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Investor Presentaiton

YPF Strategic Rationale Consistent with YPF's plan to grow production supply of hydrocarbons in Argentina Transforms YPF into the largest producer of natural gas in Argentina Cash generating assets with existing production and ready-to-drill inventory Addition of proven reserves at a convenient cost Substantially all revenue base is dollarized Assets can be easily integrated into YPF existing operations Project portfolio allows for rapid increase in activity and production Reaffirms strategy to develop shale resources with strategic partners Minimum impact to YPF credit ratios 4

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