1

Investor Presentation March, 2015

2

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, 2013 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 for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise.

Important Notice

3 3

Company Overview 1

Upstream and Downstream 2

Financial Results 3

2015 Outlook 4

Agenda

4

Argentine government

Argentine government “Series A”

Free float

51.0%

48.99%

0.01%

Ratings

CCC

AA (Arg)

Markets

YPFD YPF

(1) As of 12/31/14

Caa1

N/A (Arg)

Corporate Governance

Designated

by the Provinces

Mr. Nagel

Mr. Perincioli

Mr. Gil

Mr. Félix

Ms. Bobadilla Independent

Mr. Valle

Mr. Brizuela

Mr. Uchitel

Mr. Piacentino

Company

Executives

Mr. Dasso

Mr. Cuesta

Mr. Arceo

Mr. González

Mr. Alfonsi

Chairman of the Board,

Mr. Galuccio

Shares Class A

Mr. Kicillof Labor Union

Representative

Mr. Soloaga

National Government

Ms. Charvay

Shareholder structure 1 Board composition

5 5

Revenues LTM 1

US$ 17,576 mm

Adj. EBITDA LTM 1 2

US$ 5,128 mm

Net income LTM 1

US$ 1,115 mm

Employees 4

17,747

Exploration

and production

• Production 7: 245 Kbbl/d of crude oil, 49 Kbbl/d of NGL and 42.4 Mm3/d of natural gas

• Proved Reserves 3 4 in 2014: 675 mm bbl of liquids and 537 mm boe of gas

• Unique unconventional opportunities: Vaca Muerta, Lajas, Pozo D-129

Downstream -

refining

and logistics

• Total refining Capacity: 320 Kbbl/d 4 5 (more than 50% 4 of Argentina’s total capacity)

• High level of conversion and complexity

• Nearly 2,700 km 4 of crude oil and 1,801 km 4 of refined products pipeline

Downstream -

petrochemicals • The petrochemical business is integrated with the rest of the production chain

• Output Capacity: 2.2 4 mm ton per annum

Downstream -

marketing

• The country’s leading company in fuel marketing (56.5% 4 market share in diesel and

gasoline)

• 1,542 4 6 service stations

Major Affiliates • MEGA: Liquids separation and a fractioning plant

• Metrogas: Largest local gas distribution company

• Refinor: Refining, transportation and marketing of refined products

• Profertil: Fertilizer producer (urea and ammonia)

• AESA: Engineering, manufacturing, construction, operating

and maintenance services to power and energy companies

Leading Integrated Energy Co. in Argentina

(1)YPF financial statements values in IFRS converted to US$ using 2014 average FX of 8.1. (2) Adjusted EBITDA = Net income attributable to shareholders + Net income for non

controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on investments in

companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings. (3) Includes oil, condensates and liquids; converted using 1

boe = 5.615 mmcf of gas as per company data 2014. (4) Company data 2014 (5) Does not includes 50% of Refinor (13 kbbl/d). (6) Excludes 71 Refinor service stations. (7) FY

2014

6

60%

13%

5%

14%

8%

42%

16%

9%

9%

7%

3%

14%

45%

19%

6%

5%

4%

3%

18%

Market Share Breakdown (%)

Source: IAPG

(1) Cumulative Jan – Dec 2014

(2) Cumulative Jan - Dec 2014

(3) As of December 2013

Market Share Breakdown (%)

Upstream Downstream

Gasoline 2 Diesel 2

Crude Processing 3 No. of Gas Stations 3

55%

15%

9%

13%

8%

34%

15% 12%

11%

28%

58%

18%

5%

13%

6%

Others Others

Others

Others

Others

Gas Production 1

Others

Oil Production 1

Leading Argentine O&G Company

7

/ Production figures as of December, 2014 / Domestic Market Sales of natural only correspond to YPF (does not include YSUR)

Oil

business

Natural gas

business

Production figures refer to YPF in Argentina only

Production

245 Kbbl/d Refining

290 Kbbl/d

Domestic

market

Domestic market

71% Domestic prices (gasoline, diesel)

18% International prices (FO, bunker, jet fuel,

petrochemicals, lubricants, LPG and others)

89%

11% Exports International prices

(naphtha, LPG, jet fuel, crude, petrochemicals,

fuel oil, soybean oil and meal and others)

Purchases

Imports (Gas purchased

by ENARSA)

+ Purchases

+

Domestic

market

Exports 0.2%

99%

Residential

+ CNG

Industrial

Power

plants

59% 17%

24%

Upstream

42 mm m3/d

Export

market

Integrated Across Value Chain

8

15 + years

of industry

experience

each

Local and

international

experience

Seasoned Management Team

Miguel Galuccio Chairman & CEO

• Before rejoining YPF, he was part of the management team of Schlumberger in London

• More than 20 years of international experience in the oil and gas industry, leading companies and working

teams in the United States, Middle East, Asia, Europe, Latin America, Russia and China

• Oil engineer from the Technological Institute of Buenos Aires

Daniel Gonzalez CFO

• Before joining YPF, he served for 14 years in the investment bank Merrill Lynch & Co in Buenos Aires and New York,

holding the positions of Head of Mergers and Acquisitions for Latin America and President for the Southern Cone

(Argentina, Chile, Peru and Uruguay), among others

• Bachelor in Business Administration from the Argentine Catholic University

Carlos Alfonsi VP Downstream

• Since 1987, he has held various positions at YPF, serving as an operations manager; the director of the La Plata

refinery; operation planning director; director of commerce and transportation for Latin America; director of refinery and

marketing in Peru; country manager for Peru; and R&M for Peru, Chile, Ecuador and Brazil

• Bachelor in Chemistry from Argentina’s Technological University of Mendoza. In addition, he earned degree in IMD

Managing Corporate Resources from Lausanne University and has studied at the MIT

Jesus Grande VP Upstream

• Before YPF, he held various positions at Schlumberger, serving as Director of Human Resources; president of one of

its service lines; head of Corporate Strategy Implementation. He has also served in executive and operational positions

in Kuwait, Argentina, Brazil, Angola and the United States

• Engineer from the National University of Tucumán

Fernando Giliberti VP Strategy and Business Development

• He previously served at YPF as Business Development Manager and Exploration and Production Business

Development Director

• CPA from the Argentine Catholic University; earned an MBA from the Argentine University of the Enterprise, a

Postgraduate Diploma in Management and Economics of Natural Gas from the College of Petroleum Studies, Oxford

University, and master’s degree in the Science of Management at Stanford University.

5

9 9

Company Overview 1

Upstream and Downstream 2

Financial Results 3

2015 Outlook 4

Agenda

10

Source: Company data 2014

(1) Company data 2014 – (2) Includes international reserves of 2.3 MBOE – (3) As of December 2014.

YPF has 92 concessions in the most productive Argentine basins

(total reserves 1P: 1,212 mm boe1) and 48 exploration blocks

in the country (44 onshore and 4 offshore) 1 Proved reserves: 69 mm boe

% liquids: 98%

% gas: 2%

Production: 8.7 mm boe

Cuyana

Proved reserves: 48 mm boe

% liquids: 12%

% gas: 88%

Production: 7.8 mm boe

Noroeste

Proved reserves: 312 mm boe

% liquids: 88%

% gas: 12%

Production: 44.3 mm boe

Golfo San Jorge

Proved reserves: 89 mm boe

% liquids: 19%

% gas: 81%

Production: 10.5 mm boe

Austral

Proved reserves: 692 mm boe

% liquids: 45%

% gas: 55%

Production: 132.6 mm boe

Neuquina 2014

Proved reserves 2 Production share

Liquids

56%

Gas

44%

Total: 1,212 mm boe Total 3: 462 mm boe

Pan American

17%

Wintershall

5%

Others

12%

Sinopec

4%

Tecpetrol

2%

Chevron

San Jorge

2%

Total Austral

6%

Petrobras

6%

YPF

43%

Pluspetrol

3%

Source: IAPG, as of Dec 2014

Upstream - Significant Potential with Leading Market Position

11

25

46

65 74

2011 2012 2013 2014

256.8

244.9 240.9

222.6 227.4 226.3 228.2

235.1 239.3 241.6 240.9

246.0 249.8

2008 2009 2010 2011 2012 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

46.9

41.3 38.1

34.2 33.4 31.4

33.0 35.6 35.5

37.2

43.5 44.9 43.7

2008 2009 2010 2011 2012 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

49

70

92 101

2011 2012 2013 2014

2,661

4,178

6,077

2012 2013 2014

Doubled investments Significant increase in activity

Reverted downward trend in production seen in recent years; solid growth

Upstream Capex (US$ mm)1 Drilling Rigs Workover Rigs

196% 106%

Crude oil production (k bbl/d) Natural gas production (mm m3/d)

(1) Capex converted considering an average FX rate of 4.6, 5.5, 8.1 for 2012, 2013 and 2014 respectively.

Recent Performance: Strong Emphasis in Production Increase

+57%

+9.9% (vs. 2012)

+30.8% (vs. 2012)

+45.5%

12

232.3

244.6

2013 2014

33.9

42.4

2013 2014

Crude Oil Production (Kbbl/d) Natural Gas Production (Mm3/d)

Production

Total Production (Kboe/d)

+5.3% +25.1%

+13.5%

Production increase resulting from development of shale + tight, conventional fields and

acquisitions.

YSUR Tight + Shale Conventional

471,6 472,8

38,6 21,8

48,7

493.4

560.1

2013 2014

13

1,083

1,212

2013 2014

455

537

2013 2014

628

675

2013 2014

Liquids (Mbbl) Natural Gas (Mboe)

Reserves

Total Hydrocarbon (Mboe)

+6.4% +18.0% +11.9%

Boosted proved reserves by 11.9%. Solid results coming from secondary recovery

projects, tight gas and shale formations, extension of concessions and acquisitions.

163% RRR 144% RRR 184% RRR

14 14

NEUQUINA

GOLFO

SAN JORGE

AUSTRAL

CUYANA

NOROESTE

4,4

Notes:

K: thousand; M: million; B: billion (109)

CHACO

PARANAENSE

Other Opportunities

Pozo D-129 (shale oil / tight oil)

Noroeste - Tarija

Los Monos (shale gas)

Noroeste - Cretaceous

Yacoraite (shale / tight oil & gas)

Chaco Paranaense

Devonian – Permian (shale oil)

Cuyana

Cacheuta (shale oil)

Potrerillos (tight oil)

Austral

Inoceramus

Neuquina

Los Molles (shale / tight gas)

Golfo San Jorge

Neocomiano (shale oil / gas)

Tested & Producing

Upside from Unique Unconventional Opportunities

Vaca Muerta (shale oil / gas)

Agrio (shale oil)

Lajas (tight gas)

Mulichinco (tight gas)

15

Description

Area 30,000 km2

Gross

Shale oil & gas Vaca Muerta

Area 12,075 km2

Net YPF

Oil 77%

Wet gas 5%

Dry gas 18%

Windows 1

Oil

Wet

gas

Dry

gas

TOC (%)

Thickness (mts)

Reservoir pressure (psi)

3-10

30-450

4,500-9,500

4-5

60-90

3,000-4,000

0.5-4

60-90

7,000-12,000

2-12

10-60

2,000-5,500

3-5

30-100

2,500-8,500

12

20-30

4,200

Source: SPE, Wood Mackenzie and YPF data. (1) Estimated over YPF net acreage

Vaca Muerta Barnett Haynesville Marcellus Eagle Ford Bakken

Vaca Muerta Unconventional Formation

Progress on Shale Oil & Gas Developments

182Shale wells

drilled in 2014

Horizontal well sweet spot identified in Loma Campana

Three distinct horizons evaluated with delineation wells

2015 focus shifting to more cost effective horizontal wells

290Shale wells in production

41.2(1)

KBOE/D Shale Production

First operated shale gas pilot started, with positive initial

results

2015 focus on completing the pilot project with vertical and

horizontal wells

Sufficient gas processing capacity available

Loma Campana (Oil)

El Orejano (Gas)

(1) January 2015 gross production.

16 16

(1) 395 Km2 / 12,075 Km2

(2) 45 Km2 / 12,075 Km2

Republic of ArgentinaNeuquina Basin

Neuquén Province

Development model

290 Km2 (71,661 acres)

Directional wells upside

105 Km2 (25,946 acres)

Pilot consisted of 130 wells and US$1.24 bn

Full program of ~1,500 wells (US$15 bn+)

• Estimated oil production: + 50 Kbbl/d

• Estimated gas production: 3 mm m3/d

0.37% of total YPF’s VM acreage 2

Initial investment of US$188 mm

16 wells to be drilled

YPF Operates

Loma Campana (395 km2 - 97,607 acres) Objective: Vaca Muerta Shale Oil with Chevron

El Orejano (45 km2 - 11,090 acres) Objective: Vaca Muerta Shale Gas with Dow

3.3% of total YPF’s VM acreage 1

YPF Operates

JV Partners: Chevron, Dow, Petrolera Pampa and Petronas

(2) 187 Km2 / 12,075 Km2

Pilot consisted on US$550

mm investment.

~ 35 wells to be drilled both

verticals and horizontal

YPF Operates

La Amarga Chica (187 km2 - 46,189 acres) Objective: Vaca Muerta Shale Oil with Petronas

1.55% of total YPF’s VM acreage 2

Rincón del Mangrullo (183 km2 - 45,200 acres) Objective: Mulichinco Tight Gas with Petrolera Pampa

1st stage

• 40 km2 of 3D seismic

• 34 wells to be drilled

2snd stage

• 15 wells to be drilled

YPF Operates

17

Renewed Focus on Natural Gas

42.4 Mm3/d Gas Production*

110 Gas wells drilled in 2014

25% Production Growth Y-o-Y

Gas production boosted mainly due to YSUR and Tight Gas performance

(*) Includes YSUR, MAXUS and Ramos YEE

0

5

10

15

20

25

30

35

40

45

50

Mm

3 /d

CONVENTIONAL YSUR TIGHT GAS SHALE

18

Stay the course on Mature Fields

10% Production Growth Y-o-Y

40% Of total Oil Production

Focus on Secondary Recovery of Mature Fields

1 billion Barrels of water Injected

50

100

150

200

250

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14

kbb

l/d

PRIMARY SECONDARY YSUR SHALE

19

60%

13%

5%

14%

8%

Source: 20-F 2013 – (1) YPF owns 50% of Refinor (not operated) – (2) As of December 2013

Proved reserves: 85 M boe

% liquids: 98

% gas: 2

Production: 8.8 M boe

Capacity: 105.5 kbbl/d

Luján de Cuyo refinery A

Proved reserves: 85 M boe

% liquids: 98

% gas: 2

Production: 8.8 M boe

Capacity: 189 kbbl/d

La Plata refinery B

Capacity: 25 kbbl/d

Plaza Huincul refinery C

Capacity: 26.1 kbbl/d

Refinor(1)

D

C

D

B

Terminals

Products pipeline

Oil pipeline

A

(3) Cumulative Jan-Dec 2014

Downstream - Solid Market Leadership

Market Share Breakdown (%)

Gasoline 3 Diesel 3

Crude Processing 2 No. of Gas Stations 2

55%

15%

9%

13%

8%

34%

15% 12%

11%

28%

58%

18%

5%

13%

6%

Others Others

Others

Others

20

4.545 4.723

1.206 1.210

2013 2014 Q4 2013 Q4 2014

8.098 8.166

2.047 2.044

2013 2014 Q4 2013 Q4 2014

278 290 287 296

2013 2014 Q4 2013 Q4 2014

930 899 1,039

2012 2013 2014

Solid demand reflected in an increase in volumes sold; pricing discipline and slight

market share growth.

(1) Capex converted considering an average FX rate of 4.6, 5.5 and 8.1 for 2012, 2013 and 2014 respectively

+0%

+0.4%

Downstream: Recent Performance

Crude Processed (kbbl/d)

Downstream CAPEX (US$ mm) 2 Diesel sales (k m3)

Gasoline sales (k m3)

+15.6%

+3.1% +4.3% +4%

+1% -3.4%

21

Refined Products Demand

Monthly Gasoline Sales (Km3)

Brand recognition; solid demand based on slight market share growth.

300

320

340

360

380

400

420

440

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014

2013

500

550

600

650

700

750

800

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Monthly Diesel Sales (Km3)

2014

2013

54.6% 57.7% 57.7% 60.0%

Gasoline Market Share 2013 2014 Diesel Market Share 2013 2014

+ 3.9% + 0.8% + 3.9% + 0.8%

22 22

5% reduction of gasoline and diesel prices at the pump,

partially supported by federal taxes reduction. (Dec. 2579/14)

Recent changes in domestic prices

Understanding among various sectors and the Argentine Federal

Government to reduce domestic crude oil prices by U.S.$7/Bbl.

• Lower cost for YPF on domestic crude oil purchases

(~20% of total processed crude)

• Reduction on royalties paid amounts to provinces due

to lower wellhead prices

Additional U.S.$3/Bbl compensation for producers that maintain or

increase production from one year to another.

Reduction of export taxes for all products to 1%, while Brent price

is below U.S.$71/Bbl. (Resolution 1077/14 - Ministry of Economy)

23 23

(1) Impuesto a la transferencia de combustibles ("Fuels Transfer Tax"), reduced by 10%

(2) Tasa hídirca ("Hydric Tax"), reduced by 20%. Only applies to gasoline.

(3) Includes cost of freight, operator margins, V.A.T, Turnover tax and Gasoil Tax, which only applies to diesel.

Pump price breakdown

Gasoline Diesel

Previous Current ∆ Previous Current ∆

FOB Refinery 47,5 46,4 -1,1 52,2 50,0 -2,2

ITC (1) 23,1 20,4 -2,7 8,7 7,5 -1,2

Tasa Hídrica (2) 2,0 1,5 -0,5 - - -

Others (3) 27,4 26,7 -0,7 39,1 37,5 -1,6

Pump price 100,0 95,0 -5,0 100,0 95,0 -5,0

24 24

Company Overview 1

Upstream and Downstream 2

Financial Results 3

2015 Outlook 4

Agenda

25

16,514

17,576

2013 2014

4,391

5,128

2013 2014

2,202

2,445

2013 2014

Volume and sales growth resulted in margin expansion.

Adj. EBITDA grew by 17% and operating income by 11% y-o-y.

Revenues (1) (millions of USD)

Operating Income (1)

(millions of USD)

Adj. EBITDA (1) (2)

(millions of USD)

(1) YPF financial statement values in IFRS converted to USD using an average exchange rate of Ps 5.5 and Ps 8.1 to U.S.$1.00 for 2013 and 2014, respectively.

(2) Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on

liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive

exploratory drillings.

+6.4% +11% +16.8%

Results Expressed in US Dollars

26

1,648 1,148

5,715 398

-6,613

Cash at the end of2013

Cashflow fromoperations

Net financing Capex Cash at the end of2014

3,842

5,715

2013 2014

(1) Cash converted to US$ using EOP FX rate of 6.5 and 8.4; Cash flow, Net financing and Capex converted to US$ using average of 2014 FX rate of 8.1.

(2) Includes effect of changes in exchange rates.

(3) Effective spendings in fixed assets acquisitions during the year .

(4) Converted to US$ using average FX rate of 5.5 and 8.1 for 2013 and 2014, respectively.

2 3

+49%

Consolidated statement of cash flows 1 (US$ mm) Cash flow from operations 4 (US$ mm)

Cash Flow From Operations

Successfully financed increased capex with cash flow from operations and local

and international financing, while maintaining a cash cushion and a strong balance sheet.

27

5% 11%

10%

74%

Peso denominated debt 35%

Financial debt amortization schedule (1) (2) (in millions of USD)

Average interest rates of 6.84%

in USD and 23.05% in Pesos

(1) As of December 31, 2014, does not include consolidated companies

(2) Converted to USD using the December 31, 2014 exchange rate of Ps 8.5 to U.S.$1.00 and February 10, 2015 of Ps 8.7 U.S.$1.00 for pro-

forma figures of Notes series XXXVI and XXXVII.

Cash position strengthened by additional indebtness in the international and local markets during Q1 2015.

Financial Situation Update1

Trade facilities

Term Loans

Senior Bonds

and Notes

Average life of almost 3.5 years

Overdraft

Iincludes additional issuances in the international market of Notes Series XXVI and XXXVII of U.S.$175 million and

U.S.$325 million, respectively and Series XXXVI and XXXVII of Ps 950 million and Ps 250 million respectively

Cash 2015 2016 2017 2018 2019 2020+

1,624

28

Balance sheet 12/31/14 (ARS million)

12/31/13 (ARS million)

VAR % 2014/2013

Cash & ST investments 9,758 10,713 -9%

Fixed assets 156,930 93,496 68%

Other assets 41,866 31,386 33%

Total assets 208,554 135,595 54%

Loans 49,305 31,890 55%

Liabilities 86,468 55,465 56%

Total Liabilities 135,773 87,355 55%

Shareholders’ equity 72,781 48,240 41%

Source: YPF financial statements

Consolidated Balance Sheet

29

Income

statement

12 months

2014 (Ps million)

12 months

2013 (Ps million)

VAR % 2014/2013

Q4 2014 (Ps million)

Q4 2013 (Ps million)

VAR % Q4 2014 /

Q4 2013

Revenues 141,942 90,113 58% 37,739 25,294 49%

Operating income 19,742 11,160 77% 1,364 3,820 -64%

Adj. EBITDA 1 41,412 23,107 79% 8,437 7,511 12%

Net income 2 9,002 5,125 76% 1,383 1,918 -28%

Source: YPF financial statements (1) Adjusted EBITDA = Net income attributable to shareholders + Net income for non controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities -

Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings

(2) Attributable to controlling shareholder.

Consolidated Income Statement

30 30

Company Overview 1

Upstream and Downstream 2

Financial Results 3

2015 Outlook 4

Agenda

31 31

• Maintaining activity to avoid compromising long term growth

• Focusing on cost reduction opportunities

• Executing our JV projects

• Finalizing our new coke project to increase gasoline and diesel

production by 10%

• Maintaining leverage below 1.5x (Net Debt / Adj. EBITDA)

Adapt to a new business environment by:

Outlook 2015

Delivered 2012, 2013 and 2014 results ahead of

expectations and built a strong base to face the challenges

of a transition year

Track

Record

2015

32

NUESTRA ENERGÍA