YPF Sociedad Anónima : Investor Presentation Q1 2021

INVESTOR PRESENTATION

MAY 2021

IMPORTANT NOTICE

Safe harbor statement under the U.S. Private Securities Litigation Reform Act of 1995 (the "Private Securities Litigation Reform Act").

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

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, 2020 filed with the U.S. Securities and Exchange Commission (the "SEC"). 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 SEC or an exemption from such registration.

Cautionary Note to U.S. Investors - The United States SEC 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. From 1Q 2019 onwards, 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.

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AGENDA

01. COMPANY OVERVIEW

1. UPSTREAM
2. DOWNSTREAM
3. LATEST FINANCIAL RESULTS

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LARGEST COMPANY IN ARGENTINA

01 YPF is the largest company in Argentina - in terms of revenues - with almost 100-year-old history.

02 Leading integrated player in the local O&G industry.

03 The Argentina Government is the controlling shareholder with a 51% stake. The remaining 49% floats in the NYSE (83%) and BYMA (17%).(1)

1. As of May 17, 2021.

	TOTAL PRODUCTION (2)								YPF				Argentina ex. YPF
	KBOE/D
1,700.0
																						1,354
1,500.0				1,247	1,271			1,287	1,248		1,299	1,276	1,249
1,300.0
1,100.0
900.0
700.0
500.0
300.0
100.0
(100.0)
				2014				2015				2016				2017				2018						2019				2020				LTM

REVENUES				Fuels (Local)			Natural Gas (Local)
					Exports				Other Local
In Million of US$
17,544	16,957		15,291	15,544
			14,262	13,749
							9,376	9,192

2014 2015 2016 2017 2018 2019 2020 LTM

ADJUSTED EBITDA & MARGIN

In Million of US$

5,123	5,171							100%
		3,962	4,053	4,410				80%
			3,607
							60%
29%	31%	28%	27%	28%	26%	1,454	1,370	40%
						16%	15%	20%
								0%
2014	2015	2016	2017	2018	2019	2020	LTM

(2) Source: IAPG, as of 2020.	4

COMMITTED TO SUSTAINABILITY

Our Sustainability Priorities reflect our context, values

and strategy.

Renewed Code of Ethics and Conduct during 2019 and

Integrity Program implemented.

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