1

Investor Presentation November, 2014

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

Summary & 2014 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 9/30/14

Caa1

Ba1 (Arg)

Corporate Governance

Designated

by the Provinces

Mr. Nagel

Mr. Perincioli

Mr. Gil

Mr. Félix

Mr. Calachi 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$ 17,238 mm

Adj. EBITDA LTM 1 2

US$ 5,273 mm

Net income LTM 1

US$ 1,270 mm

Employees 4

17,747

Exploration

and production

• Production 7: 243 Kbbl/d of crude oil, 47 Kbbl/d of NGL and 41.9 Mm3/d of natural gas

• Proved Reserves 3 4 in 2013: 628 mm bbl of liquids and 455 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 LTM Q3 2014 average FX of 7.5. (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. (3) Includes oil, condensates and liquids; converted using 1 boe = 5.615 mmcf of gas as per 20-

F 2013. (4) As per 20-F 2013. (5) Does not includes 50% of Refinor (13 kbbl/d). (6) Excludes 71 Refinor service stations. (7) 9M 2014

6

59%

14%

5%

15%

7%

41%

16%

9%

9%

6%

3%

15%

45%

19%

6%

5%

4%

4%

17%

Market Share Breakdown (%)

Source: IAPG

(1) Cumulative Jan – Aug 2014

(2) Cumulative Jan - Sep 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 September 30, 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

243 Kbbl/d Refining

289 Kbbl/d

Domestic

market

Domestic market

71% Domestic prices (gasoline, diesel)

17% International prices (FO, bunker, jet fuel,

petrochemicals, lubricants, LPG and others)

88%

12% 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

Summary & 2014 Outlook 4

Agenda

10

Source: As per 20-F 2013

(1) As per 20-F 2013 – (2) Includes international reserves of 1.2 MBOE / Does not include YSUR – Yacimientos del Sur (Apache

acquisition) – (3) As of December 2013.

YPF has 90 concessions in the most productive Argentine basins

(total reserves 1P: 1,083 mm boe1) and 52 exploration blocks

in the country (48 onshore and 4 offshore) 1 Proved reserves: 71 mm boe

% liquids: 98%

% gas: 2%

Production: 8.1 mm boe

Cuyana

Proved reserves: 57 mm boe

% liquids: 16%

% gas: 84%

Production: 8.5 mm boe

Noroeste

Proved reserves: 288 mm boe

% liquids: 83%

% gas: 17%

Production: 42.2 mm boe

Golfo San Jorge

Proved reserves: 86 mm boe

% liquids: 24%

% gas: 76%

Production: 6.1 mm boe

Austral

Proved reserves: 580 mm boe

% liquids: 48%

% gas: 52%

Production: 115.7 mm boe

Neuquina 2013

Proved reserves 2 Production share

Liquids

58%

Gas

42%

Total: 1,083 mm boe Total 3: 466 mm boe

Pan American

17%

Wintershall

6%

Others

11%

Sinopec

4%

Tecpetrol

2%

Chevron

San Jorge

2%

Total Austral

6%

Petrobras

6%

YPF

42% Pluspetrol

4%

Source: IAPG, as of Aug 2014

Upstream - Significant Potential with Leading Market Position

11

12,111

24,492

15,810

28,395

2012 2013 9M 2013 9M 2014

46.9

41.3 38.1

34.2 33.4 31.4

33.0 35.6 35.5

37.2

43.5 44.9

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

256.8

244.9 240.9

222.6 227.4 226.3 228.2

235.1 239.3 241.6 240.9

246.0

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

25

46

65 75

2011 2012 2013 Q3 2014

49

70

92 103

2011 2012 2013 Q3 2014

Doubled investments Significant increase in activity

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

Upstream Capex (ARS millions)

Drilling Rigs Workover Rigs

200% 110%

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

Recent Performance: Strong Emphasis in Production Increase

+102.2%

+4.6% (vs. Q3 2013)

+26.1% (vs. Q3 2013)

+79.6%

12

979

1,083

2012 2013

590

628

2012 2013

389

455

2012 2013

Liquids (Mbbl) Natural Gas (Mboe)

(1) Approximately 6.5 Mboe were transferred to Consolidated Entities as a result of YPF Energía Eléctrica working interest on Ramos Field. These rights were previously owned by

former Pluspetrol Energy and thus disclosed under Equity-accounted Entities reserves.

Total Hydrocarbon (Mboe)

+6.4% +17.0% +10.6%

Boosted proved reserves by 10.6%.

Solid results coming from secondary recovery projects, tight gas and shale formations.

158% RRR 137% RRR 185% RRR

Recent Performance: Reserves Growth

13

30.7 32.3

34.7 33.2

32.9 33.7 33.4

1.3

6,0 5,9

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

222.1 222.8 227.2 229.9

229.2 220.5 223.3

6.0 13.6 13.3

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

+13.5% (vs. Q2 2013)

Crude oil production (kbbl/d) Natural gas production (Mm3/d)

Inorganic

(YSUR

+ Puesto

Hernández)

Organic

Optimizations

6%

Base

Production

41%

Heavy Oil

6%

Infill Drilling

4% Tertiary (EOR)

2%

Secondary

Recovery

20%

Base

Production

54%

Primary

Drilling

32%

Compression

7%

Optimizations

2% Infill Drilling

4%

235.2

39.7

+500 Characterized

projects +100 Characterized

projects Oil project portfolio1

Natural gas project portfolio1

+4.1% (vs. Q2 2013)

(1) As presented in

YPF Strategic

Plan Presentation,

August 2012. Does

not include YSUR.

Balanced conventional Project portfolio; supporting 80% of the next 3 years production.

Upstream - Conventional Opportunities

Primary Drilling

22%

234.1 236.6 34.1

39.4

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 (tight gas)

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

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

45.000

50.000

0 1 2 3 4 5 6 7 8 9 10 11 12

Cu

mu

lati

ve

oil

pro

du

cti

on

(B

bl)

Months

2011: 15 wells

2012: 10 wells

2013: 93 wells

Type well curve

Avrg well West Sweet Spot: 15 wells

2014 Sweet Spot: 24 wells

Encouraging results

16 16

Shale Operations Update

Good progress in the shale gas pilot in El Orejano, with continuous drilling activity.

Horizontal and vertical wells under evaluation showing good behavior.

Two drilling rigs exploring and delineating new unconventional blocks during Q3 2014.

Unconventional Center of Excellence and YTEC continued progress in understanding the subsurface.

After only 2 years, Loma Campana has become the 2nd largest oil producing field in Argentina.

Encouraging productivity in the latest horizontal shale oil wells entering production in Loma Campana.

Promising reduction in horizontal well drilling time through the application of latest technologies.

Vertical shale oil wells drilled in Loma Campana´s sweet spot are producing at or above forecasted type

well curve, with decreasing drilling & completion costs.

5.9 7.9 9.8

13.3 17.3 18.6

23.2

31.9

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

Total Gross Production (Kboe/d)

17 17

(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

(3) Pending closing upon fulfillment of

precedent conditions

La Amarga Chica 3 (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

18

0.04 0.04 0.05 0.09 0.16 0.18

0.69

0.90

1.01

Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14

Gross Net

Tight Gas Operations Update

Loma La Lata (121 km2 – 29,900 acres)1 Objective: Lajas formation

Rincón del Mangrullo (183 km2 - 45,200 acres) Objective: Mulichinco formation

• Invested over USD 540 million

• 69 wells drilled

• 56 producing wells

• 4 active drilling rigs

• 8 / 10 stage fracs per well

• Depth (TVD): 2,600 / 2,800 m

• Invested over USD 173 million

• 29 wells drilled

• 28 producing wells

• 3 active drilling rigs

• 2 stage fracs per well

• Depth (TVD): 1,600 / 1,800 m

0.7 0.6 0.6 0.6 0.6 0.6 0.9

1.5

2.2 2.4

2.6 2.7 2.9 2.6

3.5 3.8

3.9 4.2 4.1

Ma

r-13

Ap

r-13

Ma

y-1

3

Jun

-13

Jul-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

Jan

-14

Fe

b-1

4

Ma

r-14

Ap

r-14

Ma

y-1

4

Jun

-14

Jul-1

4

Au

g-1

4

Se

p-1

4

Natural gas production (Mm3/d) Natural gas production (Mm3/d)

(1) Refers to Lajas prospective area called “Segmento 5” in Loma La Lata block.

19

Exploratory Potential; total size of offshore acreage similar to onshore acreage

(1) Only offshore wells drilled

(2) Malvinas Oriental and Austral

not included

Offshore Exploration

Continental Shelf Water depth: 1,000 – 4,000 m.

No wells drilled

Acreage: ~160,000 km2

Platform Water depth: 100 - 200 m.

54 wells drilled1

Basin center unexplored

Acreage: ~300,000 km2

Austral - Malvinas Water depth: 100 – 800 m.

18 wells drilled1 2 (Malvinas Oriental

y Austral no incluidos).

Superficie: ~130.000 km2 19

Brazil

Angola,

Nigeria

Agulhas

Ridge

Uruguay,

Argentina

Namibia,

South Africa

Total Onshore;

1,525,719

Total Offshore;

1,227,570

Km2

20

59%

14%

5%

15%

7%

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-Sep 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

21

4,232 4,903

2,797

5,144

2012 2013 9M 2013 9M 2014

4,133 4,545

3,339 3,513

2012 2013 9M 2013 9M 2014

8,029 8,098

6,052 6,122

2012 2013 9M 2013 9M 2014

288 278 275 289

2012 2013 9M 2013 9M 2014

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

market share growth.

(1) YPF has made a full recovery from La Plata’s refinery fire

+5.2%

+1%

Downstream: Recent Performance

Crude Processed (kbbl/d)

Downstream CAPEX (ARS millions) Diesel sales (k m3)

Gasoline sales (k m3)

+83.9%

+5.1% -3.5%

+1%

+10%

+15.9%

22

Refined products expected

increase - 2013 - 2017 Refining complex expansion and upgrading

Gasoline

Diesel

6% 3% 10%

8% 18%

5%

18%

Utilization Capacity Upgrading Conversion

Contribution by project

Light

crude

+ Topping /

vacuum

capacity

+ Alkylation /

reforming

capacity

+ Hydro-

cracking /

coking

capacity

+

Annual CAGR

2013-2017 total expected

increase

Gasoline

Diesel

Total

24%

44%

37%

5.6%

9.5%

8.1%

Downstream Plan 1

,

,

,

,

,

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2011-2012 2013-2017

US$ mmx1.7

2013-17

(1) Source: “Business Plan 2013-2017” from August 30th, 2012

(2) Annual average

Capex 2

23 23

Company Overview 1

Upstream and Downstream 2

Financial Results 3

Summary & 2014 Outlook 4

Agenda

24

13,687 16,184 23,449

39,610

16,126

32,288

24% 24% 26% 31%

25% 31%

2011 2012 2013 LTM 9M 2013 9M 2014

EBITDA EBITDA Margin (%)

4,445 3,902 5,681

9,537

3,763

7,619

2011 2012 2013 LTM 9M 2013 9M 2014

7,188 7,903

12,015

22,198

8,195

18,378

2011 2012 2013 LTM 9M 2013 9M 2014

56,211 67,174

90,113

129,497

64,819

104,203

2011 2012 2013 LTM 9M 2013 9M 2014

+69% +21%

Revenues, Adj. EBITDA and Operating Income presented solid growth, mainly driven

by higher production and healthy margin increase.

Results

Revenues (ARS millions) Adj. EBITDA 1 2 (ARS millions) & Adj. EBITDA Margin (%)

EBIT 1 (ARS millions) Net Income 1 (ARS millions)

+124%

(1) Considers non recurrent result for Q2 2013, not including a non cash provision of ARS 855 mm relating to claims arising from discontinuity of gas export contracts to Brazil in 2009

(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

+44%

+85% +68%

+100%

+102%

+34%

+52% +46%

+61%

25

16.379

36.394

9M 2013 9M 2014

6,903

15,873

40,979

10,987

-42,996

Cash at the end ofQ3 2013

Cashflow fromoperations

Net financing Capex Cash at the end ofQ3 2014

(1) Includes effect of changes in exchange rates.

(2) Effective spendings in fixed assets acquisitions during the quarter.

1 2

+122%

Consolidated statement of cash flows (ARS millions) Cash flow from operations (ARS millions)

Q3 2014 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.

26

Balance sheet 09/30/14 (ARS million)

12/31/13 (ARS million)

VAR % 2014/2013

Cash & ST investments 15,873 10,713 48%

Fixed assets 144,675 93,496 55%

Other assets 44,464 31,386 42%

Total assets 205,012 135,595 51%

Loans 49,118 31,890 54%

Liabilities 85,552 55,465 54%

Total Liabilities 134,670 87,355 54%

Shareholders’ equity 70,342 48,240 46%

Source: YPF financial statements

Consolidated Balance Sheet

27

Income

statement

12 months

2013 (ARS million)

12 months

2012 (ARS million)

VAR % 2013/2012

9M 2014 (ARS million)

9M 2013 (ARS million)

VAR % 9M 2014 /

9M 2013

Revenues 90,113 67,174 34% 104,203 64,819 61%

Operating income 11,160 7,903 41% 18,378 7,340 150%

Adj. EBITDA 1 22,946 16,298 41% 32,288 15,271 111%

Net income 2 5,125 3,902 31% 7,619 3,207 138%

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

(2) Attributable to controlling shareholder.

Consolidated Income Statement

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Company Overview 1

Upstream and Downstream 2

Financial Results 3

Summary & 2014 Outlook 4

Agenda

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2014/15 • Production and revenue increase with cost control

• Actively manage macro situation changes

• Maintain margins in dollar terms

• Aggressive capex plan but maintaining sound capital structure

• Accelerate Vaca Muerta development, full project with Chevron

• Execute strategic initiatives, integrate YSUR (Apache acquisition)

• Continue strategy to build liquidity; opportunistic approach to new issue

Focus on profitable growth

Crude Oil @ +5%

Natural Gas @ +20%

Capex @ US$ 5.5 bn

Outlook

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