YPF Sociedad Anónima : Investor Presentation August 2020

INVESTOR PRESENTATION

AUGUST 2020

IMPORTANT NOTICE

Saf e harbor statement under the US Priv ate Securities Litigation Ref orm Act of 1995.

This document contains statements that Y PF believ es constitute f orward-looking statements within the meaning of the US Priv ate Securities Litigation Ref orm Act of 1995.

These f orward-looking statements may include statements regarding the intent, belief , plans, current expectations or objectiv es of Y PF and its management, including statements with respect to Y PF's f uture f inancial condition, f inancial, operating, reserv e replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed v olumes and reserv es, as well as Y PF's plans, expectations or objectiv es with respect to f uture capital expenditures, inv estments, expansion and other projects, exploration activ ities, ownership interests, div estments, cost sav ings and div idend pay out policies. These f orward-looking statements may also include assumptions regarding f uture economic and other conditions, such as f uture crude oil and other prices, ref ining and marketing margins and exchange rates. These statements are not guarantees of f uture perf ormance, prices, margins, exchange rates or other ev ents and are subject to material risks, uncertainties, changes and other f actors which may be bey ond Y PF's control or may be dif f icult to predict.

Y PF's actual f uture f inancial condition, f inancial, operating, reserv e replacement and other ratios, results of operations, business strategy , geographic concentration, business concentration, production and marketed v olumes, reserv es, capital expenditures, inv estments, expansion and other projects, exploration activ ities, ownership interests, div estments, cost sav ings and div idend pay out policies,

as well as actual f uture economic and other conditions, such as f uture	crude oil and other prices, ref ining margins and exchange rates, could diff er materially f rom those expressed or implied in any
such f orward-looking statements. Important f actors that could cause	such diff erences include, but are not limited to, oil, gas and other price f luctuations, supply and demand lev els, currency

f luctuations, exploration, drilling and production results, changes in reserv es estimates, success in partnering with third parties, loss of market share, industry competition, env ironmental risks, physical risks, the risks of doing business in dev eloping countries, legislativ e, tax, legal and regulatory dev elopments, economic and f inancial market conditions in v arious countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or adv ancements and lack of approv als, as well as those f actors described in the f ilings made by Y PF and its aff iliates with the Securities and Exchange Commission, in particular, those described in "Item 3. Key Inf ormation-Risk Factors" and "Item 5. Operating and Financial Rev iew and Prospects" in Y PF's Annual Report on Form 20- F f or the f iscal y ear ended December 31, 2019 filed with the US Securities and Exchange Commission. In light of the f oregoing, the f orward-looking statements included in this document may not occur.

Except as required by law, Y PF does not undertake to publicly update or rev ise these f orward-looking statements ev en if experience or f uture changes make it clear that the projected perf ormance, conditions or ev ents expressed or implied therein will not be realized.

These materials do not constitute an off er to sell or the solicitation of any off er to buy any securities of Y PF S.A. in any jurisdiction. Securities may not be off ered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption f rom such registration.

Cautionary Note to U.S. Inv estors - The United States Securities and Exchange Commission permits oil and gas companies, in their f ilings with the SEC, to separately disclose prov ed, probable and possible reserv es that a company has determined in accordance with the SEC rules. We may use certain terms in this presentation, such as resources, that the SEC's guidelines strictly prohibit us f rom including in f ilings with the SEC. U.S. Inv estors are urged to consider closely the disclosure in our Form 20-F, File No. 1-12102 av ailable on the SEC website www.sec.gov .

Our estimates of EURs, included in our Dev elopment Costs, are by their nature more speculativ e than estimates of prov ed, probable and possible reserv es and accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where ther e has been limited history . Actual locations drilled and quantities that may be ultimately recov ered f rom our concessions will dif f er substantially . Ultimate recoveries will be dependent upon numerous f actors including actual encountered geological conditions and the impact of f uture oil and gas pricing.

Unless otherwise indicated, the calculation of the main f inancial f igures in U.S. dollars is deriv ed f rom the calculation of the consolidated f inancial results expressed in Argentine pesos using the av erage exchange rate f or each period. From 1Q 2019 on wards, the calculation of the main f inancial f igures in U.S. dollars is deriv ed f rom the sum of : (1) Y PF S.A. indiv idual f inancial results expressed in Argentine pesos div ided by the av erage exchange rate of the period and (2) the f inancial results of Y PF S.A.'s subsidiaries expressed in Argentine pesos div ided by the exchange rate at the end of period.

2

AGENDA

01. COMPANY OVERVIEW

1. UPSTREAM
2. DOWNSTREAM
3. LATEST FINANCIAL RESULTS

MAIN

FIGURES

1. 98-yearold company

1. Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects. Excludes acceleration of promote of Schlumberger's stake in Bandurria
   Sur for US$104mn in 1Q20 and the sale of 11% stake in Bandurria Sur for US$65mn in 2Q20.
2. Net income includes net impairment of property, plant & equipment of around US$1.2 billion.

0104

Publicly traded	Revenues LTM
corporation since 1993	of USD 11,535 million
on the NY and BA
Exchanges
02	05
Controlling Shareholder:	Adjusted
Argentina Government	EBITDA LTM (1)
(51%)	of USD 2,515 million

03	06
Free Float:	Net Income LTM (2)
NYSE 83% / BYMA 17%	of USD -1,582 million

(as of August 14, 2020)

4