YPF Sociedad Anónima : Q3 2019 Earnings Webcast Presentation

3rdQUARTER 2019

EARNINGS WEBCAST

NOVEMBER 8TH, 2019

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 is derived from the calculation of the consolidated financial results expressed in Argentine pesos using the average exchange rate for each period. For Q1, Q2 and Q3 of 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

THE ARGENTINE CONTEXT

Political uncertainty between general and primary elections

Devaluation of peso

Weak economic activity

Freeze on crude and fuel prices

Continued deterioration of natural gas prices

3

SAFETY AND SUSTAINABILITY ARE EMBEDDED IN OUR 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

2018 Sustainability Reportpublished

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

4

Main

figures

1. Adjusted EBITDA =Operating income + Depreciation and impairment of property,
   plant and equipment + Depreciation of right-of-use assets + Amortization of intangible assets +

3rdQUARTER 2019

Revenuesof USD 3,309 million (-12.6%)

Adjusted EBITDA(1)of USD 977 million (-15.0%)

Operating cash flowof USD 1,196 million (+18.9%)

CAPEXof USD 810 million (-4.8%)

Hydrocarbon production flat at 530 Kboe/d

Net shale oil production up 54.9%

unproductive exploratory drillings. Excludes IFRS 16 and IAS 29 effects.	5

ADJ. EBITDA DECREASED IN Q3 2019 IN USD MAINLY AFFECTED BY THE UPSTREAM SEGMENT

ADJUSTED EBITDA

(In Millions of USD)

					114
			1,150	118		-60
	754
								977
							-345
396
										200
									-777
Operating	Non-cash	(1)	Adj. EBITDA Q3	Downstream	Corporate &	G & E	Upstream	Adj. EBITDA Q3	Non-cash	Operating
Income Q3 2018	expenses	2018		Eliminations			2019	expenses(1)	Income Q3 2019
										before
										impairment

(1)	Includes principally depreciation of property, plant and equipment, depreciation of right-of-use assets and amortization of intangible assets and unproductive exploratory drillings.	6

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.

7

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 6.23years

Net Debt /LTM Adj.

EBITDA 1.98x(3)(4)

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TOTAL HYDROCARBON PRODUCTION REMAINED STABLE DRIVEN BY SHALE GROWTH

TOTAL PRODUCTION		NGL	PRODUCTION BREAKDOWN		Conventionals
	Natural Gas
(KBOE/D)		(KBOE/D)		Shale + Tight

0.2%		Crude Oil

529.1	+5.9%	530.0	529.1	44.4			530.0
					-35.4	-8.1
			28%				35%
	-0.1%
			+2.8%
			QoQ
			72%				65%
	-0.2%
Q3 2018		Q3 2019	Q3 2018	Shale	Conventionals	Tight	Q3 2019

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RAMP-UP IN SHALE ACTIVITY BROUGHT PRODUCTION UP 77% YoY

NET SHALE O&G PRODUCTION

(KBOE/D)

			NGL
+77.1%			Natural Gas
102.1		Crude Oil

57.7	+24.7%
+100.6%		QoQ
+54.9%
Q3 2018	Q3 2019

NEW WELLS	32	ACTIVE	18
IN Q3 2019	RIGS

AVERAGE CUMULATIVE OIL PRODUCTION

(KBBL; STANDARDIZED AT 2,000 meters)

350		2 wells
300
250	8 wells	37 wells
11 wells
200	20 wells
150	2 wells

100

1 well

50

0

0	6	12	18	24
				Months
	LaCh Avg. Campaign 2019			LaCh Avg. Campaign 2018
	LC Avg. Campaign 2019			LC Avg. Campaign 2018
	BS Avg. Campaign 2018			BdT Avg. Campaign 2019	10

LajE.x-1 Campaign 2019

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

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STRONG NATURAL GAS PRODUCTION DUE TO SEASONAL DEMAND; ENVIRONMENT OF LOWER PRICES

NATURAL GAS PRODUCTION

(MM3/D)

43.7 44.0 43.743.6

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

GAS REALIZATION PRICE

(USD/MMBTU)

4.5		Avg.
	Sep
4.0	3.5

Q3 2018

Q3 2019

Disco Industry Genco Exports Subsidy

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INCREASED PROCESSED VOLUMES AND EXPORTS AMID LOWER INTERNAL DEMAND

CRUDE PROCESSED	SALES OF REFINED PRODUCTS
(KBBL/D)	(KM 3)
+2.6%		-0.4%
	4,493	+23.9%	4,474
	287.4
280.2

-1.8%

-5.6%

Q3 2018

Q3 2019

Q3 2018

Q3 2019

Exports

Others

GLP

Fuel Oil

JP1

Gasoline

Diesel

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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

Fuels Blended Price

Import Parity

2017

2018

9M 2019

(1)

Amounts in Argentine Pesos converted to USD using the applicable FX rate on the date in which

(3) Import parity includes international reference price for heating oil, RBOB and biofuels, each of

revenues and expenses were recognized. Please note that these figures may differ from the EBITDA

them weighted by sales volumes of our regular and premium diesel and gasoline. Fuels

expressed in USD that is disclosed in table 5.5 of YPF's Quarterly Consolidated Results report.

blended prices and Import Parity prices based on monthly average prices. (*) October and

(2)

Net of commissions, deductions, freights, turnover tax and other taxes.

November 2019: preliminary data. January 2018 = base 0.

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CURRENT PRICES AT THE PUMP AT LOW HISTORICAL LEVELS

FUELS BLENDED PRICE AT THE PUMP (1)

(USD/liter)
1,5
1,4
1,3
1,2
1,1
1,0
0,9
0,8
0,7

(1) Weighted by sales volumes of our regular and premium diesel and gasoline.

(*) October and November 2019 prices are preliminary. November 2019 prices as of November 1st2019.

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SUMMARY

Focus on financial discipline

Unconventional production growth compensating conventional production decline

Transition of natural gas market

Challenging fuel pricing scenario

Active portfolio management

	•	Adjusted EBITDA $3.7bn
2019	•	CAPEX $3.2bn
Guidance
•	Production -3% area
Update
	•	Net Leverage 2.15x area

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3rdQuarter Earnings Webcast

QUESTIONS

AND ANSWERS

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