YPF Sociedad Anónima : Q4 2019 Earnings Webcast Presentation

FULL YEAR & 4th QUARTER 2019

EARNINGS WEBCAST

MARCH 6TH, 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 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, Q3 and Q4 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

2019 HIGHLIGHTS

CONTEXT

Weak economic activity and high inflation

Crude oil price volatility + freeze on local prices

Low natural gas prices

Capital controls

Presidential elections

& government transition

YPF PERFORMANCE

FY Revenues of

USD 13.7 BN (-11.5%)

FY Adj. EBITDA(1)(2)

of USD 3.6 BN (-18.2%)

FY Adj. Operating cash flow(2) of USD 4.3 BN (-0.5%)

FY CAPEX of

USD 3.5 BN (+5.2%)

Natural Gas impairment of

USD 540 MM in Q3 2019

1. Adjusted EBITDA = Operating income + Depreciation of property, plant and equipment

• Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Recovery) / Deterioration of property, plant and equipment

(2) Excludes IFRS 16 and IAS 29 effects.

3

2019 HIGHLIGHTS

Shifted focus from natural gas to oil

Accelerated shale oil production reducing break-even prices

Deployed first stage of EOR development

Gas exports to Chile and FLNG

FID of underground gas storage

Active portfolio management

Strong cash generation

Successfully managed short term maturities

4

SAFETY AND SUSTAINABILITY IS A CORE VALUE IN CORPORATE STRATEGY

ESG 2019

HIGHLIGHTS

IFR(1) decreased to 0.44

On track with 10% CO2 emissions intensity reduction by 2023

IMO 2020 compliant

First wind farm in operation

and additional three under construction

First Diversity Report

Included in BYMA's Corporate Governance Panel and BYMA's Sustainability Index

DOW JONES SUSTAINABILITY INDEX(2)

Oil & Gas Upstream & Integrated Industry

YPF score by RobecoSAM

DJSI OGX Industry Average

100
	TOP 15 IN THE INDUSTRY
90
80
70				66
60
50	46
	44
40
		42	42
30
20
10	9
0
2017	2018	2019

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.

(1) # of people injured for each million hours worked

5

RESERVE REPLACEMENT SUPPORTED BY SHALE DEVELOPMENTS

Reserve	Shale representing
Replacement	31% of total reserves;
Ratio 96%	(vs. 19% in 2018)

EVOLUTION HYDROCARBON PROVED RESERVES

2019 PROVED RESERVES

(MBOE)
						Natural Gas
1,080			170		1,073	37%
		14		-3
	-188
Reserves	Production	Conventional	Shale	Divestments	Reserves	Crude oil + NGL
63%
2018					2019

6

RAMP-UP IN SHALE ACTIVITY; ACCOUNTING FOR 18% OF TOTAL PRODUCTION

TOTAL PRODUCTION		NGL
	Natural Gas
(KBOE/D)
		Crude Oil

-3.0%

530.2 -0.7% 514.4

-5.5%

-0.5%

20182019

NET SHALE O&G PRODUCTION
(KBOE/D)	+71.9%
	111.8
	102.6
81.9
72.1
65.0

Q4 2018	Q1 2019	Q2 2019	Q3 2019	Q4 2019
			Crude Oil			Natural Gas			NGL
NEW WELLS			NEW WELLS	ACTIVE RIGS
IN Q4 2019			IN 2019			Dec-19
31	123			16

7

WORLD CLASS SHALE OIL PRODUCTIVITY; OPPORTUNITY FOR FURTHER COST REDUCTIONS

Loma Campana (LC)

Bakken

La Amarga Chica (LACH)

Bandurria Sur South East (BS SE)

USA plays(1)

	LACH	VS.
						Stack
	BS SE
				Bone Spring		Wolfcamp Midland

LC

Woodbine

Wolfcamp Delaware

Eagleford

PRODUCTIVITY	Oil window wells(2)
51.5	51.0	50.9		(KBOE/100M stimulated lateral)
49.8
				41.2
				35.0	35.0	33.0
						22.0	19.0
							13.0	9.0

DEVELOPMENT COST Oil window wells(2)

(USD/BOE)

20.8

						16.5	16.9
						14.0
		11.0	11.0	11.3	12.1	12.2
	9.4
8.1

(1) Selected key plays in USA, data of 2018
	8
(2) The chart includes only oil wells. Oil wells are defined as wells that in the first 6 months of production have GORs ranging from 0-260 m3/m3	(0 - 1,460 scf/bbl) USA data was provided by IHS Markit

BANDURRIA SUR: EXAMPLE OF VALUE CREATION

ADCH

LACH

o
o
	o
		o o
		o o o
	LC

Bandurria Sur area o Producing pads

AREA KEY FACTS

Surface Area

56,229 acres / 227,55 km2

License term

35 years since July 2015

Committed investments

USD 360 MM (18 wells) due July 2020, already fulfilled

Operator

YPF

SELECTED VACA MUERTA TRANSACTIONS (USD/acre)

16000

12000

8000

4000

0

Loma

La Amarga

Bajada

Bandurría

Bajo

Aguada

Bandurría

Bandurría

Campana

Chica

de Añelo

Sur

del Toro

del Chañar

Sur

Sur

2013

2014

2017

2017

2017

2019

2020

2020

BUYER

SELLER

STAKE ACQ.

50%

50%

50%

49%

50%

100% 24.5% each 5.5% each

9

2020: FOCUS ON ACCELERATING SHALE OIL DEVELOPMENTS FROM CORE HUB

LOMA CAMPANA

LA AMARGA CHICA

BANDURRIA SUR

NEW WELLS	GROSS PRODUCTION	GROSS CAPEX
IN 2020E	Dec-2020E	2020E	RIGS
101	~155 KBOE/D	~1.8 BN USD	11

FULL FIELD	LOMA CAMPANA		LA AMARGA CHICA		BANDURRIA SUR
DEVELOPMENTS
OIL PRODUCTION
(KBBL/D)
	75			75			75
	0			0			0
	2020	2030	2040	2020	2030	2040	2020	2030	2040

10

TERTIARY RECOVERY (EOR) DEVELOPMENTS AFTER PROMISING PILOT RESULTS
	1500
GRIMBEEK							2019 EOR ACTIVITY
EXPANSION			Beginning				PIU
(BBL/D)
		of response				10
							INVESTMENT
	500						USD 150 MM
	Aug-19		Oct-19	Dec-19	Feb-20
POLYMER INJECTION		FULL EOR POTENTIAL			EXPECTED
			INCREMENTAL
UNITS IN OPERATION		(BBL/D)				PRODUCTION
(BBL/D)						Actual Units	29 MM bbl
						Full Potential
		Grimbeek
		Desfiladero Bayo
		Los Perales
			100.000
4500
0			0
2020	2030	2040	2020	2030		2040

11

NATURAL GAS: LOWER-PRICE ENVIRONMENT PARTIALLY OFFSET BY LOWER CURTAILMENTS

NATURAL GAS PRODUCTION

(MM3/D)

43.7	44.0	43.7		43.6
			40.1	40.3
		36.8	34.7

6.1 7.7

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

2019 SALES VOLUME MIX

INDUSTRY32%

DISCO36%

GENCO27%

EXPORTS4%

CNG1%

GAS REALIZATION PRICE

(USD/MMBTU)

4.5

3.7

Disco

Industry

Genco

Exports

CNG

Subsidy

20182019

12

SLIGHTLY LOWER DEMAND OF FUELS; PRICES BELOW IMPORT PARITY

SALES OF REFINED PRODUCTS

(KM 3)

-1.4%

18,03217,783

+7.4%

-1.4%

-2.1%

20182019

	GAP FUELS BLENDED PRICE
	VS IMPORT PARITY(1)
	(% Difference)
	15%
Exports	0%
Others
GLP	-15%
Fuel Oil
JP1
Gasoline
Diesel

1. Import parity includes international reference price for heating oil, RBOB and biofuels, each of them weighted by YPF sales volumes of regular and premium diesel and gasoline. February 2020 : preliminary data

13

YPF LUZ: VALUE CREATION TO YPF SHAREHOLDERS

INSTALLED CAPACITY (1)	2,456
(MW)	+35%

1,8191,819

Installed capacity

COD

201820192020E

ADJUSTED EBITDA	+21%	~265

(In Millions of USD)		+18%	219
	186

2018

2019

2020E

1. Includes YPF LUZ 30.76% stake in Central Dock Sud S.A and 50% participation in Luz de León S.A (Cañadón León wind farm project)

Projects under construction already funded

~80% of revenues with long-term contracts

Renewable energy representing 16% total capacity by end of 2020

No funding from YPF

14

Q4 2019 RESULTS AFFECTED BY FREEZE IN PRICES; INCREASE IN PRODUCTION

REVENUES	3,939	-12.5%		ADJUSTED	957	-31.1%
(In Millions of USD)			EBITDA
		3,447
			(In Millions of USD)		660

Q4 2018Q4 2019Q4 2018Q4 2019

CAPEX	+7.1%	981	PRODUCTION	+5.4%	525
(In Millions of USD)	(KBOE/D)
916		498

Q4 2018	Q4 2019	Q4 2018	Q4 2019

15

FINANCIAL DISCIPLINE: CASH PRESERVATION STRATEGY

CONSOLIDATED STATEMENT OF ADJUSTED CASH FLOW (1) (2)

(In Millions of USD)

4,510 81

1,515

-3,454

1,246

-864

-543

Cash &

Cash flow from Net borrowing Capex

Interest

Others

Cash &

equivalents at

operations

payments

equivalents at

the begining of

the end of

2019

2019

1. Cash and equivalents at the beginning of 2019 were converted to USD using the December 31, 2018 exchange rate of Ps 37.60 to U.S $1.00. Cash and equivalents at the end of 2019 were converted to USD using the December 31, 2019 exchange rate of Ps 59.79 to U.S $1.00.
2. 2019 capex includes USD 199mn from M&A activities

CUMULATIVE FREE CASH FLOW (3)

(In Millions of USD)

1,311

1,056

748

-875

2016

2017

2018

2019

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

16

MANAGING SHORT-TERM MATURITIES

PRINCIPAL DEBT AMORTIZATION SCHEDULE (1) (2)

(In Millions of USD)

1,557	1,497
	1,436

1,246

711

625

484

Bonds

Trade financing

Bank loans

1,256

1,010

~90% of debt & ~80% of cash in USD (5)

Average interest rates of 7.6% in USD

and 51.1% in Pesos (5)

Average life of 6.04 years(5)

Net Debt /LTM Adj.

EBITDA 2.1x (3)(4)

Cash &	2020	2021	2022	2023	2024	2025	2026	2027	2028+
Equivalents (3)

1. As of December 31, 2019. Excludes IFRS 16 effects.
2. Converted to USD using the December 31, 2019 exchange rate of Ps 59.79 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 59.79 to U.S $1.00 and LTM Adj. EBITDA calculated as sum of quarters.
5. Refers to YPF on a stand-alone basis

17

OUTLOOK 2020

Strict	Profitability	More focus	Active
financial	over	on oil, less	portfolio
discipline	growth	in gas	management

2020 GUIDANCE

ADJUSTED EBITDA

$3 BN AREA

CAPEX

$2.8 BN AREA

CRUDE OIL PRODUCTION

+2% area

NATURAL GAS PRODUCTION

-8% area

NET DEBT

FLAT

18

Full year and 4th quarter earnings webcast

QUESTIONS

AND ANSWERS