YPF Sociedad Anónima : Investor Presentation Q3 2019

INVESTOR PRESENTATION

JANUARY 2020

IMPORTANT NOTICE

Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.

This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with respect to YPF's future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF's plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF's control or may be difficult to predict.

YPF's actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in "Item 3. Key Information-Risk Factors" and "Item 5. Operating and Financial Review and Prospects" in YPF's Annual Report on Form 20- F for the fiscal year ended December 31, 2018 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

These materials do not constitute an offer to sell or the solicitation of any offer to buy any securities of YPF S.A. in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from such registration.

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

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

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

2

YPF TODAY

1. 97-year-oldcompany

Publicly traded

corporation since 1993 on the NY and BA Exchanges

The largest O&G producer

in Argentina

511 Kboe/d

(9M 2019)

36% Market

Share(1):

• 43% Oil
• 33% Gas

1. Source IAPG - October 2019.

World-class

shale producer

The biggest outside the US

VM Gross Acreage

(MM ACRES)

• 1.8 Oil (~53%)
• 1.2 Gas (~44%)

102 Kboe/d

92 new wells in 9M 2019

The leading downstream player in Argentina(2)

3 refineries: 50% of Argentina´s capacity. ~ 320 kbbl/day

~1,600 gas stations. 36% Market Share

57% Market Share of diesel and gasoline sales (as of 9M19)

#1 petrochemical manufacturer: output of ~2.5 mm tons/year

103 branches covering the Agribusiness

(2) 20-F 2018.

YPF Luz fifth- largest power generator in Argentina:

1.8 GW

50% stake in Ensenada de Barragán Thermal power plant (560 MW)

3

SAFETY AND SUSTAINABILITY ARE EMBEDDED IN THE DAILY ACTIVITY AND CORPORATE STRATEGY

TOTAL IFR

• of people injured for each million hours worked 2009 - 9M 2019

1.89

1.27

1.05	1.05
0.82	0.91
0.72	0.74
	0.60

0.51 0.45

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	9M
										2019

DOW JONES

SUSTAINABILITY INDEX(1)

Oil & Gas Upstream & Integrated Industry

YPF score by RobecoSAM

DJSI OGX Industry Average

100
90
80
70				66
60
50		46	44
40
		42	42
30
20
10		9
0

201720182019

(1) YPF is not part of the Dow Jones Sustainability Index. YPF was assessed by RobecoSAM for the first time in 2018 using the DJSI criteria.

4

MAIN FINANCIAL FIGURES: STABLE EBITDA MARGIN AND NET LEVERAGE ~2x

REVENUES

(In Billions of USD)

14.3	15.3	15.5	14.2

2016

2017

2018

LTM Q3 2019

ADJUSTED EBITDA(2) & MARGIN

(In Billions of USD and %)

CAPEX(1)		Upstream		Downstream
(In Billions of USD)		Gas & Power		Other

4.3

3.53.33.4

2016

2017

2018

LTM Q3 2019

NET LEVERAGE(3)

NET DEBT / ADJ. EBITDA (x)

28%	27%
4.0	4.1

28%	27%
4.4	3.9

2.0x	2.0x	2.0x
		1.7x

	2016	2017	2018	LTM Q3 2019	2016	2017	2018	LTM Q3 2019
(1)	Q2 2019 capex includes around USD 200 MN from Ensenada Barragán and Aguada del Chañar acquisitions.
(2)	Adjusted EBITDA = Operating Income + Depreciation of Property, Plant and Equipment + Depreciation of Right of Use Assets + Amortization of Intangible Assets + Unproductive Exploratory Drillings + (Recovery) /
Deterioration of Property, Plant and Equipment. It also excludes IFRS 16 and IAS 29 effects and the profit from the revaluation of YPF S.A.'s investment in YPF Energía Eléctrica (YPF EE) for Ps 12.0 billion in Q1 2018.	5
(3)	See description of Net debt in footnote (4) on page 16.

ORGANIC INCREASE IN RESERVES

Reserve Replacement Ratio 178%

Shale P1 reserves representing 19% of total reserves

TOTAL HYDROCARBON PROVED RESERVES

(MBOE)					1,212	1,226		Crude + NGL			Gas
1,132
			1,083		1,113			1,080
1,014		1,005
982	979
				929

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

6

LOWER NATURAL GAS DEMAND IMPACTING TOTAL PRODUCTION; FOCUS ON SHALE

TOTAL NET PRODUCTION

(KBOE/D)

577.4	555.0
	530.2	510.9

2016	2017			2018	9M 2019
		Crude		Gas			NGL

	NET SHALE PRODUCTION
	(KBOE/D)
															17%
90.0															15%
80.0								11%			85.4
70.0															10%
60.0					7%	57.7
	5%
50.0															5%
40.0	29.9	36.8
30.0															0%
20.0
10.0																	-5%
	2016	2017	2018			9M 2019
					Crude oil					Natural Gas
					NGL					% of total production
															7

ChSN PH

N

BDT

LaMa

LAChAdCh

BS

LC

LLL Sur

LLL

O

LLL-SB

CBNAND

UNLOCKING VALUE OF

SHALE OIL ACREAGE

NET SHALE OIL PRODUCTION

(KBBL/D)

33.1

22.5

16.6

14.5

2016

2017

2018

9M 2019

STRATEGIC PARTNERS

8

PRODUCTIVITY IMPROVEMENT TIMELINE

LOMA CAMPANA	LA AMARGA CHICA
(KBbl - standardized at 2,000 meters)	(KBbl - standardized at 2,000 meters)

BANDURRIA SUR - SE ZONE

(KBbl - standardized at 2,000 meters)

375

300

225

150

56 wells

30 wells

37 wells

20 wells

6 wells

375

9 wells

300

11 wells

225 8 wells

150

2 wells

375

2 wells

300

225

150

75

Avg. Campaign 2016

Avg. Campaign 2017

Avg. Campaign 2018

Avg. Campaign 2019

75

Avg. Campaign 2016

Avg. Campaign 2017

Avg. Campaign 2018

Avg. Campaign 2019

75

Avg. Campaign 2017 Avg. Campaign 2018

0

0

6

12

18

24

30

36

0

0

6

12

18

24

30

36

42

0

0

6

12

18

24

30

36

EUR 905 kboe

2018 campaign

Months

EUR 800 kboe

2018 campaign

Months

Months

EUR 980 kboe

2018 campaign

9

LOMA CAMPANA: CONTINUOUS COSTS IMPROVEMENT; SWITCHING TO HDC

DEVELOPMENT & OPEX COST

(USD/BOE)

			18	15				Development			Opex
			12	9			11	~10
									6	~5
			2016		2017			2018	9M 2019
	SHALE OIL STAGES & WELLS HORIZONTAL LENGTH
55		Avg. frac stages	Avg. lateral length (m)					3,000
~2,300	~2,400		~2,500	~2,500
50									2,500
~1,800
45
					38
40							35		2,000
35					30
			27								1,500
30	21
25											1,000
20													500
15
10													-
2017		2018	Q1 2019		Q2 2019	Q3 2019

DRILLING COST

(USD/lateral foot)

628

606

583

545

524

2017

2018

Q1 2019

Q2 2019

Q3 2019

COMPLETION COST

(KUSD/stage)

254

188	170	154
	144

2017

2018

Q1 2019

Q2 2019

Q3 2019

10

ENSURING THE NECESSARY INFRASTRUCTURE TO EVACUATE SHALE OIL PRODUCTION

LUJÁN DE CUYO	Poliducts LC-VM-MC-SL			MC-SL
REFINERY	VM-JN-LM	VM-MC	Montecristo
100% YPF
105.5 kbbl/d / 100% YPF	LC-VM
		Villa
		Mercedes		VM-JN-LM
	PH - CILC Pipeline
	100% YPF

OTC

35% YPF Trasandino Pipeline
107 kbbl/d	OTA	NODO
428 km	35% YPF	PH
	LC-LP Pipeline	Medanito
	85% YPF		OLDELVAL	TRAFIGURA
PLAZA HUINCUL			37% YPF
		Allen - PR 163 kbbl/d
REFINERY
			Allen	513 km	Puerto
25 kbbl/d / 100% YPF		Rosales

San Lorenzo

AXION

JunínRAIZEN

LA PLATA REFINERY

189 kbbl/d / 100% YPF

PR - CILP Pipeline

100% YPF

OTE

30% YPF

No bottleneck expected in the short-term

Performing meticulous

study of the oil midstream sector, including:

• Reverting some existing pipelines
• Increasing OLDELVAL pumping capacity
• Upgrading the existing export terminal in the Atlantic
• Reactivating export route to the Pacific

11

GAS MARKET: TAKING SEVERAL MEASURES TO MITIGATE OVERSUPPLY

VACA MUERTA

ESCOBAR

BSAS RING

BAHÍA

BLANCA

TGN

TGS

TO Chile

FSRU

LNG BARGE

MEGA SEPARATION

MEGA FRACTIONATION

NATURAL GAS PRODUCTION

(Mm3/d)

43.7

44.0

43.7

43.6

40.1

36.8 34.7

6.1 7.7

1.2	1.3	1.3			2.6	0.8
Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019	Q2 2019	Q3 2019
	NG Production	NG Production Curtailments

Short-term levers	Medium
•	Exports to Chile	to long-term levers
•	LNG floating barge	•	Sizeable LNG terminal
•	Ensenada Barragán
•	Profertil expansion
•	Underground gas storage

12

DOWNSTREAM: SOLID MARKET LEADERSHIP

GASOLINE MARKET SHARE BREAKDOWN (%)(1)(2)

DIESEL MARKET SHARE BREAKDOWN (%)(1)(2)

Others

5%4%

15%

56%

20%

Others

6% 5%

15%57%

GASOLINE SALES (YoY variation)(2)

YPF Market

8%

4%

0%

-4%

-8%

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

DIESEL SALES (YoY variation)(2)

YPF Market

8%

4%

17%

1. Market share as of 9M 2019.
2. YPF volumes exclude bunker sales to the foreign market and sales to other companies.

0%

-4%

-8%

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

13

RECOVERY IN DOWNSTREAM MARGIN; FREEZE IN PRICES WIDENED GAP WITH IMPORT PARITY

DOWNSTREAM ADJUSTED EBITDA(1)(2)	FUELS BLENDED PRICE VS IMPORT PARITY(3)
Excluding inventory revaluation	(% VARIATION)
(USD per refined barrel)
12.1	11.2
10.4

2017

2018

9M 2019

1. Amounts in Argentine Pesos converted to USD using the applicable FX rate on the date in which revenues and expenses were recognized. Please note that these figures may differ from the EBITDA expressed in USD that is disclosed in table 5.5 of YPF's Quarterly Consolidated Results report.
2. Net of commissions, deductions, freights, turnover tax and other taxes.

Fuels Blended Price

Import Parity

1. Import parity includes international reference price for heating oil, RBOB and biofuels, each of them weighted by sales volumes of our regular and premium diesel and gasoline. Fuels blended prices and Import Parity prices based on monthly average prices. January 2018 = base 0. (*)

December 2019 and January 2020: preliminary data. Jan-20 includes average prices through	14
January 7 2020.

CURRENT PRICES AT THE PUMP AT LOW HISTORICAL LEVELS

FUELS BLENDED PRICE AT THE PUMP(1)

(USD/liter)
1.4
1.3
1.2
1.1
1.0
0.9
0.8

(1) Weighted by sales volumes of our regular and premium diesel and gasoline. * Q4 2019 and Jan-20 prices are preliminary. Jan-20 includes average prices through January 7 2020.

15

FINANCIAL DISCIPLINE: FUNDING CAPEX WITH INTERNAL CASH FLOW GENERATION

CONSOLIDATED STATEMENT OF ADJUSTED CASH FLOW(1)

(In Millions of USD)

1,196

1,587		-804
			-418			1,042
				-243	-276
Cash &	Cash flow	Capex	Net borrowing	Interest	Others	Cash &

equivalents at	from	payments	equivalents at
the begining of	operations		the end of Q3
Q3 2019			2019

1. Cash and equivalents at the beginning of Q3 2019 were converted to USD using the June 30, 2019 exchange rate of Ps 42.36 to U.S $1.00. Cash and equivalents at the end of Q3 2019 were converted to USD using the September 30, 2019 exchange rate of Ps 57.49 to U.S $1.00.

CUMULATIVE FREE CASH FLOW(2)

(In Millions of USD)

		526
310
	135
3M 2019	6M 2019	9M 2019

(2) Free Cash Flow = Cash Flow from Operations minus CAPEX - M&A.

16

FINANCIAL DISCIPLINE: SUCCESFULLY MANAGING OUR SHORT TERM MATURITIES

PRINCIPAL DEBT AMORTIZATION SCHEDULE(1)(2)

(In Millions of USD)

			Bonds							2,263
			Trade financing
			Bank loans		1,436				1,495
					1,180
1,042
							714		624
				356				484
		Cash & (3) 2019	2020	2021	2022	2023	2024	2025	2026+
	Equivalents

1. As of September 30, 2019. Excludes IFRS 16 effects.
2. Converted to USD using the September 30, 2019 exchange rate of Ps 57.49 to U.S $1.00.
3. Includes cash & equivalents, including Argentine sovereign bonds BONAR 2020 and BONAR 2021.
4. Net debt is calculated as total debt less cash & equivalents. Net debt to LTM Adj. EBITDA calculated in USD. Net debt at period end exchange rate of Ps 57.49 to U.S $1.00 and LTM Adj. EBITDA calculated as sum of quarters.

DETAILS OF Q3 2019

~90% of our cash & debt denominated in USD

Average interest rates of 7.6% in USD

and 55.8% in Pesos

Average life of 6.23 years

Net Debt /LTM Adj.

EBITDA 1.98x(3)(4)

17