PRODUCTION GROWTH DEVELOPMENT FUTURE OUR ENERGY

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1 PRODUCTION GROWTH DEVELOPMENT FUTURE OUR ENERGY

2 OUR

3 YPF IS MORE THAN JUST A LARGE COMPANY IT IS AN INTEGRATED, PROFESSIONAL AND COMPETITIVE,GLOBAL COMPANY WITH A STRONG NATIONAL IDENTITY that seeks value for its shareholders, prioritizing environmental protection and the safety of its staff.

4 YPF IS THE MAIN HYDROCARBON PRODUCER IN with a market share of over 35% of the oil and gas businesses, it employs 45,000 people directly and indirectly ARGENTINA

5 OUR MANAGEMENT MODEL WE HAVE CHANGED TO STRENGTHEN OUR COUNTRY S GROWTH YPF is a publicly traded company with a distinct business model, that aligns its goals with the country s development needs. Quality, Health, Safety and Environment A COMMITTED COMPANY THAT TAKES CARE OF PLANET EARTH AND ITS RESOURCES YPF s top priority is to ensure quality standards, preserving the environment, taking care of the health and safety of its staff and of the communities in which it operates. Its Quality, Health, Safety and Environment policy engages the entire organization, promoting the implementation of best practices and technological innovation to minimize the environmental impact, and targeting sustainable development. At YPF each employee is committed to minimizing any environmental impacts and to working efficiently in line with the company policy. OUR PEOPLE THE SUM OF OUR INDIVIDUAL ENERGIES COUNTS YPF is a company made up of people; without their effort and commitment it would not have achieved its present development. The human resources and organizational strategies are focused on granting more decision-making power to the different business units. For this purpose, leaders are given autonomy to identify resource needs. Training and continuous improvement are key success factors for business growth. With this aim, YPF works intensively with educational institutions in technical research and human resources training. RESEARCH AND TECHNOLOGICAL DEVELOPMENT Y-TEC: AIMING TO BECOME AN INTERNATIONAL BENCHMARK YPF and the National Scientific and Technical Research Council (CONICET) created a new technology development company to support the sustainable growth of the country s energy industry. The mission of Y-TEC is to assess, develop, produce and trade technologies, knowledge, goods and services in the oil, gas and alternative energy activities. Its key projects are focused on the development of unconventional hydrocarbons and the support of mature fields production. The company is business-oriented, coordinating and deepening the interaction with the national scientific system in an efficient manner to take the maximum advantage of knowledge at every level (researchers, scholarship holders, interns). Y-TEC works to find solutions that boost sustainable development, by anticipating technological changes and identifying state-ofthe-art opportunities. As from 2015, Y-TEC will operate at a modern technology center currently under construction in the city of La Plata. Around 250 technologists and researchers will share this intelligent building.

6 UPSTREAM ENERGY FOR THE ARGENTINA OF THE FUTURE The upstream line of business explores and produces the hydrocarbons that are the source of supply for the rest of the value chain of the company. YPF is the main hydrocarbon producer in the country. YPF WORKS IN THE PRESENT LOOKING INTO THE FUTURE The ambitious Strategic Plan for the period aims at becoming leaders in the production of unconventional hydrocarbons, reactivating production in mature basins and relaunching exploration to add new reserves. In the next five years, it is expected that YPF will increase its production to 100,000 barrels per day of shale oil, and to 13 million cubic meters per day of shale gas. A real challenge for both the company and the industry as a whole. Exploration YPF relaunched its exploration activity in the search for new oil and gas reserves that contribute to the country s growth. YPF s strategy entails the implementation of three main categories of exploration projects: exploration programs in known areas of medium-to-low risk that may ensure the replacement of reserves and the development of new oilfields; investigation of exploratory frontiers in currently unproductive basins, including the Argentine offshore continental shelf; and finally projects that may enable YPF to continue with the exploration of shale oil throughout the country s basins. In addition, the company is developing an international portfolio. Drilling and Workover This area manages the planning and execution of all activities related to well drilling, completion and workover, associated to Exploration and Exploitation operations. Exploitation This area s main purpose is to maximize field production and development, within an asset management concept. This requires the development of a deep knowledge and understanding of the subsoil, aiming at operational excellence, and applying state-of-the-art work methodologies through a worldclass team of technical experts and professionals.

7 ENERGY FROM NORTH TO SOUTH, AND FROM THE ATLANTIC TO THE ANDES Proven reserves Production NOROESTE UPSTREAM Proven reserves Production 90 YPF is present in every corner of Argentina, with 90 concessions in the 5 producing basins of the country (total proven reserves: 1082 ) and 52 exploration blocks (48 onshore, 4 offshore) Proven reserves Production Proven reserves Production CUYANA NEUQUINA AUSTRAL GOLFO SAN JORGE Proven reserves Production

8 THE DEVELOPMENT OF UNCONVENTIONAL RESOURCES WILL ENABLE ARGENTINA TO RECOVER ENERGY SOVEREIGNTY AND SELF-SUFFICIENCY Argentina ranks fourth in the world in shale oil resources, and second in shale gas - after China -, and aims to become a leader in unconventional oil and gas development. ARGENTINA IS THE SECOND HOLDER OF SHALE GAS RESOURCES IN THE WORLD UPSTREAM cuyana.. Cacheuta (Shale oil) Potrerillos (Tight oil) TARIJA.. Los Monos (Shale gas) CRETÁCICA.. YACORAITE (Shale/tight/ oil and gas) YPF, AN EMERGING LEADER IN UNCONVENTIONAL RESOURCE PRODUCTION The production process simultaneously creates jobs and a positive impact on regional economies. Shale oil extraction entails the preparation of sites, the use of state-of-the-art technologies and a sustained production. Shale oil exploration contributes to the development of top-tier local suppliers, thus favoring the activity. YPF leads different exploration and production projects with a huge unconventional resource potential within the country. The most important reserves are located in the Vaca Muerta formation in the province of Neuquén. In addition, a new source in a rock formation has been discovered in Golfo San Jorge, in the provinces of Chubut and Santa Cruz. These previously drilled wells are located in the D-129 reservoir and have proven to be productive, evidencing the effectiveness of YPF s exploration model. This finding broadens the unconventional resource exploration horizon, ratifies Argentina s capabilities in this area and strengthens the leading role of YPF in its exploration activity. NEUQUINA.. Vaca muerta (Shale oil and gas) Los Molles (Shale gas) Agrio (Shale oil) Mulichinco (Tight oil and gas) CHACO PARAná.. DEVÓNICO- PÉRMICO (Shale oil) golfo san jorge.. D-129 RESERVOIR (Shale oil/tight oil) Neocomiano (Shale oil and gas) austral.. Inoceramus

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10 DOWNSTREAM YPF S FUELS REACH EVERY CORNER OF THE COUNTRY The downstream line of business supplies the demand of the domestic energy market through the provision of crude oil to industrial complexes. YPF produces, distributes and trades fuels, petrochemicals and lubricants throughout Argentina. REFINING FOR A FULLY SUPPLIED ARGENTINA YPF has 3 industrial complexes strategically located and integrated by an efficient logistics network: La Plata, Luján de Cuyo and Plaza Huincul. It also has a 50% stake in the Refinor industrial plant in Salta. Luján de Cuyo Industrial Complex (CILC) The Luján de Cuyo Industrial Complex is the refinery with the highest conversion capacity in the country. Its refining capacity is calculated in 105,500 crude oil barrels per day, with an equivalent conversion capacity and a Solomon Complexity Index of It produces practically all the products that YPF trades in the country: naphta, premium gasoline, kerosene, jet-fuel (JP 1), diesel fuel, agri-fuel, mining diesel fuel, fuel oil, propane, propylene and butane, among others. La Plata Industrial Complex (CILP) La Plata refinery is one of the major industrial centers in South America and one of the most dynamic industrial assets in Argentina. With a refining capacity of 189,000 barrels per day, a conversion capacity of 118,800 barrels per day and a Solomon Complexity Index of 8.1, this refinery has enough capacity to process all crude oil types produced in the country, obtaining a wide range of products. It also includes a production facility of base lubricants, paraffins, aromatics, asphalts and petrochemical products. It has the capacity to produce 860 m 3 of finished lubricant bases per day, and a Solomon Complexity index for lubricants of During 2012, a diesel fuel hydrodesulfurization unit (HTG B) was inaugurated at this site, with a production of 1,825 million liters of high quality fuels per year. Plaza Huincul Industrial Complex (CIPH) Plaza Huincul is a low complexity refinery equipped with an atmospheric fractionation unit and a naphtha reforming unit. It supplies the Patagonian and Alto Valle regions. It holds a refining capacity of 25,000 barrels per day and a Solomon Complexity Index of Additionally, the complex includes a plant that produces methanol from natural gas, with an annual production of 400,000 tons. Methanol is a key input for the production of biofuels and petrochemical derivatives.

11 DOWNSTREAM MARKETING A DISTRIBUTION NETWORK TO CONTINUE GROWING The company designs and develops products, services and commercial solutions, anticipating customers needs in the different market segments: Retail, Agro-industrial and Industrial. It prides with the largest distribution network in the country and exclusive channels in the market, contributing to provide an integrated range of commercial services. YPF is present wherever an inhabitant of Argentina may require energy, covering each need and supporting those consumers that use fuels to grow and develop their businesses. Retail Segment With over 1,500 service stations strategically distributed throughout the country, YPF offers its customers fuels and lubricant products, convenience stores and lubrication centers under the highest quality and safety standards. It is a leader in the service station market, providing top-tier products, such as: PREMIUM, EURODIESEL and DIESEL500 fuels. YPF leads the service station business, generating sustainable value for its customers, partners, employees, shareholders and the community as a whole. Agro-Industrial Segment It offers an integrated prospect of products and services (diesel fuel, lubricants, agrochemicals, fertilizers and silobolsa grain sacks), through the broadest and most efficient distribution network in the country: YPF DIRECTO. Industrial Segment It covers every sub-segment of the industry (mining, oil and gas, infrastructure, aviation, transportation and others), either directly or through its wholesale distribution channels disseminated across the country. Liquefied Petroleum Gas (LPG) It supplies bulk gas directly to the wholesale market and to over 45,000 customers of the retail, marketing, agro-industrial, industrial and institutional segments distributed throughout the country. Bottled gas (in bottles and cylinders) reaches over 1.2 million homes, through a network of 56 official distributors. Products and Services In every segment of operation, YPF offers integral solutions to meet the specific needs of its customers. It produces diesel fuel, gasoline, fuel oil, plastic consumables, premium fuels, agrochemicals, fertilizers, auto parts lubricants, oils, asphalts for road construction, gas and other specialties that drive the country. BOXES YPF offers a lubrication and diagnosis service for integral vehicle check-up in terms of safety and preventive maintenance. It has an integrated network of 253 points of service located in YPF service stations nationwide. The service provided in the BOXES is oriented to vehicle users and includes oil and filter change, and check-up of the most critical points in a vehicle. The service is provided by specialists that advise customers on vehicle lubrication and maintenance. FULL FULL stores provide a wide range of services including coffee and snacks. They are a versatile and innovative place to relax. YPF has a network of over 457 stores across the country, and offers over 3,000 products specially thought for the customer, with attractive promotions throughout the year. ELAION The ELAION lubricant line is the first to protect the engine (gasoline, diesel or CNG-powered). ELAION s innovative anti-stress and FLEXLUB technologies provide enhanced protection to the vehicle. Developed under the most stringent automotive industry requirements, ELAION is the lubricant line recommended by leading automotive manufacturers.

12 MORE DOWNSTREAM SOCIAL SUPPLY MODULES PRESENT WHERE OTHERS CANNOT REACH WHEREVER AN ARGENTINE MAY NEED FUEL, YPF IS THERE The Social Supply Modules (MAS, for its acronym in Spanish) are fuel provisioning points for locations with no nearby supply sites. CHEMICALS YPF is the leading petrochemical producer in Argentina. It owns three facilities: Ensenada, Plaza Huincul and Bahía Blanca (50% of the Profertil complex), that produce benzene, toluene, mixed xylenes, orthoxylene, cyclohexane, solvents, MTBE, butene 1, oxoalcohols, TAME, LAB, LAS, polyisobutylene, maleic anhydride, methanol and urea. The Chemicals segment leads the domestic market, and also commercializes its products in foreign markets, namely in the United States, Europe, Mercosur and the rest of Latin America. LOGISTICS Crude oil logistics is managed through 2 wholly-owned pipelines (located in Puesto Hernández, Luján de Cuyo, Puerto Rosales and La Plata), 3 companies in which YPF holds a shareholding interest (Oldelval, Termap and OilTanking Ebytem), 2 wholly-owned oil tankers and other chartered vessels. Product logistics, in turn, is developed through 2 wholly-owned pipelines (located in Luján de Cuyo, San Lorenzo, La Matanza and La Plata), 3 loading ports, 16 terminals (10 with port), 6 LPG plants, 54 airplane refueling facilities and 1,500 trucks. GAS AND ENERGY YPF trades the natural gas it produces, acting as a market intermediary and developing products and energy solutions that lay the foundation for future natural gas businesses. It operates two LNG re-gasification facilities located in Escobar and Bahía Blanca. The company also operates the only underground natural gas storage structure in Latin America, with an extraction capacity of 100 million m 3 in winter. It holds equity interests in Mega (NGL), Metrogas (gas distribution), Gasoducto del Pacífico (gas transmission), and Filo Morado and Central Dock Sud (power generation). YPF has also created YPF Energía Eléctrica S.A., an affiliate that produces and trades energy specially for its own operations. Two combined cycle power plants located in the province of Tucumán, which contribute to the national system with a total of 800 MW, are also part of the corporate portfolio. FOREIGN TRADE AND TRANSPORTATION YPF purchases and sales oil and refined products internationally, and trades oil in the domestic market. It also charters vessels, sells marine fuels and performs vetting operations, inspecting and approving all the vessels chartered by the company - for the transportation of oil or other products - that operate at the terminals. ADDED VALUE FOR THE PRODUCTION CHAIN

13 SPECIAL PROGRAMS SPECIAL PROGRAMS YPF AND ITS STAFF A HIGHLY PROFESSIONAL COMPANY IS AN ACHIEVABLE DREAM YPF, together with the trade unions related to the hydrocarbon industry and the service companies, develop the Technical and Productive Training Program. Its purpose is to offer training to 45,000 workers that directly or indirectly participate in YPF s activities. In YPF, people s safety is the top priority; accordingly, people s care is one of YPF s principal management policies. YPF applies six golden rules: Shared Commitment, Safe Driving, Work Permits, Excavation, Work at Heights and Lifting Operations. SUSTENTA REGIONAL DEVELOPMENT PROGRAM ALIGNED WITH LOCAL NEEDS SUSTENTA is a Regional Development Program designed to improve the productivity, competitiveness and quality of company suppliers and the industry as a whole. It is based on a continuous improvement process and consists of different modules aimed at fostering national industry development, technological innovation and production diversification, optimizing the quality of existing products and services, and generating new opportunities for partnerships and creation of new companies. The program has a national scope and is implemented at a regional level in the Golfo San Jorge, Neuquina and Cuyana basins and in the areas of influence of the industrial complexes of La Plata, Plaza Huincul and Luján de Cuyo. SUSTENTA Program NATIONAL, PROVINCIAL AND MUNICIPAL GOVERNMENTS INDUSTRY CHAMBERS FINANCIAL INSTITUTIONS SHARED COMMITMENT REGIONAL COMPANIES TRADE UNIONS EDUCATIONAL INSTITUTIONS TECHNOLOGICAL INSTITUTIONS

14 YPF FOUNDATION EDUCATION FOR THE ENERGY INDUSTRY The YPF Foundation is engaged in fostering professional training in courses related to the energy industry, and promoting sustainable development within oil-related communities. This innovative approach promotes the vocation for Engineering and Earth Sciences among high-school students, offering specializations in Petroleum, Chemistry, Mechanics, Geophysics, Geology and Environmental Studies. In upstream production areas, the Foundation develops sustainable citizenship programs and designs activities destined to strengthen the collective identity of such communities. Such activities are carried out by the YPF Foundation with the support of a consultative committee made up of prestigious professionals, and in close collaboration with the national Ministries of Education; Labor, Employment and Social Security; and Science and Technology.

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16 We are all together in this journey YPF is once again the flagship company of our country, that helps develop its economy, generates growth and produces the energy Argentina needs.

17 ypf.com March 2014