteria were also implemented by the Group for its investments in associates and joint ventures.

Adoption of new standards and interpretations effective as of January 1, 2020

The Group has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of June 30, 2020, as specified in Note 2.b.26 to the annual consolidated financial statements.

Standards and interpretations issued by the IASB whose implementation is not mandatory as of the closing of these consolidated interim financial statements and, therefore, have not been adopted by the Group

Amendments issued as from January 1, 2020

In January 2020, the IASB issued amendments to IAS 1 in relation to the classification of liabilities into current and non- current, which are retroactively applicable for fiscal years beginning on January 1, 2022, , included, (date which was extended to January 1, 2023) and allow for their earlier application.

The amendments clarify that liabilities classification as current or non-current:

Must be based on existing rights at the end of the reporting period to defer settlement by at least twelve months and make explicit that only rights in place "at the end of the reporting period" should affect the classification of a liability.
Is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability.

It also clarifies that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.

The Group does not expect that the implementation of these amendments will have a significant impact on its financial statements, though is currently evaluating the impact.

Amendments to IAS 16 - Proceeds before intended use

In May 2020, the IASB issued amendments that are applicable for fiscal years beginning on or after January 1, 2022, allowing their early application.

After the amendment to IAS 16, an entity may not deduct from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating. The proceeds from selling any such items, and the production cost of those items, will be recognized in the comprehensive income for the corresponding period. Entities shall disclose separetely the amounts of proceeds and costs, that relate to items that do not proceed from the entity's ordinary activities.

The amendment also clarifies that an item of property, plant and equipment is in said preparation and testing process when assesing the technical and physical performance of the asset. Therefore, an asset may be able to operate as the manner intended by Management and consequently be subject to depreciation before it has reached the level of operating performance expected by Management.

According to the variables present at the end of the reporting period, the Group does not expect that the implementation of these amendments will have a significant impact on its financial statements.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.)

Amendments to IAS 37 - Onerous Contracts

In May 2020, the IASB issued amendments that are applicable for fiscal years beginning on or after January 1, 2022, allowing their early application.

The amendment clarifies the meaning of "cost of fulfilling a contract" for the purpose of assessing whether the contract is onerous. The direct cost of fulfilling a contract consists of both, the incremental cost of fulfilling that contract (for example, direct labour and materials), as well as an allocation of other costs that relate directly to fulfilliment of contracts (for example, an allocation of the depreciation charge for an item of property, plant and equipment used to fulfill that contract).

The amendment also clarifies that an entity must recognize any impairment loss that has occurred in the assets used to fulfill the contract before recording an onerous loss and when determining such onerosity, the present obligation under an existing contract must be considered, and therofore, does not recognize future operating losses.

Amendments to IFRS 3 - Reference to the Conceptual Framework

In May 2020, the IASB issued amendments that are applicable for fiscal years beginning on or after January 1, 2022, allowing their early application.

After updating the reference that the Standard makes to the 2018 Conceptual Framework on the definition of the concepts of assets and liabilities in a business combination, its application could change which assets and liabilities that meet the requirements for recognition in a business combination. In some of these cases, the post-acquisition accounting required by other IFRS Standards could then lead to immediate derecognition of assets or liabilities recognised in a business combination, resulting in so called "Day 2 gains or losses" that do not depict an economic gain or loss.

To remedy this situation, the new exception in IFRS 3 for liabilities and contingent liabilities, specifies that, for some types of liabilities and contingent liabilities, an entity applying IFRS 3 should refer to IAS 37 "Provisions, contingent liabilities and contingent assets", or IFRIC 21 "Levies", instead of the 2018 Conceptual Framework. It has also been clarified that the acquirer must not recognize contingent assets on the acquisition date as defined in IAS 37.

The Group does not expect that the implementation of these amendments will have a significant impact on its financial statements.

Amendments to IFRS 16 -COVID-19 Related rent concessions

In May 2020, the IASB issued amendments that are applicable for fiscal years beginning on or after June 1, 2020, allowing their early application.

A lessee may elect to account for any change in lease payments as a consequence of the COVID-19 pandemic, arising from the rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification.

This option applies only to rent concessions occurring as a direct consequence of the COVID-19 pandemic and only if all of the following conditions are met:

the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;
any reduction in lease payments affects only payments originally due or before June 30, 2021 (for example, a rent concession would meet this condition if it results in reduced lease payments on or before June 30, 2021, and increased lease payments that extend beyond June 30, 2021); and
there is no substantive change to other terms and conditions of the lease.

The Group does not expect that the implementation of these amendments will have a significant impact on its financial statements.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.)

Anual improvements to IFRS - Standards 2018-2020

In May 2020, the IASB issued the 2018-2020 cycle of annual improvements that are applicable for fiscal years beginning on or after January 1, 2022, allowing their early application.

A summary of the main modified standards and their purpose follows:

Standard	Amended Subjec	Detail
IFRS 1 "First-time adoption	Subsidiary as a First-time	When a subsidiary becomes a first-time adopter later than its parent
of IFRS"	IFRS adopter	company, it may elect to measure its assets and liabilities, according
		to how their parent measured them in their consolidated financial
		statements, based on the parent´s date of transition to IFRSs (without
		considering consolidation adjustments and for the purposes of the
		business combination for which the parent company acquired the
		subsidiary). After the amendment, this exception is extended to
		accumulated translation differences.
		A similar election is available to an associate or joint venture.
IFRS 9 "Financial	Fees in the "10 per cent"	An entity must derecognise the original financial liability and recognise
Instruments"	Test for Derecognition of	a new financial liability when, among other requirements, there is a
	financial liabilities	substantial modification of the terms of an existing financial liability.
		The terms are substantially different if the discounted present value of
		the cash flows under the new terms using the original effective interest
		rate is at least 10 per cent different from the discounted present value
		remaining cash flows of the original financial liability, including any fees
		paid net of any fees received in the 10 per cent test. The amendment
		clarifies that when determining this value, only the items paid or
		received between the borrower and the lender are included, including
		those paid or received by one or the other on behalf of the other.
IFRS 16 "Leases"	Ilustrative examples- Lease	It is removed from Illustrative Example 13, reimbursement relating to
	incentives	leasehold improvements.
IAS 41 "Agriculture"	Taxation in fair value	Paragraph 22 was amended to remove the requirement to exclude
	measurements	cash flows for taxation when measuring fair value, as to aline the
		requirements in IAS 41 on fair value measurements with those in IFRS
		13 "Fair Value Measurement".

The Group does not expect that the implementation of these amendments will have a significant impact on its financial statements.

Additionally, amendments have been issued to IFRS 4 and IFRS 17 "Insurance contracts", which were not included as they are not applicable to the Group since it does not generate related activities.

2.c) Accounting Estimates and Judgments

The preparation of financial statements at a certain date requires Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made as of the date of preparation of these condensed interim consolidated financial statements.

In preparing these condensed interim consolidated financial statements, significant estimates and judgments were made by Management in applying the Group's accounting policies and the main sources of uncertainty were consistent with those applied by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Notes 2.b and 2.c to the annual consolidated financial statements, about accounting estimates and judgments.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.)

Besides, the Company's Management has considered the COVID-19 impact and the current economic context based on the preparation of these condensed interim consolidated financial statements and still considers appropriate to adopt the going-concern accounting principle for their presentation and valuation.

Considerations concerning COVID-19 (coronavirus) and the current economic environment

Since the beginning of 2020, a virus outbreak has taken place, causing potentially deadly respiratory infections (COVID-

and adversely affecting the demand for refined products in geographical areas where the most relevant measures were implemented to control the virus' spread. Particularly, since March, the lower global demand for refined products and the uncertainty in the supply of crude oil have caused an abnormally high volatility in this commodity.

On March 12, 2020, Decree No. 260/2020 was published in the BO, which extended the public health emergency established by Law No. 27,541 due to the pandemic, for a period of one year.

Also, since March 20, 2020, the Argentine Government adopted certain measures to protect the general population and fight the disease. These measures imposed a general restriction on economic activity, with some exceptions, which included, among other actions, price controls, the prohibition of dismissals without cause as well as for reasons of lack or reduction of activity and force majeure, general restriction to the free circulation during certain periods in Argentina, general travel restrictions, visas suspension, nation-wide lockdowns, closing of public and private institutions, sporting events suspension, restrictions to the operation of museums and tourist attractions and extension of holidays. These measures include several exceptions applicable to people engaged in activities and services declared as essential in the emergency. Among these exceptions, minimum work shifts are contemplated ensuring the operation and maintenance of oil and gas fields, oil and gas treatment and/or refining plants, transportation and distribution of electric energy, liquid fuels, oil and gas, fuel service stations and electric power generators.

From the implementation of these measures, the demand for gasoline, diesel and jet fuel dropped significantly, reaching declines of 70%, 40% and 90%, respectively, as a daily average compared to the demand in the days prior to these measures. As of the date of these condensed interim consolidated financial statements, these accumulated declines are within approximately of 50%, 20% and 90%, respectively. Despite the slight recovery since certain flexibilization of measures previously mentioned, current activity levels continue affecting the Group's comprehensive results and cash flows. Consequently, the processing levels at the Group's refineries are also adversely affected. The Group cannot assure the extent or duration of such conditions.

As mentioned above, the valuation of certain assets and liabilities is subject to a higher level of uncertainty, including those described below:

Review of impairment indicators of property, plant and equipment
As explained in Notes 2.b.8 and 2.b.9 to the annual consolidated financial statements, as a general criteria, the method used to estimate the recoverable amount of property, plant and equipment mainly consists of estimating the value-in- use based on the future expected cash flows arising from the use of such assets, discounted at a rate that reflects the weighted average cost of the capital employed.
Regarding interim periods, IAS 34 requires entities to apply the impairment testing. When an entity has previously recognized impairment losses, it is necessary to review the detailed calculations made at the end of the period if the indicators that gave rise to such losses continues to remain present. To such end, the entity shall revise the existence of significant indicators of impairment or reversals since the end of the last fiscal year and determine whether it has to proceed or not with such detailed testing.
The Group continuously monitors business perspectives in the market it operates. Specifically, in the domestic market of natural gas, as in 2019, an excess supply is observed with respect to the domestic demand at specific times of the year due to greater production in unconventional fields. This situation generated a reduction in natural gas sales price in the domestic market that deepened as of the second quarter of 2020, mainly due to lower sales prices to distributors (see Note 35.a) and lower prices obtained on gas's biddings on power plants channel.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.)

Therefore, given the impairment indicators for the natural gas market, the Group estimated the recoverable value of the net assets comprising the CGUs gas of the Upstream segment based on the detailed calculation of the value-in- use as of June 30, 2020.

As of June 30, 2020, based on the background and the method mentioned above, the Group recognized an impairment charge of property, plant and equipment, mainly for the CGU Gas - Neuquina Basin of 49,170 (36,877 net of the effect of income tax) and for the CGU Gas - Austral Basin of 8,126 (6,095 net of the effect of income tax), generated, mainly, by the expected fall in gas prices due to the situation the market is going through at global level, and also, to the specific dynamics mentioned above, at the local level. This trend in prices is maintained in the projections for the upcoming months, which affects investments and activity, generating the impairment of the related assets for the recorded charge.

The discount rate after taxes used as of June 30, 2020 was 12.63% for 2020 and 2021 and 13.06% for 2022 and thereafter, being the recoverable value after taxes as of such date for the CGU Gas - Neuquina Basin and the CGU Gas - Austral Basin 107,911 and 7,835, respectively.

Impairment of financial assets measured at amortized cost
The Group applies the simplified approach to expected credit losses allowed under IFRS 9 for the trade receivables.
Considering the maximum exposure to financial credit risk based on counterparties' concentration, receivables with the National Government, its direct agencies and companies with government participation account for approximately 34% (45,440), while the Group's remaining debtors are diversified.
The current economic situation and future credit risk outlooks have been contemplated to review and update estimates of provisions. Even though they have not had a significant impact, the total economic impact of COVID-19 on expected credit losses is subject to significant uncertainty since the prospective information that is currently available is limited. The Group will continue thoroughly reviewing the assumptions used in such estimates.
Income tax
Under IAS 34, income tax expense is recognised in each interim period based on the best estimate of the effective income tax rate expected at the end of the fiscal year.
Considering the current economic context and future prospects, the Group has adjusted the projections used to estimate the effective tax rate.The Group has also reviewed the recoverability of tax losses carry-forwards, not having recorded impairment charges for the six-month period ended on June 30, 2020.
Provisions assumptions for lawsuits and contingencies
The Group does not expect the current economic situation will significantly change the present value of the disbursements deemed to be required to settle the obligations related to existing provisions as of the date of issuance of these condensed interim consolidated financial statements. However, the Group will continue reviewing these assumptions.
Other accounting estimates and judgments
The rest of the accounting estimates and judgments disclosed in the annual consolidated financial statements are still applicable. No new significant accounting estimates or judgments have been identified.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.)

As of the date of these condensed interim consolidated financial statements, due to the uncertainties inherent to the scale and duration of these events, it is not reasonably possible to estimate the final negative impact this pandemic will have on the world's economy and its financial markets, on Argentina's economy, and consequently, on the Group's comprehensive results, cash flows and financial position of the Group, nor its effect on access to debt markets, the contractual position with certain counterparties (including as a result of events of force majeure or other similar events under the Group's contracts, see also Note 33.a.2), the Group's capacity to meet its commitments and future asset impairments, among other issues.

2.d) Comparative information

Amounts and other information corresponding to the year ended on December 31, 2019 and to the six-month period ended on June 30, 2019 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements.

3. SEASONALITY OF OPERATIONS

Historically, the Group's results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter. After the devaluation of the Peso in 2002, and as a consequence of the natural gas price freeze imposed by the Argentine government until the last years, the use of natural gas has been diversified, generating an increase in demand throughout the entire year. However, recently, an excess of supply with respect to the domestic demand took place at specific times of the year. Consequently, the Group may be subject to seasonal fluctuations in its sales volumes and prices, which might adversely affect the level of production and sales of natural gas.

Besides, the current economic environment has been significantly affected by COVID-19, which will have a negative impact on the results of the Group's operations, and that will be sensitive to the development of the pandemic and the measures adopted by the Argentine Government. See Note 2.c.

4. ACQUISITIONS AND DISPOSITIONS

Bandurria Sur Area

As mentioned on Note 33.b to the annual consolidated financial statements, on January 2020, YPF was notified of the acquisition by Shell Compañía Argentina de Petróleo S.A. and Equinor Argentina AS (jointly, the "Consortium") of the entire share package of Schlumberger Oilfield Eastern Ltd. ("SPM"), an affiliate of Schlumberger Argentina S.A. This assignment required payment by SPM of the outstanding price that amounted approximately to US$ 105 million, which has already been received by YPF. In consideration of the above, the Group recorded a profit of 6,356 included in "Other net operating results".

On March 5, 2020, an agreement was executed, under which YPF assigned to Bandurria Sur Investments S.A. ("BSI", formerly named SPM Argentina S.A.), an affiliate of Shell Argentina S.A. and Equinor Argentina AS (Argentina Branch), an 11% interest in the Bandurria Sur block. On April 29, 2020, Decree No. 512/2020 was issued, by which the Province of Neuquén approved the assignment in favor of BSI. On May 14, 2020, YPF and BSI entered into the final contracts for the joint exploitation of hydrocarbons in the Area, thereby complying with the precedent conditions for the entry into force of the agreement for the assignment of 11% of the unconventional exploitation concession of the Area to BSI. Consequently, YPF will continue to be the Operator of the Area, keeping a 40% interest in the concession, while BSI's interest will be 60%. In consideration of the above, the Group recorded a profit of 4,420 included in "Other net operating results".

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

4. ACQUISITIONS AND DISPOSITIONS (Cont.)

CAN 100 exploration permit (offshore) -BlockE-1 Reconversion

On April 16, 2020, having the conditions established under the assignment agreement been met, among them, the approval of the assignment pursuant to section 72 of the Hydrocarbons Law by the SE, which was granted through Resolution No. 55/2020, the closure of the transaction was made, efectivizing YPF's assigment of its 50% interest in the area and the operation to Equinor Argentina B.V. Sucursal Argentina. On April 22, 2020, YPF received US$ 22 million. In consideration of the above, the Group recorded a profit of 1,457 included in "Other net operating results".

5. FINANCIAL RISK MANAGEMENT

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk, and price risks), credit risk and liquidity risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date. The administration and risk management policies applied by the Group are described in Note 4 to the annual consolidated financial statements. Moreover, given the current economic situation caused by the COVID-19, the Group has evaluated its exposure to the following risks:

Market risk management

The market risk to which the Group is exposed consists of the possibility that the valuation of the Group's financial assets and liabilities, as well as certain expected cash flows may be adversely affected by changes in interest rates, exchange rates and other price variables.

The Group has carried out a sensitivity analysis of possible changes in interest rates, which did not have a significant impact on the Group. Likewise, given the restrictions imposed by the BCRA for access to the exchange market, specifically since the publication of Communication No. 7030, the Group has been reducing its portion of cash and cash equivalents denominated in currencies other than the Argentine Peso, and, therefore it may be affected in case of exchange rate variations.

On the other hand, the Group was affected by the investments in financial instruments' own price risk (decrease in public securities and mutual funds prices), which are valued at fair value with changes in results. See Note 7.

Liquidity risk management

Liquidity risk is associated with the possibility of a mismatch between the need of funds to meet short, medium or long - term obligations.

The Group assessed its projected liquidity based on several stress scenarios and concluded that it is not facing any difficulties to meet its future commitments.

Besides, several loans of the Group contain Covenants, which include financial commitments associated with the leverage ratio, the debt service coverage ratio, and events of default triggered by materially adverse judgments, among others. The Group monitors compliance with the Covenants on a quarterly basis. As of June 30, 2020, the Group has complied with all assumed clauses of commitments. It should be noted that, under the terms and conditions of the loans that subsidiary Metrogas has taken with Industrial and Commercial Bank of China Limited - Dubai Branch and Itaú Unibanco - Miami Branch, the debt service coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, on June 30, 2020, financial creditors formally accepted to waive Metrogas contractual obligation to comply with such financial ratio, which should not be lower than 3.00 and be kept not lower than 2.50 as of June 30, 2020.

Should the current conditions continue (see Note 2.c), the Group's capacity to take further debt might be limited if it exceeds the limits established in any of the financial ratios mentioned above. Additionally, given the current global macroeconomic context, and Argentina's situation in particular the Group's funding capacity might be affected.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

5. FINANCIAL RISK MANAGMENT (Cont.)

Credit risk management

Credit risk is defined as the possibility of a third party not complying with its contractual obligations, generating Group losses.The main considerations are described in Note 2.c.

Moreover, the Group has recorded an impairment charge of credits related to the Decree No. 1053/2018. See Note 35.a.

6. SEGMENT INFORMATION

The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest decision-making authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment also considering the Group's business strategy.

Upstream
The Upstream segment carries out all activities relating to the exploration, development and production of oil and natural gas.
Revenue is generated from (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third parties; (ii) the sale of produced gas to the Gas and Power segment.
Gas and Power
The Gas and Power segment generates its revenue from the development of activities relating to: (i) the natural gas and LNG transport and commercialization to third parties and the Downstream segment, (ii) the commercial and technical operation of the LNG regasification terminal in Escobar, by hiring one regasification vessel, and (iii) the natural gas distribution.
In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a "purchase" to the Upstream segment, and including Stimulus Plan for Natural Gas production in force (see Note 34.g to the annual consolidated financial statements), Gas and Power accrues a fee in its favor with the Upstream segment to carry out such commercialization.
Downstream
The Downstream segment develops activities relating to: (i) crude oil refining and petrochemical production, (ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of crude oil and gas to refineries and the transportation and distribution of refined and petrochemical products to be marketed in the different sales channels.
It obtains its income from the marketing mentioned in item (ii) above, which is developed through the Retail, Industry, Aviation, Agro, LPG, Chemicals and Lubricants and Specialties businesses.
It incurs in all expenses relating to the aforementioned activities, including the purchase of crude oil from the Upstream segment and third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment.
Central Administration and Others

It covers other activities, not falling into the aforementioned categories, mainly including corporate administrative expenses and assets and construction activities.

Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices.

Operating profit and assets for each segment have been determined after consolidation adjustments.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

6. SEGMENT INFORMATION (Cont.)

	Upstream
For the six-month period ended June 30, 2020
Revenues from sales .................................................................................................................	1,074
Revenues from intersegment sales ...........................................................................................	133,899
Revenues ...................................................................................................................................	134,973
Operating profit / (loss)...............................................................................................................	(73,128)
Income from equity interests in associates and joint ventures ..................................................	-
Depreciation of property, plant and equipment..........................................................................	67,326
Impairment of property, plant and equipment ............................................................................	57,296
Acquisition of property, plant and equipment ............................................................................	36,296
Assets.........................................................................................................................................	763,538
For the six-month period ended June 30, 2019
Revenues from sales .................................................................................................................	1,152
Revenues from intersegment sales ...........................................................................................	128,452
Revenues ...................................................................................................................................	129,604
Operating profit / (loss)...............................................................................................................	2,549
Income from equity interests in associates and joint ventures ..................................................	-
Depreciation of property, plant and equipment..........................................................................	51,018
Acquisition of property, plant and equipment .................................................................................	56,660
As of December 31, 2019
Assets.........................................................................................................................................	742,850

					Central
					Administration	Consolidation
	Gas and Power		Downstream		and Others	Adjustments(1)	Total
	55,476	248,015	6,652	(2,989)	308,228
	4,094		1,643		11,185	(150,821)	-
	59,570		249,658		17,837	(153,810)	308,228
	(9,905)	4,319	(10,225)	10,293	(78,646)
	2,499	1,221	-	-	3,720
(2)	850	14,715	3,681	-	86,572

	62	-	71	-	57,429
	1,493	7,684	2,317	-	47,790
	200,831	556,344	150,716	5,662	1,677,091
	51,966	232,620	8,109	(2,611)	291,236
	4,069		1,421		10,502	(144,444)	-
	56,035		234,041		18,611	(147,055)	291,236
	1,623	14,622	(4,758)	3,763	17,799
	2,696	818	-	-	3,514
(2)	581	8,758	1,398	-	61,755

	2,191	9,547	2,060	-	70,458
	199,357	508,026	129,331	(6,275)	1,573,289

Corresponds to the elimination among segments of the YPF Group.
Includes depreciation of charges for impairment of property, plant and equipment.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

The tables below show the Group's financial assets measured at fair value as of June 30, 2020 and December 31, 2019, and their allocation to their fair value levels:

		As of June 30, 2020
Financial Assets	Level 1	Level 2		Level 3			Total
Investments in financial assets:
- Public securities...............................................................................................................	8,119		-		-		8,119
	8,119		-		-	8,119
Cash and cash equivalents:
- Mutual funds ....................................................................................................................	29,786		-		-		29,786
	29,786		-		-		29,786

	37,905		-		-	37,905

				As of December 31, 2019
Financial Assets	Level 1		Level 2			Level 3			Total
Investments in financial assets:
- Public securities...............................................................................................................	8,370			-			-		8,370
		8,370			-			-	8,370
Cash and cash equivalents:
- Mutual funds ....................................................................................................................	7,038			-			-		7,038
		7,038			-			-	7,038

		15,408			-			-		15,408

The Group has no financial liabilities measured at fair value.

Public securities and public debt restructuring

On April 6, 2020, Decree No. 346/2020 was published in the BO, which deferred payments of interest services and principal of the national public debt instrumented by U.S. dollar-denominated securities issued under the Argentine law until December 31, 2020, or until a previous date established by the Ministry of Economy considering the degree of progress and execution of the public debt sustainability restoration process. This includes the BONAR 2020 currently held by the Group and valued at their fair value with changes in results. Among the exceptions established by such Decree are the "Natural Gas Program Bonds" issued through Joint Resolution No. 21/2019 of the Secretariat of Finance and Secretariat of Treasury, of which the Group is a creditor, which are valued at amortized cost (see Note 36). Later, on July 17, 2020, the Ministry of Economy informed through a press release that it had submitted to the Argentine Congress a Bill to restore sustainability of the external public debt instrumented by US-denominated securities issued under the argentine law.

Additionally, on April 22, 2020, the Argentine Government issued a proposal for restructuring Public Securities issued under foreign law under Decree No. 391/2020, which includes BONAR 2021, currently held by the Group and valued at fair value with changes in results. On the same date, the Argentine Government failed to pay interest coupons due on certain global bonds, among which are BONAR 2021, which are unpaid as of the date of issuance of these condensed interim consolidated financial statements. On May 6, 2020, the Group adhered to the restructuring proposal. Later, on July 6, 2020 and under Decree No. 582/2020, the Argentine Government filed an amendment to the terms and conditions established by Decree No. 391/2020. Finally, the Argentine Government informed that it had reached an agreement with representatives of the Ad Hoc Group of Argentine Bondholders, Argentina's Creditors Committee and the Exchange Bondholder Group and other holders (see Note 39).

Fair value estimates

From December 31, 2019 until June 30, 2020, there have been significant changes mainly in macroeconomic circumstances (mainly an increase in country risk and a drop in the prices of government securities, among others) affecting the financial instruments measured at fair value by the Group.

Furthermore, during the six-month period ended June 30, 2020, there were no transfers between the different hierarchies used to determine the fair value of the Group's financial instruments.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 491,444 and 476,750 as of June 30, 2020 and December 31, 2019, respectively. The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable do not differ significantly from their book value.

8. INTANGIBLE ASSETS

	June 30, 2020		December 31, 2019
Net book value of intangible assets..................................................................	43,351	37,608
Provision for impairment of intangible assets ...................................................	(483)		(429)
	42,868	37,179

The evolution of the Group's intangible assets for the six-month period ended June 30, 2020 and the year ended December 31, 2019 is as follows:

		Service			Exploration		Other
		concessions			rights		intangibles		Total
Cost ................................................................................................................	31,702	6,907		14,722	53,331
Accumulated amortization .............................................................................	20,110		-		12,819		32,929
Balance as of December 31, 2018 ..............................................................	11,592	6,907		1,903	20,402
Cost
Increases........................................................................................................	1,271	4,171	(2)	705	6,147

Translation effect ...........................................................................................	18,969	5,680		7,862	32,511
Adjustment for inflation(1) ................................................................................	-	-		833	833
Decreases and reclassifications ....................................................................	(6)	(103)		181	72
Accumulated amortization
Increases........................................................................................................	1,848	-		526	2,374
Translation effect ...........................................................................................	12,332	-		7,475	19,807
Adjustment for inflation(1) ................................................................................	-	-		199	199
Decreases and reclassifications ....................................................................	-	-		(23)	(23)
Cost ..................................................................................................................	51,936	16,655		24,303	92,894
Accumulated amortization ...............................................................................	34,290		-		20,996		55,286
Balance as of December 31, 2019 ................................................................	17,646	16,655		3,307	37,608
Cost
Increases..........................................................................................................	301	-		360	661
Translation effect .............................................................................................	9,206	2,910		3,798	15,914
Adjustment for inflation(1) ..................................................................................	-	-		396	396
Decreases and reclassifications ......................................................................	(1)	(264)		318	53
Accumulated amortization
Increases..........................................................................................................	1,074	-		335	1,409
Translation effect .............................................................................................	6,159	-		3,622	9,781
Adjustment for inflation(1) ..................................................................................	-	-		91	91
Decreases and reclassifications ......................................................................	-	-		-	-
Cost ..................................................................................................................	61,442	19,301		29,175	109,918
Accumulated amortization ...............................................................................	41,523		-		25,044		66,567
Balance as of June 30, 2020 .........................................................................		19,919		19,301		4,131		43,351

Corresponds to adjustment for inflation of opening balances of intangible assets in subsidiaries with the Peso as functional currency which was charged to other comprehensive income.
See Note 3 to the annual consolidated financial statements.

9. PROPERTY, PLANT AND EQUIPMENT

	June 30, 2020		December 31, 2019
Net book value of property, plant and equipment............................................	1,289,053	1,156,950
Provision for obsolescence of materials and equipment .................................	(7,777)	(6,610)
Provision for impairment of property, plant and equipment.............................	(136,375)		(81,329)
	1,144,901		1,069,011

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

9. PROPERTY, PLANT AND EQUIPMENT (Cont.)

Changes in Group's property, plant and equipment for the six-month period ended June 30, 2020 and the year ended December 31, 2019 are as follows:

				Mining
				property, wells
		Land and		and related
		buildings		equipment
Cost .....................................................	48,047	1,604,868
Accumulated depreciation....................	22,114		1,231,930
Balance as of December 31, 2018.....	25,933	372,938
Cost

Increases .............................................	46	1,980
Translation effect .................................	24,838	967,212
Adjustment for inflation(6)......................	3,382	-
Decreases and reclassifications...........	880	114,493
Accumulated depreciation
Increases .............................................	1,260	137,017
Translation effect .................................	11,444	758,928
Adjustment for inflation (6) .....................	1,726	-
Decreases and reclassifications...........	9	(2,287)
Cost .....................................................	77,193	2,688,553
Accumulated depreciation....................	36,553		2,125,588
Balance as of December 31, 2019.....	40,640	562,965
Cost

Increases .............................................	1	448
Translation effect .................................	11,907	479,938
Adjustment for inflation (6) .....................	1,288	-
Decreases and reclassifications...........	905	44,692
Accumulated depreciation
Increases .............................................	1,015	83,710
Translation effect .................................	5,639	383,484
Adjustment for inflation (6) .....................	644	-
Decreases and reclassifications...........	-	(1,074)
Cost .....................................................	91,294	3,213,631
Accumulated depreciation....................	43,851		2,591,708
Balance as of June 30, 2020..............		47,443		621,923

		Refinery
		equipment
		and				Materials and		Drilling and		Exploratory		Furniture,		Infrastructure
		petrochemical		Transportation		equipment in		work in		drilling in		fixtures and	Selling	for natural gas
		plants		equipment		warehouse		progress		progress		installations	equipment	distribution	Other property	Total
		280,451	16,162	34,990	124,381	7,972		24,717	40,998	24,168	31,637	2,238,391
		152,295		10,579		-		-		-		20,707	25,697	12,508	22,458	1,498,288
		128,156	5,583	34,990	124,381	7,972		4,010	15,301	11,660	9,179	740,103
(3)
	4,676	83	43,089	114,878	6,532		106	-	865	589	172,844

		171,788	8,723	21,044	70,818	5,014		14,289	25,116	-	13,581	1,322,423
		-	716	920	1,326	-		828	-	13,010	4,793	24,975
		15,715	1,358	(37,620)	(116,818)	(8,132)		1,077	4,021	6,600	(3,894)	(22,320)
(3)		16,092	1,345	-	-	-		2,536	2,765	989	1,325	163,329

		93,611	5,917	-	-	-		11,935	15,822	-	9,862	907,519
		-	486	-	-	-		773	-	6,733	3,270	12,988
		(33)	(376)	-	-	-		(834)	(13)	3,647	(2,874)	(2,761)
		472,630	27,042	62,423	194,585	11,386		41,017	70,135	44,643	46,706	3,736,313
		261,965		17,951		-		-		-		35,117	44,271	23,877	34,041	2,579,363
(1)		210,665	9,091	62,423	194,585	11,386		5,900	25,864	20,766	12,665	1,156,950


		202	7	15,899	29,390	68		101	-	1,587	87	47,790
		84,202	4,372	10,667	29,051	1,633		7,332	13,172	-	6,552	648,826
		-	323	158	963	-		192	-	6,067	1,248	10,239
		5,393	459	(12,362)	(52,308)	(2,688)		2,703	2,828	(72)	47	(10,403)
		11,598	778	-	-	-		1,601	1,935	586	732	101,955
		47,369	2,969	-	-	-		6,101	7,999	-	4,826	458,387
		-	188	-	-	-		175	-	3,245	920	5,172
		-	(34)	-	-	-		(3)	(1)	(48)	(5)	(1,165)
		562,427	32,203	76,785	201,681	10,399		51,345	86,135	52,225	54,640	4,432,765
		320,932		21,852		-		-		-		42,991	54,204	27,660	40,514	3,143,712
(1)		241,495		10,351		76,785		201,681		10,399	(2)	8,354	31,931	24,565	14,126	1,289,053

(4)

(5)

(7)

Includes 24,365 and 22,343 of mineral property as of June 30, 2020 and December 31, 2019 respectively.
As of June 30, 2020, there are 17 exploratory wells in progress. During the six-month period ended on such date, 7 wells were transferred to properties with proven reserves in the mining property, wells and related equipment account.
Includes 1,172 corresponding to hydrocarbon wells abandonment costs and 4,664 of depreciation recovery for the year ended December 31, 2019.
Includes 2,109 and 1,228 corresponding to short-term leases and the variable charge of leases related to the underlying asset return/use, respectively. Additionally, it includes 2,021 and 311 corresponding to the depreciation capitalization of right-of-use assets (see Note 10) and to capitalization of the financial accretion of the lease liability, respectively.
Includes 577 and 714 corresponding to short-term leases and the variable charge of leases related to the underlying asset return/use, respectively. Additionally, it includes 1,796 and 452 corresponding to the depreciation capitalization of right-of-use assets (see Note 10) and to capitalization of the financial accretion of the lease liability, respectively.
Corresponds to adjustments for inflation of opening balances of property, plant and equipment of subsidiaries with the Peso as functional currency which was charged to other comprehensive income.
Includes 2,027 and 204 of cost and accumulated depreciation, respectively, corresponding to the disposal of the 11% interest of Bandurria Sur area. See Note 4.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

9. PROPERTY, PLANT AND EQUIPMENT (Cont.)

The Group capitalizes the financial cost as part of the cost of the assets. For the six-month period ended June 30, 2020 and 2019, the rate of capitalization was 10.16% and 10.40%, respectively, and the amount capitalized amounted to 423 and 449, respectively, for the period mentioned above.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended on June 30, 2020 and for the year ended December 31, 2019:

	Provision for
	obsolescence of
	materials and
	equipment
Balance as of December 31, 2018 .........................................................	3,955
Increase charged to profit / (loss) .............................................................	410
Decreases charged to profit / (loss) ..........................................................	(22)
Amounts incurred due to utilization ...........................................................	(48)
Translation differences ..............................................................................	2,315
Balance as of December 31, 2019 ...........................................................	6,610

Increase charged to profit / (loss) ...............................................................	6
Decreases charged to profit / (loss) ..........................................................	(1)
Amounts incurred due to utilization ...........................................................	(2)
Translation differences ..............................................................................	1,164
Balance as of June 30, 2020.....................................................................	7,777

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the six-month period ended on June 30, 2020 and for the year ended December 31, 2019:

	Provision for
	impairment of
	property, plant and
	equipment
Balance as of December 31, 2018 .........................................................	37,061
Increase charged to profit / (loss) .............................................................	41,429	(1)

Depreciation ..............................................................................................	(17,435)
Translation differences ..............................................................................	20,274
Balance as of December 31, 2019 ...........................................................	81,329
		(3)
Increase charged to profit / (loss) ...............................................................	57,429

Depreciation ..............................................................................................	(15,383)	(2)

Translation differences ..............................................................................	13,000
Balance as of June 30, 2020.....................................................................	136,375

See Note 2.c to the annual consolidated financial statements.
Included in "Depreciation of property, plant and equipment" in Note 26.
See Note 2.c.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

10. RIGHT-OF-USE ASSETS

The evolution of the Group's right-of-use assets for the six-month period ended June 30, 2020 and for the fiscal year ended December 31, 2019 are as follows:

				Exploitation		Machinery
		Land and		facilities and		and				Transportation
		buildings		equipment		equipment		Gas stations		equipment	Total
Balance for initial application of IFRS 16 ..	450	6,732	8,612	3,356	3,909	23,059
Cost
Increases .....................................................................	266	13,129	19,429	163	6,792	39,779
Translation differences ...................................	310	4,587	6,189	1,687	2,545	15,318
Adjustment for inflation(3) ................................	-	-	-	275	-	275
Decreases and reclassifications..........................	-	(1,162)	(1,264)	(58)	(64)	(2,548)
Accumulated depreciation
Increases .....................................................................	208	6,051	3,174	667	2,430	12,530
Translation differences ...................................	45	1,138	850	117	619	2,769
Decreases and reclassifications..........................	-	(507)	(283)	(7)	(10)	(807)
Cost ...............................................................................	1,026	23,286	32,966	5,423	13,182	75,883
Accumulated depreciation ..............................	253		6,682		3,741		777		3,039	14,492
Balance as of December 31, 2019...............	773	16,604	29,225	4,646	10,143	61,391
Cost
Increases .....................................................................	8	1,989	2,175	97	33	4,302
Translation differences ...................................	178	4,267	5,844	808	2,346	13,443
Adjustment for inflation(3) ................................	3	-	-	114	-	117
Decreases and reclassifications..........................	-	(3,072)	(1,710)	-	-	(4,782)
Accumulated depreciation
Increases ....................................................................	154	3,673	3,144	434	3,070	10,475
Translation differences ...................................	56	1,547	990	135	838	3,566
Adjustment for inflation(3) ................................	2	-	-	25	-	27
Decreases and reclassifications..........................	-	(1,422)	(505)	-	-	(1,927)
Cost ...............................................................................	1,215	26,470	39,275	6,442	15,561	88,963
Accumulated depreciation ..............................	465		10,480		7,370		1,371		6,947	26,633
Balance as of June 30, 2020........................		750		15,990		31,905		5,071		8,614	62,330

(1)

(2)

Includes 10,509 that were charged to "Depreciation of right-of-use assets" in the comprehensive statement of income (see Note 25 to the annual consolidated financial statements) and 2,021 that were capitalized in the item "Property, plant and equipment" in the statement of financial position (see Note 9).
Includes 8,679 that were charged to "Depreciation of right-of-use assets" in the comprehensive statement of income (see Note 26) and 1,796 that were capitalized in the item "Property, plant and equipment" in the statement of financial position (see Note 9).
Corresponds to adjustments for inflation of opening balances of right-of-use assets of subsidiaries with the Peso as functional currency which was charged to other comprehensive income.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table shows the value of the investments in associates and joint ventures at an aggregate level, as of June 30, 2020 and December 31, 2019:

	June 30,		December 31,
	2020		2019
Amount of investments in associates .............................................................................................	7,445	6,419
Amount of investments in joint ventures ........................................................................................	73,757	61,183
Provision for impairment of investments in associates and joint ventures .................................	(12)		(12)
	81,190	67,590

The main movements during the six-month period ended June 30, 2020 and for the year ended December 31, 2019 which affected the value of the aforementioned investments, correspond to:

	Investments in
	associates and joint
	ventures
Balance as of December 31, 2018 .....................................................................................	32,686
Acquisitions and contributions.....................................................................................................	4,826
Income on investments in associates and joint ventures .........................................................	7,968
Translation differences ..........................................................................................................	20,673
Distributed dividends ....................................................................................................................	(811)
Adjustment for inflation(1) .......................................................................................................	1,510
Capitalization in joint ventures ..............................................................................................	738
Balance as of December 31, 2019 .....................................................................................	67,590
Income on investments in associates and joint ventures .........................................................	3,720
Translation differences ..........................................................................................................	10,886
Distributed dividends ....................................................................................................................	(2,096)
Adjustment for inflation(1) .......................................................................................................	1,090
Balance as of June 30, 2020...............................................................................................	81,190

Corresponds to the recognition of the result for the net monetary position of associates and joint ventures with the Peso as functional currency, which was charged to other comprehensive income, as detailed in Note 2.b.1 to the annual consolidated financial statements.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.)

The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the six-month period ended June 30, 2020 and 2019. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the equity method value in the aforementioned dates:


	Associates		Joint ventures
	For the six-month period	For the six-month period
	ended June 30,	ended June 30,
	2020	2019		2020	2019
Net income ............................................................................	467	698	3,253	2,816
Other comprehensive income .............................................	1,143	939		10,833	3,839
Comprehensive income for the period ..........................	1,610	1,637		14,086	6,655

The Group does not have investments in subsidiaries with significant non-controlling interests. Likewise, the Group does not have investments in associates and joint ventures that are significant, with the exception of the investment in YPF EE.

The management information corresponding to YPF EE's assets and liabilities as of June 30, 2020 and December 31, 2019, as well as the results for the six-month period ended June 30, 2020 and 2019, are detailed below:

		June 30,		December 31,
		2020(1)		2019(1)
Noncurrent assets ....................................................................................................	119,274	96,219
Current assets ..........................................................................................................	28,294		26,622
Total assets ..............................................................................................................	147,568		122,841
Noncurrent liabilities .................................................................................................	62,690	57,799
Current liabilities .......................................................................................................	28,919		19,503
Total liabilities ...........................................................................................................	91,609	77,302
Total shareholders' equity ........................................................................................
55,959		45,539
		For the six-month period ended
		June 30,
		2020(1)		2019(1)
Revenues .................................................................................................................	9,164	6,567
Costs ........................................................................................................................	(4,217)		(2,866)
Gross profit ...............................................................................................................	4,947		3,701
Operating profit.........................................................................................................	4,088	3,175
Income from equity interests in associates and joint ventures ................................	64	248
Net financial results ..................................................................................................	(312)		(768)
Net profit before income tax .....................................................................................	3,840		2,655
Income tax ................................................................................................................	(1,440)		(445)
Net profit ..........................................................................................................................		2,400		2,210

On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the YPF EE financial information disclosed here.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.)

The following table shows information of the subsidiaries:

										Information of the issuer
	Description of the Securities						Last available financial statements

														Capital		Net profit	Holding in
Name and Issuer	Class		Face Value		Amount		Main Business		Registered Address	Date	stock		(loss)	Equity		Capital Stock

Subsidiaries:(7)
YPF International S.A.(6)	Common		Bs.	100	66,897	Investment		La Plata Street 19, Santa Cruz de la Sierra,	06-30-20		15	-			91	100.00%
										República de Bolivia
YPF Holdings Inc.(6)	Common		US$	0.01	810,614	Investment and finance		10333 Richmond Avenue I, Suite 1050, TX, U.S.A.	06-30-20		57,028	(3)			(15,122)	100.00%
Operadora de Estaciones de	Common	$	1	163,701,747	Commercial management of YPF's gas stations		Macacha Güemes 515, Buenos Aires, Argentina	06-30-20		164	(562)			4,312	99.99%
Servicios S.A.
A-Evangelista S.A.	Common	$	1	306,818,702	Engineering and construction services		Macacha Güemes 515, Buenos Aires, Argentina	06-30-20		307	(1,868)			(2,655)	100.00%
Metrogas S.A.	Common	$	1	398,419,700	Providing the public service of natural gas distribution		Gregorio Aráoz de Lamadrid 1360, Buenos Aires,	06-30-20		569	(1,702)			15,645	70.00%
										Argentina.
YPF Chile S.A.(6)	Common	-	-	50,968,649	Lubricants and aviation fuels trading and hydrocarbons research and		Villarica 322; Módulo B1, Qilicura, Santiago	06-30-20		3,213	(248)			2,314	100.00%
							exploration
YPF Tecnología S.A.	Common	$	1	234,291,000	Investigation, development, production and marketing of technologies,		Macacha Güemes 515, Buenos Aires, Argentina	06-30-20		459	78			3,151	51.00%
							knowledge, goods and services
Compañía de Inversiones	Common	$	1	236,474,420	Exploration, exploitation, processing, management, storage and transport of all		Macacha Güemes 515, Buenos Aires, Argentina	06-30-20		236	(77)			8	100.00%
Mineras S.A.							types of minerals; assembly, construction and operation of facilities and
							structures and processing of products related to mining

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.)

The following table shows the investments in associates and joint ventures:

06-30-2020		12-31-2019
	Information of the issuer

Description of the Securities

							Book value
Name and Issuer	Class		Face Value		Amount	(2)

Joint Ventures(5):
YPF Energía Eléctrica S.A.(6)	Common	$	1	1,879,916,921	42,790
Compañía Mega S.A.(6)	Common	$	1	244,246,140	6,048

					Last available financial statements
Cost (1)						Capital	Net profit			Holding in	Book Value (2)
	Main Business		Registered Address	Date	stock	(loss)	Equity		Capital Stock
1,085	Exploration, exploitation, industrialization and marketing of Macacha Güemes 515, Buenos Aires, Argentina	06-30-20	3,747	2,400	55,959	75.00%	35,382
	hydrocarbons and generation, transport and marketing of
	electric energy
-	Separation, fractionation and transportation of natural		San Martín 344, P. 10º, Buenos Aires, Argentina	06-30-20	643	(22)	15,848	38.00%	5,211
	gas liquids

Profertil S.A.(6)	Common	$	1	391,291,320	12,373	-	Production and marketing of fertilizers	Alicia Moreau de Justo 740, P. 3, Buenos Aires,	03-31-20	783	726	27,645	50.00%		10,778
									Argentina
Refinería del Norte S.A.	Common	$	1	45,803,655	1,892	-	Refining	Maipú 1, P. 2º, Buenos Aires, Argentina	03-31-20	92	(621)	3,861	50.00%		1,881
Oleoducto Loma Campana-Lago	Common	$	1	738,139,164	837	738	Construction and exploitation of a pipeline, oil transport	Macacha Güemes 515, Buenos Aires, Argentina	06-30-20	868	(136)	887	85.00%		762
Pellegrini S.A. (6)								and storage, import, export, purchase and sale of raw
								materials, industrial equipment and machinery
CT Barragán S.A.(6)	Common	$	1	4,279,033,952	9,365		4,348	Production and generation of electric energy	Maipú 1, Buenos Aires, Argentina	06-30-20	8,558	2,589	18,755	50.00%		6,799
					73,305	6,171									60,813
Associates:
Oleoductos del Valle S.A.	Common	$	10	4,072,749	2,223	-	Oil transportation by pipeline	Florida 1, P. 10º, Buenos Aires, Argentina	03-31-20	110	535	5,632	37.00%		1,778
Terminales Marítimas Patagónicas	Common	$	10	476,034	1,030	-	Oil storage and shipment	Av. Leandro N. Alem 1180, P. 11º, Buenos Aires,	03-31-20	14	62	2,745	33.15%		711
S.A.									Argentina
Oiltanking Ebytem S.A.(6)	Common	$	10	351,167	796	-	Hydrocarbon transportation and storage	Terminal Marítima Puerto Rosales - Province of	06-30-20	12	303	2,481	30.00%		871
									Buenos Aires, Argentina.
Central Dock Sud S.A.	Common	$	0.01	11,869,095,145	1,586	-	Electric power generation and bulk marketing	Pasaje Ingeniero Butty 220, P.16°, Buenos Aires,	06-30-20	1,231	173	16,201	10.25%	(4)	1,542
									Argentina
YPF Gas S.A.	Common	$	1	59,821,434	1,156	-	Gas fractionation, bottling, distribution and transport for	Macacha Güemes 515, P.3º, Buenos Aires,	03-31-20	176	162	5,066	33.99%		965
								industrial and/or residential use	Argentina
Other companies:
Other (3)	-	-	-	-	1,106		648	-	-	-	-	-	-	-		922
					7,897		648									6,789
					81,202	6,819									67,602

Corresponds to cost and contributions, net of dividends collected and capital reductions.
Corresponds to holding in shareholders' equity plus adjustments to conform to YPF accounting principles.
Includes Gasoducto del Pacífico (Argentina) S.A., A&C Pipeline Holding Company, Oleoducto Transandino (Chile) S.A., Oleoducto Trasandino (Argentina) S.A., Bizoy S.A., Civeny S.A., Bioceres S.A., Petrofaro S.A. and Sustentator S.A.
Additionally, the Group has a 22.49% indirect holding in capital stock through YPF EE.
As stipulated by shareholders' agreement, joint control is held in this company by shareholders.
The U.S. dollar has been defined as the functional currency of this company.
Additionally, consolidates YPF Services USA Corp., YPF Europe B.V., YPF Brasil Comércio Derivado de Petróleo Ltda, Wokler Investment S.A., YPF Colombia S.A.S., Miwen S.A., Eleran Inversiones 2011 S.A.U., Lestery S.A., Energía Andina S.A and YPF Ventures S.A.U.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

12. INVENTORIES

Refined products...................................................................................................

Crude oil and natural gas....................................................................................

Products in process..............................................................................................

Raw materials, packaging materials and others............................................

June 30, 2020		December 31, 2019
63,492		50,563
31,718		24,756
2,687		2,259
3,387		2,901
101,284	(1)	80,479	(1)

As of June 30, 2020, and December 31, 2019, the cost of inventories does not exceed their net realizable value.

13. OTHER RECEIVABLES

	June 30, 2020		December 31, 2019
	Noncurrent		Current		Noncurrent	Current
Receivables from services rendered.........................................	457	1,823	455	2,706
Tax credit and export rebates ...................................................	8,435	6,864	6,896	6,076
Loans to third parties and balances with related parties (1) .......	690	823	2,435	3,288
Collateral deposits.....................................................................	2	682	2	640
Prepaid expenses......................................................................	769	3,959	603	2,370
Advances and loans to employees ...........................................	26	463	29	596
Advances to suppliers and custom agents (2)............................	-	10,851	-	10,896
Receivables with partners in JO................................................	1,989	2,671	2,248	7,932
Insurance receivables ...............................................................	-	2,788	-	498
Miscellaneous............................................................................	14		1,688		45	1,255
	12,382	32,612	12,713	36,257
Provision for other doubtful receivables ...................................	(1,077)		(69)		(924)	(65)
	11,305	32,543	11,789	36,192

See Note 36 for information about related parties.
Includes, among others, advances to customs agents for the payment of taxes and import rights related to the imports of fuels and goods.

14. TRADE RECEIVABLES

Accounts receivable and related parties(1)(2) .............................

Provision for doubtful trade receivables ....................................

June 30, 2020		December 31, 2019
Noncurrent		Current		Noncurrent	Current
7,486	115,040	15,325	124,657
(2,228)		(14,062)		-	(6,580)
5,258	100,978	15,325	118,077

See Note 36 for information about related parties.
See Note 24 for information about credits for contracts included in trade receivables.

Set forth below is the evolution of the provision for doubtful trade receivables for six-month period ended on June 30, 2020 and for the year ended December 31, 2019:

	Provision for doubtful trade receivables
	Noncurrent		Current
Balance as of December 31, 2018 ......................................................	-		2,776
Increases charged to expenses .............................................................	-		3,891
Decreases charged to income ...............................................................	-		(707)
Amounts incurred due to utilization ........................................................	-		(112)
Translation differences ...........................................................................	-		847
Result from net monetary position(1) ......................................................	-		(103)
Other movements ...................................................................................	-		(12)
Balance as of December 31, 2019 ......................................................	-		6,580

Increases charged to expenses .............................................................	2,228	(2)	7,766	(2)

Decreases charged to income ...............................................................	-		(582)
Translation differences ...........................................................................	-		323
Result from net monetary position(1) ......................................................	-		(25)
Balance as of June 30, 2020................................................................	2,228		14,062

Includes adjustment for inflation of opening balances of the provision for doubtful trade receivables in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results.
Includes 7,961 corresponding to credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1053/2018. See Note 35.a.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

15. CASH AND CASH EQUIVALENTS

	June 30, 2020		December 31, 2019
Cash and banks .......................................................................................	5,865	6,983
Short-term investments(1) .........................................................................	47,890	52,079
Financial assets at fair value with changes in results(2) ...........................	29,786		7,038
	83,541	66,100

Includes 13,115 and 10,043 of term deposits and other investments with the BNA as of June 30, 2020 and December 31, 2019, respectively.
See Note 7.

16. PROVISIONS

Changes in the Group's provisions for the six-month period ended June 30, 2020 and for the fiscal year ended December 31, 2019 are as follows:

					Provision for
					hydrocarbon wells
Provision for lawsuits		Provision for		abandonment
and contingencies		environmental liabilities		obligations		Total
Noncurrent	Current		Noncurrent	Current	Noncurrent	Current	Noncurrent	Current

Balance as of December 31, 2018 ................	21,235
Increases charged to expenses.......................	18,460
Decreases charged to income.........................	(2,358)
Amounts incurred due to payments/utilization .	(73)
Net exchange and translation differences .......	7,405
Result from net monetary position(4) ................	(92)
Reclassifications and other movements ..........	(744)
Balance as of December 31, 2019 ................	43,833
Increases charged to expenses.......................
2,475
Decreases charged to income.........................	(661)
Amounts incurred due to payments/utilization .	(18)
Net exchange and translation differences .......	3,935
Result from net monetary position(4) ................	(12)
Reclassifications and other movements ..........	(121)
Balance as of June 30, 2020.........................	49,431

	1,123		3,720		1,622		58,433		1,784		83,388	4,529
(2)	9	1,695		-	7,409		-		27,564		9

	(744)	(63)		-	(2,950)		-		(5,371)		(744)
	(194)	-		(1,821)	-		(2,774)		(73)		(4,789)
	443	479		106	35,219		1,079		43,103		1,628
	-	-		-	-		-		(92)		-
	648		(2,003)		2,003		(1,004)	(1)	2,176	(1)	(3,751)	4,827
	1,285	3,828		1,910	97,107		2,265		144,768		5,460
(3)
138	1,311		-	5,083		-		8,869		138

	(338)	(46)		-	-		-		(707)		(338)
	(14)	-		(606)	-		(1,001)		(18)		(1,621)
	212	237		6	17,502		400		21,674		618
	-	-		-	-		-		(12)		-
	344		(648)		648		(1,001)		1,001		(1,770)	1,993
	1,627	4,682		1,958	118,691		2,665		172,804		6,250

Includes 1,172 corresponding to the recalculation of abandonment of hydrocarbon wells cost for the year ended December 31, 2019.
Includes 10,572 corresponding to the recognition of the dispute relating to the tax deduction of well abandonment costs for periods 2011-2017 plus the accrual of financial interest since March 31, 2019, date on which the Company decided to adhere to the payment facility plan.
Includes the accrual of financial interest of the dispute relating to the tax deduction of well abandonment costs for periods 2011-2017.
Includes adjustment for inflation of opening balances of provisions in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the period, which was charged to results.

Provisions for lawsuits, claims and environmental liabilities are described in Note 15 to the annual consolidated financial statements. No significant new provisions have been identified over the six-month period ended on June 30, 2020, nor have there been any changes in the evaluation of the affairs prevailing as of December 31, 2019.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

17. INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected at the end of the fiscal year. The amounts calculated for income tax expense for the six-month period ended June 30, 2020 may need to be adjusted in the subsequent period in case the projected effective tax rate estimate is modified based on new elements of judgment.

The calculation of the income tax expense accrued for the six-month period ended June 30, 2020 and 2019 is as follows:

	For the six-month period
	ended June 30,
	2020		2019
Current income tax .......................................................................................................................	(623)	(812)
Deferred income tax .....................................................................................................................	2,261		(3,761)	(1)

Subtotal.........................................................................................................................................	1,638		(4,573)
Income tax - Well abandonment..................................................................................................	-	(16,239)	(2)

Special tax - Tax revaluation, Law No. 27,430............................................................................	-		(4,562)	(3)

	1,638	(25,374)

Includes (5,175) corresponding to the reversal of tax loss carryforwards related to the dispute relating to cost deduction for wells abandonment.
Includes (10,610) corresponding to interest related to the dispute relating to cost deduction for wells abandonment determined on the date the Company decided to adhere to the payment facility plan. See Note15 to the annual consolidated financial statements.
See Note 34.j to the annual consolidated financial statements.

The reconciliation between the charge to net income for income tax for the six-month period ended June 30, 2020 and 2019 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:

	For the six-month period
	ended June 30,
	2020		2019
Net income before income tax .................................................................................................................	(80,335)	14,894
Statutory tax rate .....................................................................................................................................	30%		30%
Statutory tax rate applied to net income before income tax ....................................................................	24,101	(4,468)
Effect of the valuation of property, plant and equipment and intangible assets, net ...............................	(24,350)	3,238
Effect of exchange differences and other results associated to the valuation of the currency, net(1) .....	2,325	600
Effect of the valuation of inventories ........................................................................................................	(2,694)	(3,372)
Income on investments in associates and joint ventures ........................................................................	1,116	1,054
Effect of tax rate change(2) .......................................................................................................................	(3,800)	1,574
Dispute associated to cost deduction for wells abandonment.................................................................	-	(5,175)
Miscellaneous...........................................................................................................................................	4,940		1,976
Income tax ................................................................................................................................................	1,638	(4,573)

Includes the effect of tax inflation.
Corresponds to the remediation of deferred income tax at the current rate. See Notes 2.b.15 and 34.j to the annual consolidated financial statements.

The Group has classified 1,344 as current income tax payable, which mainly include 917 corresponding to the 12 installments related to the payment facility plan (see Note 15 to the annual consolidated financial statements). Also, the Group has classified 2,917 as non-current income tax payable, which mainly include 2,905 corresponding to the 38 installments related to the mentioned plan.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

17. INCOME TAX (Cont.)

Breakdown of deferred tax as of June 30, 2020 and December 31, 2019 is as follows:

		June 30,	December 31,
		2020		2019
Deferred tax assets
Provisions and other non-deductible liabilities .....................................................................................	9,690		5,344
Tax losses carryforward .......................................................................................................................	67,170		52,443
Miscellaneous.......................................................................................................................................	1,186		937
Total deferred tax assets ..................................................................................................................	78,046		58,724
Deferred tax liabilities
Property, plant and equipment .............................................................................................................	(109,625)		(110,704)
Adjustment for tax inflation ...................................................................................................................	(52,038)		(38,177)
Miscellaneous.......................................................................................................................................	(10,345)		(5,491)
Total deferred tax liabilities...............................................................................................................	(172,008)		(154,372)
Total Net deferred tax ...................................................................................................................	(93,962) (1)	(95,648) (1)

Includes (739) and (1,523) as of June 30, 2020 and December 31, 2019, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency with effect in other comprehensive income and the adjustment for inflation of the period, which was charged to results.

As of June 30, 2020 and December 31, 2019, there are no significant deferred tax assets which are not recognized.

As of June 30, 2020 and December 31, 2019, the Group has classified as deferred tax assets 2,332 and 1,583, respectively, and as deferred tax liability 96,294 and 97,231, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.

As of June 30, 2020 and December 31, 2019, the causes that generate charges to other comprehensive income, did not create temporary differences for income tax.

18. TAXES PAYABLE

	June 30, 2020		December 31, 2019
	Non				Non
	current		Current		current	Current
VAT.................................................................................	-	663	-	3,532
Withholdings and perceptions ........................................	-	1,305	-	2,070
Royalties.........................................................................	-	2,382	-	1,268
Tax on Fuels...................................................................	-	4,965	-	635
IIBB .................................................................................	-	506	-	512
Miscellaneous.................................................................	239		4,030		1,428	3,420
	239	13,851	1,428	11,437

19. SALARIES AND SOCIAL SECURITY

	June 30, 2020		December 31, 2019
Salaries and social security....................................................................	2,782	2,976
Bonuses and incentives provision..........................................................	2,283	3,468
Vacation provision ..................................................................................	4,044	3,610
Miscellaneous.........................................................................................	191		150
	9,300		10,204

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

20. LEASE LIABILITIES

As of June 30, 2020, the Group recorded non-current and current lease liabilities in the amount of 41,511 and 24,925, respectively.

The evolution of the Group's leases liabilities for the six-month period ended June 30, 2020 and for the fiscal year ended December 31, 2019, are as follows:

	Lease liabilities
Balances for initial application of IFRS 16 .............................................................	23,059
Leases increase ..........................................................................................................	39,779
Financial accretion ......................................................................................................	2,885
Leases decrease .........................................................................................................	(1,741)
Payments.....................................................................................................................	(15,208)
Exchange and translation differences, net..................................................................	12,999
Result from net monetary position(1) ............................................................................	7
Balance as of December 31, 2019 ...........................................................................	61,780
Increase due to new contracts ....................................................................................	4,302
Financial accretion ......................................................................................................	3,062
Leases decrease .........................................................................................................	(2,911)
Payments.....................................................................................................................	(10,059)
Exchange and translation differences, net..................................................................	10,262
Balance as of June 30, 2020.....................................................................................	66,436

Includes adjustment for inflation of opening balances of lease liabilities in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the period, which was charged to results.

21. LOANS

							June 30, 2020		December 31, 2019
	Interest rate (1)		Maturity	Noncurrent	Current		Noncurrent	Current
Pesos:
Negotiable obligations(4) .................	16.50%	-	35.16%	2020-2024		12,274		31,987	8,619		27,481
Export pre-financing .......................	37.00%	2020		-		2,784	-		-
Loans ..............................................	23.74%	-	50.89%	2020-2024		4,276		9,885	-		3,687
Account overdraft ...........................	31.50%	-	36.00%	2020		-		1,691		-		2,103
							16,550		46,347	8,619		33,271
Currencies other than the Peso:
Negotiable obligations(2)(3) ..............	0.00%	-	10.00%	2020-2047		384,283		84,049	375,560		13,279
Export pre-financing(5) ....................	3.98%	-	8.49%	2020-2022		10,554		29,152	10,762		33,100
Imports financing ............................	5.71%	-	8.38%	2020		-		5,589	-		17,876
Loans ..............................................	3.09%	-	7.75%	2020-2026		4,189		30,687		24,710		9,583
							399,026		149,477		411,032		73,838
							415,576		195,824	419,651		107,109

Nominal annual interest rate as of June 30, 2020.
Disclosed net of 67 and 326 corresponding to YPF's own NO repurchased through open market transactions, as of June 30, 2020 and December 31, 2019, respectively.
Includes 15,011 and 4,643 as of June 30, 2020 and December 31, 2019, respectively, of nominal value of NO that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.
Includes 15,850 as of June 30, 2020 and December 31, 2019, of nominal value of NO that will be canceled in U.S. dollars at the applicable exchange rate according to the conditions of the issued series.
Includes pre-financing of exports granted by BNA. As of June 30, 2020, it includes 1,583 which accrue a 7.50% weighted average rate. As of December 31, 2019, it includes 4,933, which accrue a 6.89% weighted average rate.

Set forth below is the evolution of the loans for six-month period ended on June 30, 2020 and for the year ended December 31, 2019:

	Loans
Balance as of December 31, 2018 ...........................................................................	335,078
Proceed from loans .....................................................................................................	97,351
Payments of loans .......................................................................................................	(93,456)
Payments of interest....................................................................................................	(41,606)
Accrued interest(1) ........................................................................................................	44,570
Net exchange differences and translation ..................................................................	185,420
Result from net monetary position(2) ............................................................................	(597)
Balance as of December 31, 2019 ...........................................................................	526,760
Proceed from loans .....................................................................................................	81,588
Payments of loans .......................................................................................................	(79,057)
Payments of interest....................................................................................................	(29,587)
Accrued interest(1)........................................................................................................	28,550
Net exchange differences and translation ..................................................................	83,190
Result from net monetary position(2) ...........................................................................	(44)
Balance as of June 30, 2020.....................................................................................	611,400

Includes capitalized financial costs.
Includes adjustment for inflation of opening balances of loans in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

21. LOANS (Cont.)

Details regarding the Negotiable Obligations of the Group are as follows:

																June 30, 2020		December 31, 2019
										Interest rate(3)			Principal
Month	Year	Principal value		Ref.		Class				Maturity	Noncurrent		Current		Noncurrent		Current
YPF
-	1998	US$	15	(1)	(6)	-		Fixed	10.00%	2028			1,043	17	886	15
April...................................................	2013	$	2,250	(2) (4)	(6) (7)		Class XVII	-	-	-			-	-	-	1,217
June ..................................................	2013	$	1,265	(2) (4) (6)		Class XX	-	-	-			-	-	-	643
July....................................................	2013	US$	92	(2) (5) (6)		Class XXII		Fixed	3.50%	2020			-	858	-	729
April, february and october ................	2014/5/6	US$	1,522	(2) (4) (6)		Class XXVIII		Fixed	8.75%	2024			107,100	2,265	91,010	1,925
March ................................................	2014	$	500	(2) (6) (7)		Class XXIX	-	-	-			-	-	-	206
September.........................................	2014	$	1,000	(2) (6) (7)		Class XXXIV		BADLAR plus 0.1%	25.30%	2024			667	223	667	279
February............................................	2015	$	950	(2) (6) (7)		Class XXXVI	-	-	-			-	-	-	1,161
April...................................................	2015	$	935	(2) (4) (6)		Class XXXVIII	-	-	-			-	-	-	349
April...................................................	2015	US$	1,500	(2)	(6)		Class XXXIX		Fixed	8.50%	2025			105,540	3,813	89,416	3,230
September.........................................	2015	$	1,900	(2) (6) (7)		Class XLI		BADLAR	25.20%	2020			-	676	-	719
September and december .................	2015/9	$	5,196	(2) (4) (6)		Class XLII		BADLAR plus 4%	29.20%	2020			-	5,604	-	5,952
October .............................................	2015	$	2,000	(2) (6) (7)		Class XLIII		BADLAR	24.31%	2023			2,000	93	2,000	183
March and January............................	2016/20	$	5,455	(2) (4) (6)		Class XLVI		BADLAR plus 6%	32.11%	2021			-	6,011	1,350	251
March ................................................	2016	US$	1,000	(2)	(6)		Class XLVII		Fixed	8.50%	2021			-	71,988	59,790	1,383
April...................................................	2016	US$	46	(2) (5) (6)		Class XLVIII	-	-	-			-	-	-	2,785
April...................................................	2016	$	535	(2)	(6)		Class XLIX	-	-	-			-	-	-	593
July....................................................	2016	$	11,248	(2) (6) (8)		Class L		BADLAR plus 4%	32.23%	2020			-	12,080	-	12,902
May ...................................................	2017	$	4,602	(2) (6) (8)		Class LII		Fixed	16.50%	2022			4,602	110	4,602	108
July and december ............................	2017	US$	1,000	(2)	(6)		Class LIII		Fixed	6.95%	2027			71,082	2,213	60,399	1,890
December..........................................	2017	US$	750	(2)	(6)		Class LIV		Fixed	7.00%	2047			52,153	148	44,311	126
June ..................................................	2019	US$	500	(6)	(9)		Class I		Fixed	8.50%	2029			35,015	20	29,748	17
December..........................................	2019	$	1,683	(6)	(9)		Class II	-	-	-			-	-	-	1,729
December, april, may and june..........	2019/20	$	3,708	(6)	(9)		Class III		BADLAR plus 6%	35.16%	2020			-	3,799	-	1,189
December..........................................	2019	US$	19	(5) (6) (9)		Class IV		Fixed	7.00%	2020			-	1,390	-	1,179
January .............................................	2020	$	2,112	(6)	(9)		Class V		BADLAR plus 5%	29.44%	2021			-	2,221	-	-
January and march............................	2020	$	5,006	(6)	(9)		Class VI		BADLAR plus 6%	30.44%	2021			5,005	275	-	-
January .............................................	2020	US$	10	(5) (6) (9)		Class VII		Fixed	5.00%	2021			-	701	-	-
March ................................................	2020	US$	9	(6)	(9)		Class VIII		Fixed	5.00%	2021			-	631	-	-
March ................................................	2020	US$	4	(6)	(9)		Class IX		Fixed	6.00%	2021			276	1	-	-
April...................................................	2020	$	994	(6)	(9)		Class X		BADLAR plus 3%	27.35%	2020			-	895	-	-
May ...................................................	2020	US$	93	(5) (6) (9)		Class XI		Fixed	0.00%	2021			6,560	-	-	-
June ..................................................	2020	US$	78	(5) (6) (9)		Class XII		Fixed	1.50%	2022			5,514		4		-		-
																396,557	116,036	384,179	40,760

Corresponds to the 1997 M.T.N. Program for US$ 1,000 million.
Corresponds to the 2008 M.T.N. Program for US$ 10,000 million.
Nominal annual Interest rate as of June 30, 2020.
The ANSES and/or the "Fondo Argentino de Hidrocarburos" have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded.
The payment currency of these NO is the Peso at the Exchange rate applicable under the terms of the series issued.
As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.
NO classified as productive investments computable as such for the purposes of section 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau.
The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series.
Corresponds to the Frequent Issuer program. See Note 20 to the annual consolidated financial statements.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

22. OTHER LIABILITIES

	June 30, 2020		December 31, 2019
	Noncurrent	Current		Noncurrent	Current
Extension of concessions.............................................	594		578	529		593
Liabilities for contractual claims(1) ................................	163		65	170		59
Miscellaneous...............................................................	-		852		4		658
	757		1,495	703		1,310

See Note 15 to the annual consolidated financial statements.

23. ACCOUNTS PAYABLE

		June 30, 2020		December 31, 2019
		Noncurrent		Current		Noncurrent	Current
Trade payable and related parties(1)...........................	635	111,551	1,869		145,942
Guarantee deposits ....................................................	36	700	21		704
Payables with partners of JO .....................................	1,796	2,889	575		851
Miscellaneous .............................................................	-		1,603		-		1,098
		2,467	116,743	2,465		148,595

For more information about related parties, see Note 36.

24. REVENUES

	For the six-month period
	ended June 30,
	2020		2019
Sales of goods and services ..............................................................................	314,439	295,049
Government incentives(1) ....................................................................................	4,330	5,476
Turnover tax........................................................................................................	(10,541)		(9,289)
	308,228	291,236

See Note 36.

The Group's transactions and the main revenues are described in Note 6. The Group's revenues are derived from contracts with customers, except for Government incentives.

• Breakdown of revenues o Type of good or service

			For the six-month period ended June 30, 2020
							Central
					Gas and		Administration
	Upstream		Downstream	Power		and others		Total
Diesel .........................................................................................	-	110,825		-	-	110,825
Gasolines...................................................................................	-	59,619		-	-	59,619
Natural Gas(1).............................................................................	-	306		45,720	-	46,026
Crude Oil....................................................................................	-	5,868		-	-	5,868
Jet fuel .......................................................................................	-	12,068		-	-	12,068
Lubricants and by-products .......................................................	-	7,833		-	-	7,833
Liquefied Petroleum Gas ...........................................................	-	6,323		-	-	6,323
Fuel oil .......................................................................................	-	4,306		-	-	4,306
Petrochemicals ..........................................................................	-	9,533		-	-	9,533
Fertilizers ...................................................................................	-	7,650		-	-	7,650
Flours, oils and grains ...............................................................	-	14,071		-	-	14,071
Asphalts .....................................................................................	-	1,049		-	-	1,049
Goods for resale at gas stations ...............................................	-	1,674		-	-	1,674
Income from services ................................................................	-	-		-	1,308	1,308
Income from construction contracts ..........................................	-	-		-	4,277	4,277
Virgin naphtha ...........................................................................	-	3,285		-	-	3,285
Petroleum coke..........................................................................	-	2,437		-	-	2,437
LNG Regasification....................................................................	-	-		3,224	-	3,224
Other goods and services .........................................................	1,098		5,252		5,210		1,503		13,063
	1,098		252,099		54,154		7,088		314,439

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

24. REVENUES (Cont.)

			For the six-month period ended June 30, 2019
							Central
					Gas and		Administration
	Upstream		Downstream	Power		and others		Total
Diesel .........................................................................................	-	96,550		-	-	96,550
Gasolines...................................................................................	-	63,677		-	-	63,677
Natural Gas(1).............................................................................	-	597		45,420	-	46,017
Crude Oil....................................................................................	-	7,295		-	-	7,295
Jet fuel .......................................................................................	-	19,523		-	-	19,523
Lubricants and by-products .......................................................	-	5,931		-	-	5,931
Liquefied Petroleum Gas ...........................................................	-	6,345		-	-	6,345
Fuel oil .......................................................................................	-	2,501		-	-	2,501
Petrochemicals ..........................................................................	-	9,816		-	-	9,816
Fertilizers ...................................................................................	-	3,005		-	-	3,005
Flours, oils and grains ...............................................................	-	8,196		-	-	8,196
Asphalts .....................................................................................	-	2,257		-	-	2,257
Goods for resale at gas stations ...............................................	-	1,910		-	-	1,910
Income from services ................................................................	-	-		-	1,623	1,623
Income from construction contracts ..........................................	-	-		-	5,564	5,564
Virgin naphtha ...........................................................................	-	1,074		-	-	1,074
Petroleum coke..........................................................................	-	2,987		-	-	2,987
LNG Regasification....................................................................	-	-		885	-	885
Other goods and services .........................................................	1,175		3,437		3,889		1,392		9,893
	1,175		235,101		50,194		8,579		295,049

Includes 32,841 and 30,450 corresponding to sales of natural gas produced by the Company for the six-month period ended June 30, 2020 and 2019, respectively.

o Sales Channels

					For the six-month period ended June 30, 2020
										Central
							Gas and		Administration
		Upstream			Downstream	Power			and others		Total
Gas Stations ..............................................................................	-	114,585		-	-	114,585
Power Plants .............................................................................	-	-		6,007	-	6,007
Distribution Companies .............................................................	-	-		13,194	-	13,194
Retail distribution of natural gas ................................................	-	-		12,266	-	12,266
Industries, transport and aviation ..............................................	-	44,623		14,559	-	59,182
Agriculture..................................................................................	-	41,307		-	-	41,307
Petrochemical industry ..............................................................	-	10,674		-	-	10,674
Trading.......................................................................................	-	21,182		-	-	21,182
Oil Companies ...........................................................................	-	12,160		-	-	12,160
Commercialization of liquefied petroleum gas ..........................	-	2,933		-	-	2,933
Other sales channels.................................................................	1,098		4,635		8,128		7,088		20,949
		1,098		252,099		54,154		7,088		314,439
					For the six-month period ended June 30, 2019
										Central
							Gas and		Administration
		Upstream			Downstream	Power			and others		Total
Gas Stations ..............................................................................	-	113,921		-	-	113,921
Power Plants .............................................................................	-	230		6,694	-	6,924
Distribution Companies .............................................................	-	-		8,425	-	8,425
Retail distribution of natural gas ................................................	-	-		17,530	-	17,530
Industries, transport and aviation ..............................................	-	50,745		12,770	-	63,515
Agriculture..................................................................................	-	27,752		-	-	27,752
Petrochemical industry ..............................................................	-	10,739		-	-	10,739
Trading.......................................................................................	-	16,751		-	-	16,751
Oil Companies ...........................................................................	-	8,456		-	-	8,456
Commercialization of liquefied petroleum gas ..........................	-	2,809		-	-	2,809
Other sales channels.................................................................	1,175		3,698		4,775		8,579		18,227
		1,175		235,101		50,194		8,579		295,049

Target Market

Sales contracts in the domestic market resulted in 269,251 and 256,346 for the six-month period ended June 30, 2020 and 2019, respectively.

Sales contracts in the international market resulted in 45,188 and 38,703 for the six-month period ended June 30, 2020 and 2019, respectively.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

24. REVENUES (Cont.)

Contract balances

The following table reflects information regarding credits, contract assets and contract liabilities:

	June 30, 2020		December 31, 2019
	Noncurrent		Current		Noncurrent	Current
Credits for contracts included in Trade Receivables ........................................	7,486	85,369	6,785	100,706
Contract assets..................................................................................................	-	442	-	203
Contract liabilities ..............................................................................................	-	6,085	294	7,404

Contract assets are mainly related to the work carried out by the Group under the construction contracts.

Contract liabilities are mainly related to advances received from customers under the contracts for the sale of commodities, fuels, crude oil, methanol, lubricants and by-products, diesel and natural gas, among others.

During the six-month period ended on June 30, 2020 and 2019 the Group has recognized 4,448 and 2,651, respectively, in revenues from ordinary activities arising from contracts entered into with customers in the statement of comprehensive income, which have been included in the balance for contract liabilities at the beginning of the period.

25. COSTS

	For the six-month period ended
	June 30,
	2020	2019
Inventories at beginning of year ...........................................................................	80,479	53,324
Purchases.............................................................................................................	79,014	87,660
Production costs(1) ................................................................................................	219,111	160,917
Translation effect ..................................................................................................	15,217	6,409
Adjustment for inflation(2) ......................................................................................	199	210
Inventories at end of the period............................................................................	(101,284)	(69,555)
	292,736	238,965

See Note 26,
Corresponds to adjustment for inflation of inventories' opening balances of subsidiaries with the Peso as functional currency, which was charged to other comprehensive income.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

26. EXPENSES BY NATURE

The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the "Costs", "Administrative expenses", "Selling expenses" and "Exploration expenses" lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the six-month period ended June 30, 2020 and 2019:

				For the six-month period ended June 30, 2020
		Production		Administrative		Selling		Exploration
		costs(3)		expenses		expenses		expenses		Total
Salaries and social security taxes ................................	17,211	4,883		2,644		186	24,924	(5)

Fees and compensation for services ...........................	1,207	4,464	(2)	792		71	6,534

Other personnel expenses ...........................................	4,240	421		208		22	4,891
Taxes, charges and contributions ................................	3,536	157		7,346	(1)	-	11,039

Royalties, easements and canons ...............................	19,644	-		52		37	19,733
Insurance......................................................................	2,207	136		138		-	2,481
Rental of real estate and equipment ............................	3,780	17		785		-	4,582	(4)

Survey expenses ..........................................................	-	-		-		210	210
Depreciation of property, plant and equipment ............	82,384	1,634		2,554		-	86,572
Amortization of intangible assets .................................	1,138	253		18		-	1,409
Depreciation of right-of-use assets ..............................	8,237	-		442		-	8,679
Industrial inputs, consumable materials and supplies .	9,479	37		154		21	9,691
Operation services and other service contracts...........	20,450	319		1,680		250	22,699	(4)
Preservation, repair and maintenance .........................	26,817	570		771		18	28,176	(4)

Unproductive exploratory drillings ................................	-	-		-		16	16
Transportation, products and charges .........................	11,393	1		8,126		-	19,520	(4)

Provision for doubtful trade receivables .......................	-	-		9,412		-	9,412
Publicity and advertising expenses ..............................	-	623		172		-	795
Fuel, gas, energy and miscellaneous ..........................	7,388		617		1,750		25		9,780	(4)

		219,111	14,132		37,044		856	271,143

Includes 4,769 corresponding to export withholdings.
Includes 44 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF's Board of Directors. On April 30, 2020, the General Ordinary and Extraordinary Shareholders' Meeting of YPF resolved to ratify the fees of 83 corresponding to fiscal year 2019 and to approve the approximate sum of 123 as fees with respect to fees and remunerations for the fiscal year 2020.
The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 551.
Includes 3,244 and 2,211 corresponding to short-term leases and to the lease charge related to the underlying asset return and/or use, respectively.
Includes 756 corresponding to the Work and Production Assistance Program received in benefit of AESA an OPESSA. See Note 36.

			For the six-month period ended June 30, 2019
	Production		Administrative		Selling		Exploration
	costs(3)		expenses		expenses		expenses		Total
Salaries and social security taxes ................................	13,493	3,406		1,768		302	18,969
Fees and compensation for services ...........................	1,111	2,627	(2)	461		13	4,212

Other personnel expenses ...........................................	3,665	362		191		34	4,252
Taxes, charges and contributions ................................	3,270	231		4,850	(1)	41	8,392

Royalties, easements and canons ...............................	19,203	-		52		35	19,290
Insurance......................................................................	1,026	61		59		-	1,146
Rental of real estate and equipment ............................	4,143	28		378		-	4,549	(4)

Survey expenses ..........................................................	-	-		-		426	426
Depreciation of property, plant and equipment ............	59,196	1,041		1,518		-	61,755
Amortization of intangible assets .................................	888	135		13		-	1,036
Depreciation of right-of-use assets ..............................	4,083	-		270		-	4,353
Industrial inputs, consumable materials and supplies .	9,384	87		109		25	9,605
Operation services and other service contracts...........	9,192	288		1,003		152	10,635	(4)

Preservation, repair and maintenance .........................	20,093	353		348		15	20,809	(4)

Unproductive exploratory drillings ................................	-	-		-		1,382	1,382
Transportation, products and charges .........................	9,195	1		6,650		-	15,846	(4)

Provision for doubtful trade receivables .......................	-	-		1,125		-	1,125
Publicity and advertising expenses ..............................	-	1,174		482		-	1,656
Fuel, gas, energy and miscellaneous ..........................	2,975	730		1,760		152	5,617	(4)

	160,917	10,524		21,037		2,577	195,055

Includes approximately 3,131 corresponding to export withholdings.
Includes 44 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF's Board of Directors. On April 26, 2019, the General Ordinary and Extraordinary
Shareholders' Meeting of YPF resolved to ratify the fees of 65 corresponding to fiscal year 2018 and to approve the approximate sum of 87 as fees with respect to fees and remunerations for the fiscal year 2019.
The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 448.
Includes 2,723 and 656 corresponding to short-term leases and to the lease charge related to the underlying asset return and/or use, respectively.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

27. OTHER NET OPERATING RESULTS

For the six-month period

ended June 30,

Result for sale of participation in areas....................................................................................

Lawsuits....................................................................................................................................

Insurance..................................................................................................................................

Construction incentive(4) ...........................................................................................................

Miscellaneous...........................................................................................................................

2020		2019
12,233	(1)	1,523	(2)

(1,721)

3,189	(3)	-

-		51
332		(187)
15,323		(334)

See Note 4.
See Note 3 to the annual consolidated financial statements.
Corresponds mainly to the total and definitive compensation for the damages that occurred in the Bandurria Sur and Loma La Lata Oeste areas.
See Note 36.

28. NET FINANCIAL RESULTS

		For the six-month period
		ended June 30,
		2020		2019
Financial income
Interest income .........................................................................................................................	2,652		2,451
Exchange differences...............................................................................................................	47,543		16,581
Financial accretion ...................................................................................................................	1,428		770
Total financial income ...........................................................................................................	51,623		19,802
Financial loss
Interest loss ..............................................................................................................................	(31,150)		(19,002)
Exchange differences...............................................................................................................	(28,699)		(6,239)
Financial accretion ...................................................................................................................	(7,965)		(5,422)
Total financial costs...............................................................................................................	(67,814)		(30,663)
Other financial results
Results on financial assets at fair value with changes in results .............................................	(5)		2,070
Results from derivative financial instruments ..........................................................................	(432)		142
Result from net monetary position ...........................................................................................	2,696		2,230
Results from transactions with financial assets .......................................................................	8,523		-
Total other financial results ..................................................................................................	10,782		4,442

Total net financial results ......................................................................................................		(5,409)		(6,419)

29. INVESTMENTS IN JOINT OPERATIONS

The assets and liabilities as of June 30, 2020 and December 31, 2019, and expenses for the six-month period ended on June 30, 2020 and 2019, of JO and other agreements in which the Group participates are as follows:

	June 30, 2020		December 31, 2019
Noncurrent assets(1) .................................................................................................................	252,410	221,219
Current assets ..........................................................................................................................	3,947		8,723
Total assets ..............................................................................................................................	256,357		229,942

Noncurrent liabilities ................................................................................................................	20,387	17,754
Current liabilities .......................................................................................................................	17,409		27,641
Total liabilities ...........................................................................................................................	37,796	45,395

For the six-month period ended June 30,

	2020		2019
Production cost.........................................................................................................................	39,280	28,891
Exploration expenses ...............................................................................................................	28	27

(1) It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

30. SHAREHOLDERS' EQUITY

The Company's subscribed capital as of June 30, 2020, is 3,924 and 9 treasury shares represented by 393,312,793 book- entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of Pesos 10 and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of June 30, 2020, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of Argentine Government is required for: 1) mergers, 2) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, 3) transfers of all the YPF's production and exploration rights, 4) the voluntary dissolution of YPF or 5) change of corporate and/or tax address outside the Argentine Republic. Items 3) and 4) also require prior approval by the Argentine Congress.

The General Ordinary and Extraordinary Shareholders' Meeting was held on April 30, 2020 and approved the financial statements of YPF for the fiscal year ended December 31, 2019, and additionally, approved the following resolution in relation to the allocation of retained earnings as of December 31, 2019: a) to completely eliminate the reserve for future dividends, the reserve for the purchase of treasury shares and the reserve for investments; b) to fully absorb accumulated losses in retained earnings up to 34,071 against the amounts corresponding to the discontinued reserves for up to such amount; and c) to allocate the remaining discontinued reserves of up to 13,184, as follows: (i) to allocate the sum of 550 to create a Reserve for the purchase of treasury shares in order to give the Board of Directors the possibility of acquiring treasury shares at the time it deems appropriate, and complying, during the execution of the plans, with the commitments assumed and to be assumed by them in the future; ii) to allocate the sum of 3,700 to a reserve for future dividends, empowering the Board of Directors, until the date of the next General Ordinary Shareholders' Meeting at which the financial statements ended as of December 31, 2020 will be dealt with, to determine the time and amount for their distribution, if deemed convenient and achievable, taking into account the financial conditions and availability of funds as well as the operating results, investments and other matters that are deemed relevant in the development of the Company's activities; and (iii) to allocate the sum of 8,934 to create a reserve for investments under the terms of section 70, third paragraph of the LGS.

31. EARNINGS PER SHARE

The following table shows the net income and the number of shares that have been used for the calculation of the basic and diluted earnings per share:

	For the six-month period
	ended June 30,
	2020		2019
Net loss.....................................................................................................	(78,418)	(10,869)
Average number of shares outstanding ...................................................	392,396,730	392,251,094
Basic and diluted earnings per share.......................................................	(199.84)	(27.71)

Basic and diluted earnings per share are calculated as shown in Note 2.b.13 to the annual consolidated financial statements.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

32. ISSUES RELATED TO MAXUS ENTITIES

Issues related to Maxus entities are described in Note 31 to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2020 are described below:

Maxus Energy Corporation Liquidating Trust ("Liquidating Trust") Claim

On March 23, 2020, the District Court denied the "Motion to Withdraw the reference" filed by Repsol and its related companies, and the one filed by YPF together with the other companies of the Group that are part of the Claim.

On March 30, 2020, the parties to the process submitted letters to the Court hearing the case arguing the existence of issues pending resolution in relation to the Discovery process.

On April 10, 2020, the parties to the process replied to the letters filed on March 30, 2020.

On April 20, 2020, a hearing was held between the parties and the judge hearing the case, by telephone and, in relation to the matters pending resolution.

On June 23, 2020, the Court hearing the case issued a decision which settled the issues pending resolution related to the Discovery process, as well as other issues raised by the parties to the process.

On July 21, 2020, the Liquidating Trust submitted the schedule agreed by the parties to the process to the Court hearing the case.

As of the date of these condensed interim consolidated financial statements, the parties to the process are producing evidence in support of their arguments.

Considering the ongoing status of the lawsuit, the complexity of the complaint and the evidence that both parties should submit, the Company will continuously reassess any changes in the circumstances described and their impact on the results and financial position of the Group as such changes occur.

The Company, YPF Holdings, CLH Holdings, Inc. and YPF International will defend themselves, file the necessary legal remedies and exercise defensive measures in accordance with the applicable legal procedure to defend their rights.

33. CONTINGENT ASSETS AND LIABILITIES

Contingent liabilities and contingent assets are described in Note 32 to the annual consolidated financial statements.

33.a) Contingent liabilities

The recent events of the six-month period ended on June 30, 2020 are described below:

33.a.1) Contentious claims

Petersen Energía Inversora, S.A.U and Petersen Energía, S.A.U. companies (collectively, "Petersen")

On May 20, the Provincial Court of Madrid dismissed the appeal filed by the Company and confirmed the jurisdiction of the Commercial Court No. 3 of Madrid in the proceedings. YPF is analyzing the best course of action in the light of the aforementioned decision.

On June 5, 2020, the District Court rejected the motions to dismiss based on the grounds of "forum non conveniens" filed both by the Argentine Republic and YPF and requested the parties to the process to propose how they consider the proceedings should be handled.

On June 26, 2020, both Petersen and Eton filed a motion suggesting how the proceedings should be handled.

On June 29, 2020, both the Argentine Republic and YPF filed a motion suggesting how the proceedings should be handled.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

33. CONTINGENT ASSETS AND LIABILITIES (Cont.)

On July 1, 2020, the District Court summoned the parties to a telephone conference held on July 9, 2020.

On July 13, 2020, the District Court issued a resolution ordering the parties to the process to proceed to the discovery "of facts" and the discovery "of experts".

On July 17, 2020, Petersen and Eton together with YPF and the Argentine Republic submitted to the District Court a proposal with a schedule of the next steps for the process.

On July 20, 2020, the District Court accepted the schedule proposed by the parties.

As of the date of issuance of these consolidated financial statements, there are no elements in YPF's possession that allow quantifying the possible impact that this claim could have on the Company.

The Company categorically rejects the claims asserted in the complaint and will file the necessary legal remedies and exercise defensive measures in accordance with the applicable legal procedure to defend their rights.

Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. y Eton Park Fund, L.P. (jointly referred to as "Eton Park")

On June 26, 2020, both Petersen and Eton filed a motion suggesting how the proceedings should be handled.

On June 29, 2020, both the Argentine Republic and YPF filed a motion suggesting how the proceedings should be handled.

On July 1, 2020, the District Court summoned the parties to a telephone conference held on July 9, 2020.

On July 10, 2020, both the Argentine Republic and YPF answered the complaint from Eton Park.

On July 13, 2020, the District Court issued a resolution ordering the parties to the process to proceed to the discovery "of facts" and the discovery "of experts".

On July 17, 2020, Petersen and Eton together with YPF and the Argentine Republic submitted to the District Court a proposal with a schedule of the next steps for the process.

On July 20, 2020, the District Court accepted the schedule proposed by the parties.

As of the date of issuance of these consolidated financial statements, there are no elements in YPF's possession that allow quantifying the possible impact that this claim could have on the Company.

33.a.2) Claims related to the liquefaction barge charter agreement and the liquefaction services agreement with Exmar Energy Netherlands B.V. and Exmar Argentina S.A.U.

On July 15, 2020, Exmar Energy Netherlands B.V. and Exmar Argentina S.A.U. initiated two arbitrations before the London Court of International Arbitration ("LCIA") in connection with alleged due payments of YPF, and YPF´s Force Majeure declaration.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

34. CONTRACTUAL COMMITMENTS

Contractual commitments are described in Note 33 to the annual consolidated financial statements. Updates for the six- month period ended June 30, 2020 are described below:

Investment project agreements

Agreement for the development of Loma La Lata Norte and Loma Campana areas

In relation to the Investment Agreement entered into between the Company and subsidiaries of Chevron Corporation for the joint exploitation of non-conventional hydrocarbons in the province of Neuquén, in the Loma Campana area, for the six-month period ended June 30, 2020, the Company and Compañía de Hidrocarburo No Convencional S.R.L. ("CHNC") have carried out transactions which include the purchase of crude oil by YPF for 6,233. These transactions were executed based on the market's general and regulatory framework. The net balance to be paid to CHNC as of June 30, 2020 is 51. Additionally, YPF has a overlift position with CHNC corresponding to the imbalance of crude oil production from Loma Campana of 3,303.

35. MAIN REGULATIONS AND OTHER

Main regulations and others are described in Note 34 to the annual consolidated financial statements. Updates for the six- month period ended June 30, 2020 are described below:

35.a) Regulatory requirements for natural gas

Mechanisms for allocating the demand for natural gas

ENARGAS Resolution No. 39/2020

On May 5, 2020, ENARGAS Resolution No. 39/2020 was published in the BO, extending the effective period of ENARGAS Resolution No. 59/2018 (which established the temporary procedure for shipment management in the Emergency Executive Committee) to September 30, 2020, included.

Terms and Conditions for the Distribution of Natural Gas through Networks

On April 10, 2020, the SE instructed companies producing natural gas to renew, until the expiration date of the period established in section 5 of Law No. 27,541, in the same terms and conditions, the validity of all supply agreements (inside and outside the transportation system) and all natural gas purchase agreements, whose expiration has operated or operates in the period between March 31, 2020 and the expiration date of the period established in the aforementioned section 5, having to adopt the pertinent precautions to proceed with their formalization.

On April 14, 2020, YPF sent a note to the SE stating: (i) the debt situation of the Distributors, IEASA and CAMMESA that requires their urgent regularization; (ii) the difficult situation the production sector is going through since 2018 when the variation in the price of natural gas purchased by the Distributors was found not to be transferred to tariffs, aggravated since 2019 by the delay of the Argentine Government in the update of the exchange rate along with the lack of payment of the commitments and subsidies, among others; (iii) its intention to promote the extension of contracts until the end of the period established in section 5 of Law No. 27,541, subject to the modality established in each case and depending on the availability of YPF's gas, without implying consent to the note and making reservation of rights.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

35. MAIN REGULATIONS AND OTHERS (Cont.)

On April 20, 2020, YPF sent an extension proposal to the Distributors, which were mostly accepted.

On April 27, 2020 the ENARGAS Resolution No. 27/2020 was published in the BO, repealing ENARGAS Resolution No. 72/2019 which approved the "Methodology for Transferring the Gas Price to Tariffs and the General Procedure for Calculating Accumulated Daily Differences" that set forth the criteria that ENARGAS would apply to determine the transfer the price of gas to tariffs at the TSEP, and established that, in principle, the obligation of the distribution licensees to make reasonable efforts to obtain the best conditions and prices in their gas purchase transactions for their eventual transfer to tariffs, might be deemed complied with if such contracts resulted from a public bidding process within the scope of MEGSA, and provided they complied with section 8 of Decree No. 1053/2018, that is, that in no case could the highest cost caused by changes in the exchange rate occurring during each seasonal period be transferred to users who receive full service.

On June 19, 2020, the Need and Urgency Decree No. 543/2020 was published in the BO, extending the term established in section 5 of Law No. 27,541 (that provided for the non-adjustment of gas and electricity rates) from its expiration and for an additional term of 180 calendar days, and replacing the first paragraph of section 1 of Decree No. 311/2020, establishing that companies providing electricity, gas, running water, fixed or mobile telephone and Internet and cable TV services, either by radioelectric or satellite link, may not interrupt or disconnect the respective services to users listed in section 3 of such Decree, in case of delay or lack of payment of 6 consecutive or alternate bills, due as from March 1, 2020, including users with disconnection notice in course.

Likewise, on June 19, 2020, and based on the Need and Urgency Decree No. 543/2020, the SE instructed producer companies to renew gas supply agreements with distribution companies until the expiration of the new term established by Decree No. 543/2020. YPF agreed to extend the term with the distribution companies until July 31, 2020 and sent new proposals to extend the effective term of such agreements through August 31, 2020.

Decree No. 1053/2018

Decree No. 1053/2018, issued by the PEN under Section 99 subsection 3 of the Argentine Constitution (Need and Urgency Decree) is effective from its publication date, and its approval by the Argentine Congress is regulated by Law No. 26,122, which requires the Standing Bicameral Committee to decide on the validity or invalidity of the Decree and submit a plenary opinion of both Congress Chambers for its express treatment, and establishes that need and urgency decrees will be considered to be repealed if they are rejected by both Chambers.

On July 14, 2020, the Standing Bicameral Committee issued its opinion declaring the invalidity of Decree No. 1053/2018 and submitted such opinion to both Chambers for their final decision on the matter. On July 23, 2020, the Chamber of Senators approved the opinion of the Standing Bicameral Committee which declared the nullity of Decree No. 1053/2018. The Chamber of Deputies has not yet issued its decision, and therefore, as of this date, the aforementioned Decree remains in force.

Even though on June 17, 2020, the SE had approved transfers to Distributors of the amounts corresponding to installments No. 2 to No. 7 under the scheme (corresponding to the Payment of the daily accumulated differences between the value of gas purchased by providers of the distribution service of natural gas through networks and the value of natural gas included in the tariff schemes effective from April 1, 2018 to March 31, 2019, exclusively generated by exchange rate variations and corresponding to natural gas volumes delivered in the same period), such transfers were never made and the SE is not expected to make such transfers until the validity or invalidity of the Decree is finally resolved, which depends on the Chamber of Deputies' decision expressly accepting or rejecting the Decree, as the case may be. Even though YPF´s rights have not been affected, the aforementioned impacts on the recoverability of the financial asset subject to the measure, as defined under IFRS. Therefore, YPF recorded an impairment charge of these receivables as of June 30, 2020, which amounts to 7,961.

YPF is analyzing possible measures to be adopted to defend its rights in the event of the Decree being repealed.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

35. MAIN REGULATIONS AND OTHERS (Cont.)

Abstention from cutting off gas distribution services - LPG commercialization in the domestic market

In addition to the measures adopted by the Argentine Government due to the COVID-19 outbreak mentioned in Note 2.c, on March 25, 2020, Decree No. 311/2020 was published in the BO, which blocks interruption of services due to non- payment or late payment for a period of 180 days to certain residential users and non-residential users, which includes gas distribution providers through networks.

Decree No. 311/2020 also established the maximum reference prices for the sale of LPG in bottles, cylinders and/or bulk for domestic consumption will remain at the current prices for a period of 180 days. The Enforcing Authority shall define the mechanisms required to guarantee the approriate residential demand supply.

On April 18, 2020, Resolution No.173/2020 issued by the Ministry of Productive Development, established that the SE had to prepare a report on the normal commercialization volumes of LPG in bottles, cylinders and/or in bulk for domestic market consumption, the price of the Household Program (Programa Hogar) and the market price of the product in cylinders and/or bulk for residential consumption as of the date of publication of Decree No. 311/2020 and the mechanisms required to ensure the adequate supply of the residential demand. Besides, Resolution No. 173/2020 clarifies the LPG may fluctuate below the levels established in Decree No. 311/2020, when the pricing mechanisms for such fluid shall so allow.

Remuneration of generators

On April 8, 2020, by means of a letter, the Secretary of Energy instructed CAMMESA to postpone until further notice, the implementation of Annex VI - Inflation adjustment of the values established in Argentine Pesos, of SE Resolution No. 31/2020 regarding the remuneration of generators.

Law No. 27,541 on Social Solidarity and Productive Reactivation within the Public Emergency Framework

On March 17, 2020, Decree No. 278/2020 was published in the BO, which ordered the government intervention of the ENARGAS until December 31, 2020, in compliance with section 6 of Law No. 27,541.

35.b) Liquid hydrocarbons regulatory requirements

Decree 488/2020 - Determination of prices for billing crude oil deliveries in the domestic market

On May 19, 2020, Decree No. 488/2020 issued by the PEN (the "Decree") was published in the BO, establishing that crude oil deliveries made in the domestic market must be invoiced by producing companies and paid by refining and trading companies, taking the Medanito crude oil type price of US$ 45/Bbl as a reference, until December 31, 2020. This price will be adjusted for each crude type by quality and loading port using the same reference in accordance with ordinary practices. Such price will be applicable to payment of royalties in compliance with section 59 of Law No. 17,319. Should, during the effective term of the Decree, the price of the "ICE BRENT FIRST LINE" rise above US$ 45/Bbl for 10 consecutive days, considering to such end the average of the last 5 market rates published by "PLATTS CRUDE MARKETWIRE" under the heading "Futures", price-related provisions will be void.

In addition, the Decree provides that during the effective term, the producing companies are bound to maintain the activity and/or production levels registered during 2019, taking into consideration the current demand shrinkage of crude oil and its by-products, both in the domestic and international markets, caused by the COVID-19 pandemic, and always within the adequate and economic operation parameters set forth in section 31 of Law No. 17,319. Producing companies must apply an identical criteria in relation to sustaining effective contracts with regional service companies and maintaining the same workforce they had as of December 31, 2019, which shall be carried out within a consensual framework together with workers' organizations in order to jointly achieve working arrangements that improve efficiency, technology and production, in compliance with the best national and international practices in the hydrocarbon activity.

The SE will verify that producing companies meet the Annual Investment Plan (Section 12 Annex to Decree No. 1277/12) and will apply, if appropriate, the sanctions provided for in section 29 of such Annex.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

35. MAIN REGULATIONS AND OTHERS (Cont.)

On the other hand, the Decree established that refining and trading companies must purchase their total crude oil demand to local producing companies. For integrated companies, the Decree stipulated that, should they need to buy crude oil in excess of their own and their associates' production, such purchases will be made based on similar parameters to those used in 2019. Integrated and refining companies, as well as trading companies will not be able to import products that are available for sale in the domestic market and/or for which there is effective local processing capacity.

Regarding tax increases on liquid fuels and carbon dioxide stipulated under section 7 of Annex to Decree No. 501/2018, and which correspond to adjustments for the first and second quarter of 2020, they will be applicable to unleaded gasoline, virgin naphtha and diesel from October 1, 2020.

The Decree also established that hydrocarbons (under the tariff items of the Mercosur Common Nomenclature ("NCM") outlined in its Annex) will pay export duties under a scheme that contemplates the price of the "ICE BRENT FIRST LINE" barrel (International Price). Such export duty rate will be 0% when the International Price equal or lower than US$ 45/Bbl, will range from 0.5% to 8% when the International Price is between US$ 45 and US$ 60/Bbl, and will be 8% when the International Price is equal or higher than US$ 60/Bbl.

The SE may simplify the Operation of the Registry of Export Transactions for low-demand products in the domestic market if export requests should significantly increase. It may also request assistance from the Secretariat of Domestic Commerce and any other competent body, city mayors and all municipalities of the country, to monitor compliance with the maximum prices for the sale of LNG bottles of 10, 12 and 15 kilograms.

The values of fines for default of the obligations arising from exploration permits and exploitation concessions which do not constitute grounds for expiration under the provisions of Law No. 17,319, are based on a minimum value of 22 m3 of national crude oil in the domestic market and a maximum of 2,200 m3 of the same hydrocarbon per each infringement.

35.c) Natural gas production incentive programs

Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional Reservoirs

On June 23, 2020, YPF answered the request from the Under-Secretariat of Energy, Mining and Hydrocarbons of Neuquén, requiring YPF to submit a readjustment proposal for the Investment Plan corresponding to La Ribera I and II concession area for the whole period covered by the Investment Plan (2018-2021). Based on the impact the new Coronavirus (COVID-

and the quarantine decided as a consequence thereof has had on the Company and its activities, YPF stated to such body that is impossible for it to make a comprehensive readjustment proposal of the Investment Plan and required the approval of its readjustment as originally requested. As of the date of these condensed interim consolidated financial statements, the Under-Secretariat of Energy, Mining and Hydrocarbons of Neuquén has not answered YPF's petition.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

35. MAIN REGULATIONS AND OTHERS (Cont.)

35.d ) Other regulatory requirements

CNV Regulatory Framework (N.T. 2013)

a) CNV General Resolution No. 622

Pursuant to section 1, Chapter III, Title IV of such Resolution, a description of the notes to the consolidated financial statements containing information required under the Resolution in the form of exhibits follows.

Exhibit A - Fixed Assets ..................................................................	Note 9 Property, plant and equipment
Exhibit B - Intangible assets............................................................	Note 8 Intangible assets
Exhibit C - Investments in companies .............................................	Note 11 Investments in associates and joint ventures
Exhibit D - Other investments .........................................................	Note 7 Financial instruments by category
Exhibit E - Provisions ......................................................................	Note 14 Trade receivables
	Note 13 Other receivables
	Note 11 Investments in associates and joint ventures
	Note 9 Property, plant and equipment
	Note 8 Intangible assets
	Note 16	Provisions
Exhibit F - Cost of goods sold and services rendered ....................	Note 25	Costs
Exhibit G - Assets and liabilities in foreign currency .......................	Note 38	Assets and liabilities in currencies other than the Peso

On March 18, 2015, the Company was registered with the CNV under the category "Settlement and Clearing Agent and Trading Agent - Own account", record No. 549. Considering the Company's business, and the CNV Rules and its
Interpretative Criterion No. 55, the Company will not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it will also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV.
Moreover, in accordance with the amendment to the CNV Rules provided for by General Resolution No. 731/2018, the
Company is subject to the provisions of Section 5 b.1 of Title VII, Chapter II, of the CNV Rules, "Settlement and Clearing
Agent - Direct Participant". In this respect, as set forth in Section 13, Title VII, Chapter II, of the CNV Rules, as of June 30, 2020, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 18. Additionally, the balancing entry requirement established in Section 15 does not apply to the Company, as established in Section 5 b.1 of the aforementioned regulations.

b) CNV General Resolutions No. 629/2014 and No. 813/2019

Due to General Resolutions No. 629/2014 and No. 813/2019 of the CNV, the Company informs that supporting documentation of YPF's operations, which is not in YPF's headquarters, is stored in the following companies:

Adea S.A. located in Barn 3 - Route 36, Km. 31.5 - Florencio Varela - Province of Buenos Aires.
File S.R.L., located in Panamericana and R.S. Peña - Blanco Encalada - Luján de Cuyo - Province of Mendoza.

Additionally, it is placed on record that the detail of the documentation given in custody is available at the registered office, as well as the documents mentioned in section 5, subsection a.3, Section I, Chapter V, Title II of the CNV Rules.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

36. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The information detailed in the tables below shows the balances with associates and joint ventures as of June 30, 2020 and December 31, 2019 and transactions with the mentioned parties for the six-month period ended June 30, 2020 and 2019.

				June 30, 2020						December 31, 2019
		Other		Trade	Accounts		Contract		Other		Trade	Accounts		Contract
		receivables		receivables	payable		liabilities		receivables		receivables	payable		liabilities
		Current		Current	Current		Current		Current		Current	Current		Current
Joint Ventures:
YPF EE ........................	318	843		2,074	498	296	2,278		2,183	679
Profertil ........................	6	772		434	-	12	587		114	-
MEGA ..........................	-	1,047		214	-	-	2,995		350	-
Refinor .........................	-	937		3	-	-	956		123	-
Bizoy S.A. ....................	-	20		-	-	-	17		-	-
Petrofaro S.A. ..............	-	6		-	-	-	6		-	-
OLCLP .........................	50		6		149		-		56		59		70		-
		374	3,631		2,874	498	364	6,898		2,840	679
Associates:
CDS .............................	-	124		-	-	-	1,063		-	-
YPF Gas ......................	30	316		94	-	90	317		73	-
Oldelval........................	-	2		557	-	-	77		401	-
Termap ........................	-	-		199	-	-	-		182	-
OTA .............................	10	-		19	-	9	-		14	-
OTC .............................	-	-		-	-	4	-		-	-
GPA .............................	-	-		257	-	-	-		99	-
Oiltanking.....................	-	1		299	-	-	-		198	-
Gas Austral S.A. ..........	-		19		1		-		-		12		1		-
		40		462		1,426		-		103		1,469		968		-
		414	4,093		4,300	498	467	8,367		3,808	679

				For the six-month period ended June 30,
			2020							2019
				Purchases		Net interest					Purchases		Net interest
				and		income					and		income
		Revenues		services		(loss)		Revenues	services		(loss)
Joint Ventures:
YPF EE ............................................................	1,542	2,190	-	1,929			1,644	-
Profertil ............................................................	2,194	1,827	-	1,866			703	-
MEGA ..............................................................	6,013	947	-	5,317			510	-
Refinor .............................................................	932	297	-	1,273			109	(16)
Y-GEN I ...........................................................	-	-	-	5			-	-
Petrofaro S.A. ..................................................	-	-	-	152			23	-
OLCLP .............................................................	28		320		-		3			50		-
		10,709	5,581	-	10,545			3,039	(16)
Associates:
CDS .................................................................	514	-	7	617			-	-
YPF Gas ..........................................................	1,067	109	3	1,045			114	93
Oldelval............................................................	56	1,359	2	97			907	-
Termap ............................................................	-	561	-	-			545	-
OTA .................................................................	1	26	-	-			30	-
GPA .................................................................	-	654	-	-			222	-
Oiltanking.........................................................	2	690	-	1			581	-
Gas Austral S.A. ..............................................	99		-		-		117			-		-
		1,739		3,399		12		1,877			2,399		93
		12,448		8,980		12		12,422			5,438		77

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

36. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Cont.)

Additionally, in the normal course of business, and considering being the main energy group in Argentina, the Group's client/suppliers portfolio encompasses both private sector entities as well as national public sector entities. As required by IAS 24 "Related party disclosures", among the major transactions above mentioned the most important are:

				Balances		Transactions
				Receivables / (Liabilities)		Income / (Costs)
							For the six-month period
							ended June 30,
Customers / Suppliers		Ref.		June 30, 2020	December 31, 2019		2020		2019
SGE.........................................................	(1) (16)		20,838	26,223	-			-
SGE.........................................................	(2) (16)		4,686	3,416	1,762			1,780
SGE.........................................................	(3) (16)		219	155	55			542
SGE.........................................................	(4) (16)		198	166	-			7
SGE.........................................................	(5) (16)		613	475	138			-
SGE.........................................................	(6) (16)		401	172	237			268
SGE.........................................................	(7) (16)		5,052	4,417	-			881
Ministry of Transport ...............................	(8) (16)		3,117	2,056	2,276			2,879
Secretariat of Industry.............................	(9) (16)		-	-	-			51
CAMMESA ..............................................	(10)		2,548	627	6,841			3,310
CAMMESA ..............................................	(11)		(1,260)	386	(2,899)			(1,557)
IEASA......................................................	(12)		6,857	5,041	5,138			5,130
IEASA......................................................	(13)		(685)	(505)	(55)			(64)
Aerolíneas Argentinas S.A. and Austral
Líneas Aéreas Cielos del Sur S.A. .........	(14)		4,316	5,033	4,126			6,873
ANSES ....................................................	(15)		-	-	756			-

Benefits for the Stimulus Programs for the Additional Injection of Natural Gas.
Benefits for the Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional Reservoirs.
Benefits for the propane gas supply agreement for undiluted propane gas distribution networks.
Benefits for the Household Program (Programa hogares con garrafa)
Benefits for recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks.
Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas.
Procedure to compensate the payment of the daily differences accumulated on a monthly basis between the price of the gas purchased by Natural Gas Piping Distribution Service Companies and the price of the natural gas included in the respective tariff schemes for the benefit of Metrogas. As of June 30, 2020, 1,647 have been charged to provision and 3,405 are disclosed net of liabilities with other natural gas producing companies. See Note 35.a.
The compensation for providing diesel to public transport of passengers at a differential price.
Incentive for domestic manufacturing of capital goods, for the benefit of AESA.
The provision of fuel oil and natural gas.
Purchases of energy. As of December 31, 2019, the Group has a credit balance for energy purchases.
Sale of natural gas, NLG and provision of regasification service of LNG in Escobar.
The purchase of natural gas and crude oil.
The provision of jet fuel and natural gas.
Income recognized by the Work and Production Assistance Program received in benefit of AESA an OPESSA.
Income recognized under the guidelines of IAS 20.

Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector. Such transactions consist of certain financial transactions that are described in Notes 15 and 21 to these condensed interim consolidated financial statements, and transactions with Nación Seguros S.A. related to certain insurance policies contracts.

On the other hand, the Group holds BONAR 2020 (see Note 34.g to the annual consolidated financial statements) and 2021, classified as "Investments in financial assets".

Furthermore, in relation to the investment agreement signed between YPF and Chevron subsidiaries, YPF has an indirect non-controlling interest in CHNC with which YPF carries out transactions in connection with the mentioned investment agreement. See Note 33.b to the annual consolidated financial statements and see Note 34 to these condensed interim consolidated financial statements.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

36. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Cont.)

The table below discloses the accrued compensation for the YPF's key management personnel, including members of the Board of Directors and Vice Presidents (managers with executive functions appointed by the Board of Directors), for the six-month period ended June 30, 2020 and 2019:

		For the six-month period
		ended June 30,
		2020		2019
Short-term employee benefits(1) .................................................	323		210
Share-based benefits ................................................................	92		44
Post-retirement benefits .............................................................	12		9
Termination benefits...................................................................	231		-
		658		263

Does not include Social Security contributions of 77 and 43 for the six-month period ended June 30, 2020 and 2019, respectively.

37. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 2.b.10 to the annual consolidated financial statements describes the main characteristics and accounting treatment for benefit plans implemented by the Group.

Retirement plan
The total charges recognized under the Retirement Plan amounted to approximately 107 and 78 for the six-month period ended June 30, 2020 and 2019, respectively.
Objective performance bonus programs and performance evaluation programs
The amount charged to expense related to the programs described was 1,581 and 1,586 for the six-month period ended June 30, 2020 and 2019, respectively.
Share-basedbenefit plan
The amount charged to expense in relation with the share-based plans, which are disclosed according to their nature, was 300 and 217 for the six-month period ended June 30, 2020 and 2019, respectively.
During the six-month period ended on June 30, 2020, the Company has not repurchased its own shares. Likewise, during the six-month period ended on June 30, 2019, the Company has repurchased 411,623 of its own shares for an amount of 280, to comply with the share-based benefits plans mentioned in Note 2.b.10.iii) to the annual consolidated financial statements. The cost of such repurchase appears in the shareholders' equity under the name "Acquisition cost of treasury shares", while the nominal value and its adjustment from the monetary re-expression carried out according to the Previous Accounting Principles have been reclassified from the accounts "Subscribed capital" and "Adjustment to contributions" to the accounts "Treasury shares" and "Adjustment to treasury shares", respectively.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

38. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO

		June 30, 2020				December 31, 2019
	Amount in						Amount in
		Exchange			currencies			Exchange
	currencies
		rate in			other than			rate in
	other than
	the Peso		force(1)	Total		the Peso			force(1)	Total
Noncurrent assets
Other receivables
U.S. dollar .......................................................................	1	70.26		81	1	59.69			60
Bolivian peso ..................................................................	14	10.09		140	14	8.58			119
Trade receivables
U.S. dollar .......................................................................	73	70.26		5,143	220	59.69			13,132
Total noncurrent assets...............................................					5,364						13,311
Current assets
Other receivables
U.S. dollar .......................................................................	223	70.26		15,634	276	59.69			16,474
Euro ................................................................................	4	78.87		280	4	66.85			267
Chilean peso...................................................................	6,570	0.09		591	5,241	0.08			419
Yen .................................................................................	106	0.65		69	151	0.55			83
Trade receivables
U.S. dollar .......................................................................	811	70.26		56,998	939	59.69			56,030
Chilean peso...................................................................	5,749	0.09		517	17,221	0.08			1,378
Investments in financial assets
U.S. dollar .......................................................................	116	70.26		8,119	140	59.69			8,370
Cash and cash equivalents
U.S. dollar .......................................................................	522	70.26		36,645	723	59.69			43,172
Chilean peso...................................................................	5,407	0.09		487	1,685	0.08			135
Bolivian peso ..................................................................	7	10.09		70	10	8.58			90
Total current assets .....................................................					119,410						126,418
Total assets ...................................................................					124,774						139,729
Noncurrent liabilities

Provisions
U.S. dollar .......................................................................	2,086	70.46		146,971	2,020	59.89			120,968
Lease liabilities
U.S. dollar .......................................................................	589	70.46		41,508	674	59.89			40,388
Loans
U.S. dollar .......................................................................	5,663	70.46		399,026	6,863	59.89			411,032
Other liabilities
U.S. dollar .......................................................................	11	70.46		757	12	59.89			699
Accounts payable
U.S. dollar .......................................................................	4	70.46		254	6	59.89			359
Total noncurrent liabilities ..........................................					588,516						573,446
Current liabilities
Provisions
U.S. dollar .......................................................................	59	70.46		4,163	59	59.89			3,555
Taxes payable
Chilean peso...................................................................	1,202	0.09		108	3,102	0.08			248
Salaries and social security
U.S. dollar .......................................................................	3	70.46		192	7	59.89			406
Lease liabilities
U.S. dollar .......................................................................	324	70.46		22,796	357	59.89			21,384
Loans
U.S. dollar .......................................................................	2,117	70.46		149,181	1,229	59.89			73,599
Chilean peso...................................................................	3,285	0.09		296	2,993	0.08			239
Other liabilities
U.S. dollar .......................................................................	21	70.46		1,495	22	59.89			1,310
Accounts payable
U.S. dollar .......................................................................	777	70.46		54,722	1,181	59.89			70,711
Euro ................................................................................	14	79.27		1,074	16	67.23			1,053
Chilean peso...................................................................	5,112	0.09		460	3,744	0.08			300
Bolivian peso ..................................................................	-	10.09		-	7	8.58			60
Yen .................................................................................	79	0.65		51	133	0.55			73
Total current liabilities .................................................					234,538						172,938
Total liabilities...............................................................					823,054						746,384

Exchange rate in force at June 30, 2020 and December 31, 2019 according to BNA.

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

39. SUBSEQUENT EVENTS

Swap of NO

On July 2, 2020, YPF offered Class XIII NO denominated in US-Dollars, accruing interest at a fixed rate of 8.5% redeemable, maturing in 2025, for a nominal value of up to US$ 950 million and a payment of US$ 100 in cash for each US$ 1,000 in principal amount, to be issued in exchange for Class XLVII NO issued on March 23, 2016 for a nominal value of US$ 1,000 million, maturing in 2021.

Besides, on July 13, 2020, YPF announced certain changes related to the offering, offering Class XIII NO for a nominal value of up to US$ 925 million and a payment of US$ 125 in cash for each US$ 1,000 in principal amount.

On July 31, 2020, the offering finally expired. The nominal value of the Class XLVII NO submitted to the exchange amounted to US$ 587.3 million, representing a swap of 58.73%. As a result of the transaction, YPF issued Class XIII NO for US$ 542.8 million and paid approximately US$ 90 million in cash (including accrued and unpaid interests on Class XLVII NO).

Public securities and public debt restructuring

On August 4, 2020, the Argentine Government reached an agreement with the representatives of the Ad Hoc Group of Argentine Bondholders, Argentina's Creditors Committee and the Exchange Bondholder Group and other holders. Under the agreement, the Argentine Government will adjust certain payment dates contemplated for eligible bonds in its July 6, 2020 invitation, without increasing the aggregate amount of payments of principal and interest the Argentine Government commits to make. Moreover, the Argentine Government undertakes to adjust certain aspects of collective action clauses of eligible bonds. Finally, in order to execute the agreement, the Argentine Government extends the invitation expiration date to August 24, 2020.

As of the date of issuance of these condensed interim consolidated financial statements, there are no other significant subsequent events that require adjustments or disclosure in the financial statements of the Group as of June 30, 2020, or their description in note to these condensed interim consolidated financial statements, which were not already considered in such consolidated financial statements according to IFRS.

GUILLERMO EMILIO NIELSEN

President

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YPF SA published this content on 14 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2020 12:40:05 UTC

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