Argentina’s Unconventional ResourcesA great prospect Oil & Money Conference – London - October. 2013

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Disclaimer

Contents

YPF results

Unconventional potential in Argentina

1

2

Evolution of cost and productivity3

Increased investments and activity

+63%

Investments as in Note 2.g. of the financial statements at Q2 2013. Converted to USD at period – end exchange rate

• Significant increase in investment during 2013

Millions Dollars (*)

(1)

• Significant increase in activity

Rigs

Workover

2011 2012 41518

25

46

63

2011 2012 41518

49

70

85

152%

73%

6M 2012 6M 2013

Others DownstreamUpstream

2010

1230

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

Increased Production

Downward trend in production seen in recent years reversed; crude oil and natural gas production for July above previous two quarters.

2011 2012 1Q'2013 2Q'2013 Jul'2013

222.6

227.4226.3

228.2

234.4

2011 2012 1Q'2013 2Q'2013 Jul'2013

34.2 33.431.4

3334.8

Contents

YPF results

Unconventional potential in Argentina

1

2

Evolution of cost and productivity3

Conventional(Oil 3P + Resources)

NEUQUINA

GOLFO SAN JORGE

AUSTRAL

CUYANA

NOROESTE

Source: Secretaria de Energia / U.S. Energy Information Administration (DOE) / Advanced Resources International (ARI), 2013

Oil Potential Gas Potential

Unconventional (resources)

(Bbbls) (Tcf)

Conventional(Gas 3P + Resources)

Unconventional (resources

4,4

27

29

802

4th in Unc. oil resources 2nd in Unc. gas resources

Argentina has the natural resources to increase production

CHACO PARANAENSE

Shale Oil and Gas

Area 30,000 km2

EUR 20 - 40 Bbbl

Total

Chesapeake

Key unconventional acreage holders in America

ExxonMobilYPFChevronApache

EUR 100 - 200 TCF

Vaca Muerta – World Class asset that can be massively developed

Approximately 100 years of current production

Oil

Wet

gas

Dry

gas

Area 12,075 km2

Net YPF

Oil 77%Wet gas 5%Dry gas 18%

Windows(1)

Vaca MuertaUS Best Composite

Marcellus 2 - 12

Eagle Ford 30 - 100

TOC (%) 3 - 10

Thickness (m) 30 - 450

Haynesville2,500 – 8,500

Reservoir Pressure (psi)

4,500 – 9,500

Comparable to US plays

Neuquina basin

Vaca Muerta

1 cluster

20 km2

Oil: First pilot initial investment

Massive development290 Km2

1,240

First 20 km2 - pilotInvestment

19Drilling rigs

Direct employees

700 drilling300 transport350 well services160 stimulation

+1,500

million dollars

+100Wells

(as of December 2013)

Contents

YPF results

Unconventional potential in Argentina

1

2

Evolution of cost and productivity3

Shale wells Qi evolution

Completion costs per vertical well

Oct-10 Ene-11 Abr-11 Ago-11 Nov-11 Feb-12 May-12 Sep-12 Dic-12

5

10

15

20

25

30

35

40

45 Qi oil average, M3/d

M USD

2011 2012 1H 2013 2H 2013

0

2

4

6

8

10

12 11.110.4

7.87

Progress towards turning Vaca Muerta into a highly profitable shale development

First Vaca Muerta reservoir simulation model (lead by YPF team together with top North America shale experts)

Increased initial productions due to improved fracture methodology and management of the draw down imposed on the hydraulic fractures

Renegotiated completion contracts generating savings as efficiency and economies of scale increase

Decreased well cost by 10% during 2012 and completion by more than 20%

Initiated multi-pad drilling

Started pilot development targeting 130 wells in 2013, now 19 drilling rigs active in North Loma La Lata

Unconventional Development Trends

0

100

200

300

400

500

600

700

Gas k

m³/

d

Production Evolution

Oil (bbls/d) Gas (km3/d)

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

Oil b

bl/d

Current production +13,000 boe/day

The partner of choice

Key advantages in Argentina YPF Expertise

• Long term contracts 25/35 years, 12% royalties

• Excellent connectivity and infrastructure• 1,167 km crude oil transmission system -

1 crude oil export pipeline to Chile• 14,800 km gas transmission system 5.5 BCF/d

capacity - 12 international pipelines 2.5 BCF/d• 10 refineries 639,000 bbl/d total capacity

• Promotion of Investment Decree 929/13

• Investment over 1B US$ on Hydrocarbons Productiongives right to export up to 20% of the hydrocarbons produced and free disposition of exports' proceeds.

• Improved Gas Prices7,5 US$/Mbtu on new gas

• Main hydrocarbon producer in Argentina (36% of Argentina total production)

• 93 concessions and 50 exploration blocks

• Excellent Economy of scale in its operations

• Leader in unconventional wells in Argentina 3 times all companies combined

• 3rd largest unconventional acreage holder in America

• Fully integrated company (Uptream & Downstream)

• Leader in Vaca Muerta

Summary

A definite potential exists for Unconventionals outside of North America

Conclusions

Approach to developing Unconventionals outside of North America is different

Argentina has various sizeable Unconventional Oil & Gas plays that can be developed

Vaca Muerta is a world class shale resource that has been proven MATERIAL and can be massively developed.

Opportunity exists to reduce development costs through fit for purpose technology, estate of the art reservoir modeling, and logistics improvements.

Both Argentina and YPF are completely open to investment and partnerships in developing Unconventionals

YPF is the leader and partner of choice

Project size - 35 years

Total investments

+16.0 Billion USD

Total operating costs

+9.0 Billion USD

Drilling activity

+1,500 New wells

Cumulative production

+750 Million BOE

Plateau production

+50,000 Oil Bbls per day

+3 million m3 per day of gas

NEUQUINA

GOLFO SAN JORGE

AUSTRAL

CUYANA

NOROESTE

“Unconventional” Resources

4,4

Unconventional opportunities

Notes: K: thousand; M: million; B: billion (109)

CHACO PARANAENSE

Other Opportunities

D-129 (shale oil / tight oil)

Vaca Muerta (shale oil / gas)

Noroeste - TarijaLos Monos (shale gas)

Noroeste - CretaceousYacoraite (shale / tight oil & gas)

Chaco ParanaenseDevonian – Permian (shale oil)

CuyanaCacheuta (shale oil)

Potrerillos (tight oil)

AustralInoceramus

NeuquinaLos Molles (shale / tight gas)

Agrio (shale oil)

Golfo San JorgeNeocomiano (shale oil / gas)

Lajas (tight gas)

Mulichinco (tight oil / gas)

Area 30,000 km2

OOIP 661 Bbbl (40 Bbbl)*

OGIP 1,181 TCF (117 TCF)*

Tested & Producing

Notes:* R&M includes Petrochemicals and Logistics / K: thousands; M: million; Bn: billion (109)

Focus on value creation and new opportunities

Refining & Marketing *

Exploration • 250 wells

• +29% prod. rate

• 251 Mbbl

• 5,380 wells

• +23% prod. rate

• 1.27 TCF

• 1,160 wells

• +44% diesel oil

• +24% gasoline

Oil

Gas

Exploitation

Shale oil46%  

Primary Prod 32% 

Secondary Prod14% 

Others 8% 

Tight Gas 27% 

Infil

l

 33% 

Others 8% 

Shale gas32%

Logistics optimization

Sand Transportation

• Sand Train transportation will allow for

Water Sourcing & Distribution

• Water pipe network to minimize water truck transport

• Substantial reduction of sand transportation cost and time• Bulk transportation instead of big bags

• River Water being pumped to the field• Central fresh Water Pit storage• Water pipe network for water pumping to well location

• Central Storage Optimization in silos• Optimized distribution with bulks

Performance of vertical wells for hydraulic fracturing

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

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2010-2011: 15 wellsYPF 2012: 10 wellsYPF 2013: 36wellsForecastt

Vertical wells, hydraulic fracture in Vaca Muerta

Cumulative Oil, avg bbls/well

Production months

D vs 2012: + 4,500 bbl