Vaca Muerta Strategic Investment

Experienced Management With Proven Track Record Mr. Galuccio led a remarkable turnaround of YPF in a complex scenario Strategic leadership with visible impact Strong financial and operational performance Successful BD, M&A and capital markets effort ☐ Contributed to shaping key market reforms including gas pricing incentive scheme, domestic crude pricing support, amended federal hydrocarbons law and reversed decade-long decline in production and reserves Laid foundations for economic development of Vaca Muerta: - 500 wells drilled (70% of Vaca Muerta activity to date) 47% well cost reduction down to $8MM per horizontal well Reached 50,000 boe/d (largest economic shale development outside North America) ■Tripled share price in first 24 months " Grew production by more than 100 kboe/d to reach more than 580 kboe/d Achieved 45% EBITDA growth to reach more than $5Bn ■Ramped up activity from 25 to 74 drilling rigs at peak maintaining best-in-class safety record Achieved reserves growth of 25% to reach more than 1.2 Bnboe Closed 20+ transactions with deal value in excess of $4Bn; including company-shaping Apache Argentina acquisition ($800 MM) and landmark shale JVs with Chevron ($1.4Bn), Petronas ($550MM) and Dow ($180MM) Raised more than $8Bn from international and local capital markets with over 30 new issuances between 2012 and 2016 (with yields below Argentina's sovereign benchmark); representing 90%+ of all Argentine international issuances ■Stock covered by more than 20 research analysts from top tier institutions; YPF Management voted top 2 Investor Relations Team for LatAm oil and gas sector by Institutional Investor Ability to attract talent and source transactions ■Led complex integrated oil and gas organization with more than 20,000 direct employees Promoted and recruited best-in-class managers for key positions; implemented world-class talent management initiatives Mr. Galuccio voted Best CEO of Argentina (PwC survey 2014) and LatAm CEO of the Year (BRAVO Latin Trade business awards 2014) Decades of oil and gas experience in leadership roles consistently delivering remarkable results 38

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