Documento: YPF-Público

INVESTOR PRESENTATION
SEPTEMBER, 2023

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IMPORTANT NOTICE

Saf e harbor statement under the U.S. Private Securities Litigation Reform Act of 1995 (the “Private Securities Litigation Reform Act”).
This document contains statements that YPF believes constitute forward-looking statements under within the meaning of the Private Securities Litigation Reform Act.
These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of Y PF and its management, including statements with respect to YPF’s f uture
financial condition, f inancial, 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 f uture capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost
savings and div idend pay out 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 perf ormance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and
other f actors which may be beyond YPF’s control or may be difficult to predict.
Y PF’s actual f uture f inancial 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, div estments, cost savings and dividend payout policies, as well as actual f uture
economic and other conditions, such as future crude oil and other prices, ref ining margins and exchange rates, could differ materially from those expressed or implied in any such f orward-looking statements.
Important f actors 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 dev eloping countries, legislative,
tax, legal and regulatory dev elopments, economic and f inancial 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 Y PF 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 Rev iew and Prospects” in Y PF’s Annual Report on Form 20-F f or the fiscal y ear ended December 31, 2022, f iled with the U.S. Securities and Exchange Commission
(the “SEC”). In light of the foregoing, the forward-looking statements included in this document may not occur.
Except as required by law, Y PF does not undertake to publicly update or rev ise these f orward-looking statements even if experience or f uture changes make it clear that the projected performance, conditions or
ev ents expressed or implied therein will not be realized.
These materials do not constitute an offer to sell or the solicitation of any offer to buy any securities of Y PF S.A. in any jurisdiction. Securities may not be offered or sold in the United States absent registration with
the SEC or an exemption from such registration.
Cautionary Note to U.S. Inv estors — The United States SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has
determined in accordance with the SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us f rom including in filings with the SEC. U.S. Inv estors are
urged to consider closely the disclosure in our Form 20-F, File No. 1-12102 available on the SEC website www.sec.gov.
Our estimates of EURs, included in our Development Costs, are by their nature more speculativ e than estimates of prov ed, probable and possible reserves and accordingly are subject to substantially greater risk of
being actually realized, particularly in areas or zones where there has been limited history. Actual locations drilled and quantities that may be ultimately recovered f rom our concessions will differ substantially.
Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions and the impact of future oil and gas pricing.
As of 4Q2022, the f inancial information in this document is expressed, unless otherwise indicated, in US dollars corresponding to the f unctional currency of Y PF S.A. The information is based on the financial
statements prepared in accordance with IFRS in force in Argentina. On the other hand, the financial information of previous periods is restated in US dollars corresponding to the functional currency of YPF S.A (in
replacement of the individual financial results of YPF S.A. expressed in Argentine pesos divided by the average exchange rate for the period).

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AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM
03. DOWNSTREAM
04. LATEST FINANCIAL RESULTS

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LARGEST AND LEADING COMPANY IN ARGENTINA

01 YPF is the largest company in REVENUES

Other Local Exports Natural Gas (Local) Fuels (Local)
Argentina – in terms of revenues –
In Billion of US$
with almost 100-year-old history.
18.8 18.6
02 Leading integrated player in the local
O&G industry. 13.7 13.7
9.7
03 The Argentina Government is the
controlling shareholder with a 51%
stake. The remaining 49% floats in the
NYSE (73%) and BYMA (27%)(1) .
2019 2020 2021 2022 LTM
(1) As of June 2023.

Upstream Downstream Other

ADJUSTED EBITDA & MARGIN CAPEX
In Billion of US$ In Billion of US$
6.00
100%
4.9 90% 5.2
5.00
4.5 80% 4.2
3.6 3.9 70%
4.00
3.5
60%
3.00
50% 2.6
28% 40%
26% 26% 24% 1.6
2.00

1.5 30%
1.00
20%
15% 10%
0
0%
2019 2020 2021 2022 LTM 2019 2020 2021 2022 LTM 4
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DEEPENING THE PATH TO LOW-CARBON ENERGY PRODUCTION

BREAKDOWN OF DIRECT GHG EMISSIONS- BY BUSINESS INTENSITY OF DIRECT GHG KgCO2e/ BOE UPSTREAM
% EMISSIONS UPSTREAM (1) (2) UP - Unconventional
Conventional
Convencional
- 24%
NOC
57
DW
28% - 25%
G&E 45
35%
34
TOTAL EMISSIONS
2021 VS 2022 24
20
27% Decreased 7% from 15.6 15
to 14.5 million tCO2e despite
10%
grow th production
2017 2021 2022

(1) Scope 1 / (2) The GHG intensity indicator for 2017 has been restated due to internal methodology adjustments. / (3) This data represents the percentual average for 2022 of Renewable Electricity purchased over the total
electric power purchased by the company in the Wholesale Electricity Market (MEM, acronym in Spanish “Mercado Eléctrico Mayorista”).
NEW
ENERGIES
-12% +70 2nd Hydrogen
Total GHG Intensity direct emissions New initiatives in O&G decarbonization Largest renewable company Leading an R&D
reduction. 2022 vs. 2021 2022. CAPEX : + 90 MMUSD in Argentina (YPF Luz) electrolyzer project

+10% Flaring +100 to 150 MW Lithium

Making progress on
Energy purchased from Zero routine flaring expected for Of incremental wind and exploration activity
renewable sources (3) (vs 2021) 2030. solar capacity per year
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INTEGRATED ACROSS THE ENTIRE VALUE CHAIN

DOMESTIC
MARKET 82% Domestic prices (gasoline and
DOMESTIC
CRUDE 99.7% MARKET
diesel)
18% International prices
PRODUCTION REFINING 91% (jet fuel, kerosene, fuel oil, LPG
OIL EXPORTS and other)
234 0.3% 296
Kbbl/d
Kbbl/d EXPORTS International prices
PURCHASES AND (naphtha, LPG, jet fuel, kerosene,
CHANGES IN STOCK
9% bunker and other)

NATURAL EXPORTS
5% 39% RESIDENTIAL + CNG
GAS
UPSTREAM DOMESTIC
MARKET
37 35% INDUSTRIAL
95%
Mm3/d
26% POWER PLANTS

Source: Company filings.

All figures on average as of LTM 2Q23. 6
% calculated based on volumes sold. Documento: YPF-Público
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PROFITABILITY OF OUR MAIN AFFILIATES

EQUITY STAKE

50% 38% 75% 37% 100%

LTM EBITDA 2Q23 (US$ ) (1)

597 mn 215 mn 412 mn 57 mn 56 mn

Higher international Fractionating plant Inaugurated New Solar Duplicar Project Focused on developing
prices of fertilizers expansion project in Zonda farm (100 MW continues making industrialization and
derived in higher Bahía Blanca in capacity) in San Juan progress, expecting tertiary recovery
profitability progress province and New an additional projects
Lavalle wind farm, incremental capacity
located in Cordoba, still of ~20 kbbl/d for 2023
in construction process

(1) Adjusted EBITDA only for YPF Luz = EBITDA that excludes IFRS 16 and IAS 29 effects + one-off items. Documento: YPF-Público7
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AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM
03. DOWNSTREAM
04. LATEST FINANCIAL RESULTS

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DOMINANT UPSTREAM POSITION WITH OPERATIONS IN ALL PRODUCTIVE BASINS

UPSTREAM PORTFOLIO (1) (2)

TOTAL PRODUCTION Other

Market share breakdown (%)

NOROESTE 33%
A
PRODUCTION: A
3.6 mm boe
% LIQUIDS: % GAS:
11% 89%

CUYANA
B
PRODUCTION:
4.9 mm boe B
% LIQUIDS: % GAS: CRUDE OIL PRODUCTION (2)
97% 3% Other
Market share breakdown (%)

NEUQUINA 37%
C C
PRODUCTION:
136.8 mm boe
VACA
% LIQUIDS: % GAS:
47% 53% MUERTA

GOLFO SAN JORGE

D D
PRODUCTION:
32.1 mm boe (2)
% LIQUIDS: % GAS:
NATURAL GAS PRODUCTION
85% 15% Market share breakdown (%) Other 30%

AUSTRAL
E E
PRODUCTION:
6.3 mm boe
% LIQUIDS: % GAS:
20% 80%
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(1) Data as of 2022. (2) Source: IAPG, as of June 2023. Documento: YPF-Público
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LARGEST O&G PRODUCER WITH SHALE LEADING FUTURE GROWTH

TOTAL PRODUCTION Crude Oil Natural Gas NGL NET SHALE PRODUCTION Shale Oil Shale Gas
KBOE/D KBBL/D & KBOE/D

+3.4x +3.6x 107

514 467 503 512 101 95
470
77
68
48 50 53
35 39

2019 2020 2021 2022 2Q23 2019 2020 2021 2022 2Q23

LIFTING COST UNCONVENTIONAL HORIZONTAL WELLS Completed horizontal wells

Lifting cost Lifting cost - Core Hub
Drilled horizontal wells
US$/bbl # of Wells
16.0 154
138 144
13.3
12.0 119 113
11.0
9.8 94
77 79
5.9
4.7 4.1 43 48 4146
3.8 3.6 34 38

2019 2020 2021 2022 2Q23 2019 2020 2021 2022 1Q23 Documento:
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WE ARE STILL AT AN EARLY STAGE OF DEVELOPMENT WITHIN OUR VACA MUERTA ACREAGE

YPF OPERATOR
STRATEGIC
PARTNERS
Exploration
Pre-development
Development
Vaca Muerta´s Total Acreage and YPF´s Share
YPF NON OPERATOR
Million Acres
Exploration VM Acreage Gross Net
Development 3.0

1.6 2.6
1.2
1.1
0.6

Oil Gas

LC(1) LACH(2) BS (3) AdlA(4) RdM (5) EO(6)

Gross Acres 97,606 46,594 56,229 27,429 45,037 11,095

Stake 50% 50% 40% 100% 100%(7) 50%

Net Acres 48,803 23,297 22,491 27,429 45,037 5,548

Dv lpmt. 48% 25% 11% 8% 10% 44%

Resource Oil Oil Oil Gas Gas Gas

Partner Chevron Petronas Equinor/Shell N.A. N.A.
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TOTAL P1 RESERVES RECORDED A NEW ANNUAL INCREASE DRIVEN BY SHALE ADDITIONS

EVOLUTION OF HYDROCARBON PROVED RESERVES Other Shale EVOLUTION OF HYDROCARBON PROVED RESERVES
Million BOE +4% Million BOE

322
1,187 1.143 1.187
1,073 1,143
922 (184) (87) (8)
31% 49% 64%
39%

Reservers 2021 Extensions Production Revisions Purchases, Reservers 2022

2019 2020 2021 2022 Sales &
Recovery

2022 P1 RESERVES P1 Reserves increased 3.8% Y/Y Shale P1 increased by 36.4%

BREAKDOWN with RRR of 1.24x driven by shale (+203 Mboe) representing now
%
7% developments and progressive 64% of total reserves.
VM de-risking.
42%

Crude Oil 51%

Natural Gas
NGL
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AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM

03. DOWNSTREAM
04. LATEST FINANCIAL RESULTS

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NATIONWIDE DOWNSTREAM NEWTWORK

DOWNSTREAM PORTFOLIO
REFINING Over 50% of Argentina’s refining capacity,
operating 3 wholly-owned refineries with
D A LUJÁN DE CUYO
328.1 Kbbl/d capacity (2)(3). CAPACITY:
1 ENSENADA 114 Kbbl/d
High level of conversion and complexity. CAPACITY:
1.3MM tons/year

Pipelines (1):
Nearly 2,800 Km of crude oil
and 1,800 Km of refined products. B LA PLATA
2 PROFERTIL (3) CAPACITY:
CAPACITY: 189 Kbbl/d
2.1MM tons/year

A B
PETROCHEMICAL Leading petrochemical producer. Output 3 PLAZA HUINCUL C PLAZA HUINCUL
CAPACITY:
(1) million CAPACITY:
Capacity: 1.7 tons per annum 0.4MM tons/year 1 25 Kbbl/d
(excluding Profertil). 3C
2
Main products: BTX (Benzene, Toluene, D REFINOR
Mixed Xylenes), Methanol and Propylene. CAPACITY:
26 Kbbl/d

REFINERY
MARKETING 56% market share (LTM) in term of diesel & PETROCHEMICAL COMPLEX
gasoline sales volumes in Argentina. TERMINALS – 17

OIL PIPELINE – 1,165 Km

1,658 (1) gas stations in Argentina
PRODUCTS PIPELINE – 1,785 Km
(35.1% market share). PORTS – 3

103 (1) sale points covering the Agribusiness. AIRPLANE REFUELING FACILITY – 50
(1) As per 20-F 2022.
(2) Excludes 50% stake in Refinor
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(3) Since 1Q21 the capacity of the refineries is 328.1 Kbbl/d. (3) YPF holds a 50% stake. Documento: YPF-Público
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LEADING PLAYER IN THE LOCAL DOWNSTREAM SEGMENT

Exports Other Local GASOLINE & DIESEL SALES (1)

SALES OF REFINED PRODUCTS Jet Fuel Gasoline
Mm M3 Diesel Market share breakdown (%) Other

5%
19.5 6%
17.8 17.7 19.0
15.0 14%

56%
19%

2019 2020 2021 2022 LTM

(1) As of LTM 2Q23.

CRUDE PROCESSED PRICES Brent Medanito Fuels

KBBL/D US$/BBL
450

400 105 104 99

350

285 305 86 83
278 270 72 82
300

234 99 78
250
64 71
200
43
150 62 65 62
53 54
100
41
50

0
2019 2020 2021 2022 1Q23 2Q23
2019 2020 2021 2022 2Q23
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AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM
03. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

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MAIN HIGHLIGHTS 2Q23 (1) Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects +/ - one-off items.
(2) FCF = Cash flow from Operations less capex (investing activities), M&A (investing activities), and interest and leasing payments (financing activities).

PRODUCTION CRUDE OIL ADJ. NET CAPEX FCF (2) NET

PRODUCTION EBITDA (1) INCOME DEBT

BOE/D BBL/D US$ US$ US$ US$ US$

513k 241k 1,005 mn 380 mn 1,374 mn -284 mn 6,312 mn

Flat Q/Q +1% Q/Q -4% Q/Q +11% Q/Q +6% Q/Q -US$ 267mn Q/Q +US$ 269mn Q/Q
+2% Y/Y +7% Y/Y -34% Y/Y -53% Y/Y +52% Y/Y -US$ 594mn Y/Y +US$ 469mn Y/Y
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SOLID OPERATING CASH FLOW AND STRONG LIQUIDITY POSITION WHILE FACING MANAGEABLE MATURITIES
FOR THE REST OF 2023

Int. Bonds
CONSOLIDATED STATEMENT OF ADJUSTED CASH FLOW (1) CONSOLIDATED PRINCIPAL
Local Bonds
In millions of US$ (1) Cash & equivalents include Argentine sovereign bonds and Treasury notes. DEBT AMORTIZATION SCHEDULE
(2) Includes the impact of the Maxus Settlement Agreement signed in April, 2023 Foreign Trade Fin.
(3)Includes mainly payment of leasing, FX differences and net payments for financial assets. In millions of US$
Local Bank Loans & Trade Fin.

449 Foreign Bank Loans

(2) 2,090
1,309
1,706
1,222 1,126
1,296 1,470 2023 = 616
(1,366) (144) 830
(74)
402
214

Cash & Operating Net Acquisition Interest Other(3) Cash & 3Q23 4Q23 2024 2025 2026 2027 2028+
equivalents Cash Flow borrowing of PP&E payments equivalents
at the end at the end Excluding CAF amortization refinanced in August (US$ 225
of 1Q23 of 2Q23 mn), 2024’s new maturity schedule amounts to US$ 997 mn

87% of consolidated Liquidity covers Financing plan US$ 375 mn Net leverage
liquidity is either over 12 months progressing new cross-border ratio at 1.4x
dollarized of debt maturities successfully through A/B loan with ESG
or hedged (4)(5) local bond issuances focus led by CAF
and trade financing
1818
(4) Includes cash position in dollars, Sovereign bonds, peso-denominated debt and tax moratorium debt. / (5) Includes long-term investments in financial assets which mature in less than 24 months. Documento: YPF-Público
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YPF STRATEGIC PATH PROVIDES FOR A UNIQUE OPPORTUNITY TO GROW INTO A SIGNIFICANT SHALE
EXPORTER, LEADING INTO A CASH-FLOW POSITIVE DIVIDEND-PAYING COMPANY

2023 - 2035 MONETIZATION OF CRUDE OIL

2027 - 2050 MONETIZATION OF NATURAL GAS - LNG

2030 - 2050 GREEN HYDROGEN, LITHIUM AND OTHER CLEAN ENERGIES

2023 - 2027
TARGETS
OIL NATURAL GAS CONVENTIONAL OIL OIL PRODUCTION
PRODUCTION PRODUCTION(*) PRODUCTION EXPORTED BY 2027
UPSTREAM
~2x ~+30% Stable 35-40%
OIL NATURAL GAS % SHALE PRODUCTION OIL DEVELOPMENT
PRODUCTION PRODUCTION(*) BY 2027 COST REDUCTION
SHALE
~4x ~2x ~70% ~10%
EXCESS CASH DIVIDENDS (BUSD)
CAPEX(*) - ANNUAL POSITIVE
LEVERAGE 1.5X 2024 - 2027
AVERAGE (BUSD) FCF
FINANCIALS ~6-9 FUELS PRICE:
-15% vs IP ~1.5 FUELS PRICE:
-15% vs IP
5-6 2025+
(*) Forecasts do not include LNG project,
which is subject to FID. ~10-13 FUELS PRICE
AT IP ~5.5 FUELS PRICE
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AT IP