6-K 1 d405007d6k.htm FORM 6-K

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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of August, 2012

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

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YPF Sociedad Anónima

TABLE OF CONTENTS

Item |  |
1 |  | Translation of letter to the Buenos Aires Stock Exchange dated August 30, 2012
2 |  | English version of Strategic Plan Presentation made on August 30, 2012.

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Item 1

TRANSLATION

Buenos Aires, August 30, 2012

To the

Bolsa de Comercio de Buenos Aires

(Buenos Aires Stock Exchange)

Ref.: YPF strategic plan presentation

Dear Sirs:

The purpose of this letter is to comply with the requirements of Article 23 of Chapter VII of the Buenos Aires Stock Exchange Regulations.

We hereby submit the presentation of the strategic plan of YPF S.A. approved by the Company’s Board of Directors, on the present day.

Yours faithfully,

Miguel Galuccio

President

YPF S.A.

Item2

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Business plan 2013 – 2017 100 day plan August 30, 2012 Item 2

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Disclaimer Safe harbor statement under the US Private Securities Litigation Reform Act of 1995. This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with respect to YPF’s future financial condition, financial, 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 future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout 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 performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF’s control or may be difficult to predict. YPF’s actual future financial 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, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors 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 developing countries, legislative, tax, legal and regulatory developments, economic and financial 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 YPF 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 Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2011 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur. YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise. 2

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3 100 day plan Context 1 High impact plan 2 Business plan 3 Financial considerations 4 2012 - 2013 2013 - 2017 3

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Our new DNA Integration Competitiveness Global Safety and environment National sense Professionalism Shareholder value 4

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Argentine energy demand has outstripped domestic supply 180 150 120 100 220 230 70 99 00 01 02 03 04 05 06 07 08 09 10 11 Index (100 = 1990) GDP ; energy demand Production / Imports MBOE Unprecedent growth CAGR (p.a.) last 10 years Source: IMF, World Bank , Secretaria de Energía de la Nación * Primary energy imported volume GDP YPF oil & gas +7% -6% -2% 210 200 190 170 160 130 140 110 80 90 +4% Energy imports* (+USD 10 bn.) Energy demand Argentina oil & gas 400 300 200 100 50 500 600 0 5

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High potential - strong infrastructure and dynamic market 22 Cuiabá Santa cruz Rio de janeiro Belo horizonte Porto Alegre Campo durán Tucumán Montevideo Bahía Blanca Buenos Aires Paisandú Taltal Tocopilla San jerónimo Loma La lata Concepción Santiago São paulo Uruguaiana 33 29 30 23 2 6 12 14 20 La paz 22 3 Mercosur 19 16 16 3 5 2,5 9 1 20 30 NEUBA I y II Norte San Martin Centro oeste Yabog -gayrg GNEA São mateus Paraná Oil & gas Total 496 MBOES Production 2011 (by owner) Pipelines and electric grid Full regional connectivity • North south, east west • Open access Human capital • +100,000 qualified jobs • Highly educated management 100 years of world-class operations • +50 operators and service providers (incl. top international players) Pan American 18% Wintershall 6% Plus Petrol 3% Others 15% Chevron San Jorge 3% Sinopec 3% Enap Sipetrol 1% Tecpectrol 2% Total Australl 6% Petrobras 7% YPF 36% 6

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100 day plan High impact Stop the decline New working platform Growth Unconventional resources in “factory mode” Establish new operational DNA Refining and marketing New paradigm Massive development of unconventional resources Argentina: Net energy exporter Change the future of the energy sector Reverse the negative trend Mature fields Profitable growth strategy 7

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100 day plan Context 1 High impact plan 2 Business plan 3 Financial considerations 4 2012 - 2013 2013 - 2017 8

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Seasoned management team 200+ Years of cumulative oil and gas experience

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Seasoned management team 15 + years of industry experience each Local and international experience 10

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Safety and environment first 45,000 Participants in safety and productivity program

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Reprioritized safety and environment Creation of the QHSE Function at Corporate level, reporting directly to the CEO Enhancement of our approach to Quality as the key to Operational Efficiency Environmental commitment Mapping of processes and capabilities to minimize impact YPF AND THE WORKERS Technical training program focused on safety and productivity covering own and contractor´s personnel across the country + 220 instructors + 45,000 participants 12

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Relaunch exploration x 2.5 50 exploratory wells in 2012

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9 wells Exploration high impact plan Relaunch conventional gas exploration (Neuquen basin, San Jorge Bay basin), increase exploration of tight gas (Lajas- Molles). 15 wells Exploration in mature fields aimed at rapidly putting additional resource into production. 0 2 4 6 8 10 Exploration wells January - december 2012 Accummulated Monthly High impact plan 2012 High impact projects Previous plan 2012 Average 2007/2011 Wells Capex (MUSD) Initial situation Current situation April 2012 August 2012 22 10 14 132 130 265 19 20 50 50 Capex and wells

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5 new shale discoveries 2 3 Vaca Muerta D-129 Golfo San Jorge

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New shale reserve play in San Jorge Gulf basin ECh.xp-159 LP.xp-2529 LC.xp-818 Las Heras Successful exploratory wells Wells with geochemical data Total delineation area: 747 km² Blocks 100% owned by YPF: Disclosed to SEN in April and June 2012 D129 formation – Golfo de San Jorge 16 Productivity proven in additional source rock: extending shale oil and shale gas to Argentina´s most mature basin • Cañadón Yatel: 237 km² • Los Perales-las Mesetas: 1202 km² • El Guadal - Lomas del Cuy: 531 km²

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YPF.Nq.LDMo.x-1 YPF.Nq.EOr.x-2 LDM.x-1 (Loma del Molle.x-1) Location 60 km NW from Añelo Disclosed to SEN on 13/08/12 WI Exploration YPF 45% (operator), Exxon-Mobil 45% and G&P 10% Shale gas discoveries in Vaca Muerta Location 67 km WSW from Rincón de los Sauces EOr.x-2 (El Orejano.x-2) WI Exploration 100 % YPF 17 Rincón de los Sauces Añelo LDMo.x-1 EOr.x-2

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Complete delineation in progress Vaca Muerta wells 2010-2011 Vaca Muerta 2012 Agrio 2012 Executed at 30/07/2012 Drilling or waiting completion Areas Blocks Operated by YPF With YPF Working Interest Oil window Wet gas window Dry gas window Increase shale acreage value Delineate new development clusters Secure shale acreage 18 Continuing focused shale development in Vaca Muerta

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2012 Stop decline 2013 Growth again

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Exploitation high impact plan - production 2008 2009 2010 2011 2012 2013 256 243 240 221 228 243 Oil production (kbbls/day) Gas production (Mm ³/day) High impact plan Previous plan Initial situation Current situation Initial situation Current situation 2008 2009 2010 2011 2012 2013 47 41 38 34 33 34 High impact plan Previous plan 2012-2013 +3% 2008-2011 -10% p.a. 2008-2011 -5% p.a. 2012-2013 +7% 25 27 29 31 33 35 37 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 210 215 220 225 230 235 Jan Feb Mar Apr May Jun Jul Ago Sep Oct Nov Dec 20

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Rigs Wells drilled Gas Oil Initial situation Current situation 36 29 324 174 1 5 2 5 Drilling rigs Drilling and workover rigs 2012 2013 2012 2013 2012 2013 2012 2013 April 2012 August 2012 Initial situation Current situation April 2012 August 2012 Exploitation high impact plan - activity 55 15 1,564 122 accumulated accumulated 21 0 200 400 600 800 1000 1200 1400 1600 0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 10 20 30 40 50 60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 2 4 6 8 10 12 14 16 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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Increase refined products Reduce imports + 7% - 47% in 2012 vs. Previous plan in 1H-2012 vs. 1H-2011

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Downstream high impact plan Increase utilization factor of refining complex 2012 Increase crude oil processing through optimization of lubes production Higher fuel oil production to substitute imports Start up of hydro-treatment plants Increase production of refined products via CCR Increase production of distillates + 7% + 7% + 4% + 6% + 46% Production de fueloil Imports of gasoline, diesel and jet fuel Utilization factor Production of refined products % ‘000 m³ 10,076 10,757 11,290 2013 Key levers m² m³ 410,291 600,304 764,702 401,750 82% 88% 92% 23 1 half 2011 vs. 1 half 2012 1 half 2011 vs. 1 half 2012 st st st st

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Financial stability roadmap

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25 Financial stability roadmap Extended local lines of credit with great reception from banks Received proposals from international banks for cross-border financing Eminent launch of local issuance of notes with six prominent local banks as placing agents Called Shareholders´ Meeting to increase size of medium term notes program; first international tranche mandated to a leading international financial institution Will conduct international non-deal roadshow to communicate strategic plan to financial community Only lender that decided to accelerate financing was Repsol ($125 million payment done); all other creditors provided waiver or letter of non-acceleration or simply continued doing business-as-usual Met committment to repay 2028 bond holders

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26 100 day plan Context 1 High impact plan 2 3 Financial considerations 4 2012 - 2013 2013 - 2017 Business plan

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27 Business plan development Objective Maximize company value Capex Strategic planning Integrated project portfolio with IRR > cost of capital Impact on production / supply 2013 2017 160 MBOE Uses of cash Capex Debt service Dividends Generate value People and organization Technology and processes Security, safety and environment Communication and public relations Portfolio management Refining Commercial Natural gas Capex plan and financial results External financing Exploration Exploitation Cash flow and value generation Supply Resources

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Strong portfolio with upside 2,400 Mbbl 400,000 Mm 3 Oil resources Gas resources

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29 Strong oil project portfolio – significant upside Total: 2,426 MBbl +500 Only 20% of this resource portfolio in proven reserves (which largely supports 5 year production plan) Oil Characterized projects Gas Total: 400,750 Mm³ (14 TCF) +100 Characterized projects Base production 20% Primary 11% Secondary 10% Tertiary (EOR) 2% Infill 1% Optimizations 3% Heavy oil 2% Shale 51% Base production 15% Primary 9% Tight gas 15% Infill 1% Optimizations 1% Compression 2% Shale 57%

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Renew exploration focus 250 Exploratory wells 2013 - 2017

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31 Exploration plan Exploration portfolio Exploration capex and activity Expected value of the process not included in production curves The exploration growth vector focuses on the extension of productive basins and the characterization of unconventional resources 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% higher risk /Lower potential AVERAGE SIZE UNRISKED (MBOE) 1 10 100 ARGENTINA DEEP OFFSHORE 688 MBOES – 5 PROSPECTS INTERNATIONAL 168 MBOES 5 PROSPECTS EEUU GOM 76 MBOE-2 PROSPECTS ARGENTINA SHALLOW OFFSHORE 7 MBOES-4 PROSPECTS NEW BASINS 141 MBOE-14 PROSPECTS The size of the bubbles represents the resource (unrisked) UNCONVENTIONAL (Not to scale) > 12,000 MBOES PRODUCTIVE BASINS 597 MBOE – 71 PROSPECTS Exploration wells 2007 - 2011 19 2012 - 2017 50 Capex (USD million) 132 288 Annual average Exploration wells 2007 - 2011 90 2012 - 2017 250 Capex (USD million) 660 1,440 5 years total Lower risk /higher potential

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32 2013-2017 exploration plan - vision Productive basins exploration Unconventional Exploration • Relaunch conventional gas exploration (Neuquén Basin, CGSJ) • Brown fields exploration with first oil in short term • Investigate heavy crude belt Offshore exploration • Feasible unconventional plays (VM, Lajas-Molles, GSJ and Cuyana Agrio) • Oil & gas growth vector • Focused on large sized opportunities • Requires significant investment efforts • Exploration in countries in the region with strategic synergies • Start exploration in Colorado Basin and northern margin of Argentina Continental Shelf • Relaunch exploration in Austral and Malvinas basins New basins exploration • Define the potential of currently unproductive basins based on ” Plan Argentina” International exploration Full coverage of basins and exploratory concepts aligned with strategic objectives

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CONFIDENCIAL Exploration strategy - conventional vs. unconventional From play concept to execution 3-5 years +25 years Appraisal - development - infill Vaca Muerta Appraisal Source rock extension Resource play Play Concept Geochemistry maturity model Unconventional Conventional Pilot – factory model Prospect Testing source rock 33 Prospective resources Contingent Resources Unproven reserves (probable, possible) Proved reserves (Proved developed and undeveloped) Play Concept Surface geology gravimetry Leads Possible structures Exploratory prospect Quantifying prospective resources Development plan Execution Development plan Execution

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Boost oil production +29% Production rate Average 2013-2017 vs. 2011-2012

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Exploitation plan - oil Kbbl/d USD 19.6 bn 251 Mbbl 5,380 wells Shale Oil Base production Development - primary Development - secondary Tertiary (EOR) Infill Drilling Optimization - primary Optimization - secondary Heavy oils 2013 – 2017 (incremental) MUSD # Capex Wells Annual average Production + 29% + 19% x2 +55% 24% 16% 53% 32% 14% 46% 49% 15% 27% 35 2013-17 2013-17 2013-17 - 50 100 150 200 250 300 350 400 2011- 12 2018- 22 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 2011 12 2018 22 - - - 200 400 600 800 1,000 1,200 2011 12 2018 22 - -

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Amalgameted channel characterization Tighting well spacings Geologically optimized well locations Well completion optimization Key parameters Oil (Kbbls) 49,938 Gas (Mm3) 330 Investment(MUSD) 1,517 Wells 886 Workovers 397 Unit Development Cost (USD/Boe) 29 Discovery Date 1961 Concession up to November 2017 OOIP/OGIP 780 MBbl (164 Mm³) Current Recovery Factor 11 % Fr Final 15 % Development Strategy Barranca Baya Development Example 1 – Primary Production 36 Barranca Baya Faja Plegada y Sector Occidental Flanco Norte Flanco Sur

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Discovery Date 1975 Concession up to November 2017 OOIP/OGIP 1704 MBbl (271 Mm³) Current Recovery Factor 12 % Full Field Water Injection Production Optimization Development of underdeveloped areas EOR Challenge technical limits and new technologies Fr Final 22% Development Plan Example 2 – Waterflooding Project Los Perales Development Strategy Key parameters Oil (Kbbls) 106,443 Gas (Mm3) 455 Investment(MUSD) 3,834 Wells 1,548 Workovers 1,618 Unit Development Cost (USD/Boe) 35 37 Current Development

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Discovery Date 1930 Concession up to November 2015 OOIP/OGIP 730 MBbl (117 Mm³) Current Recovery Factor 20 % Fr Final 30 % Example 3 - Terciary Recovery (EOR) Manantiales Behr – Grimbeek Polymer Flood Grimbeek Optimal recovery via a more efficient flood Pilot to Demonstrate Incremental Recovery Technology to be extended to full field after a short waterflood Challenge of new technical limits Development Strategy Key parameters Oil (Kbbls) 39,200 Gas (Mm3) 453 Investment(MUSD) 1,564 Wells 801 Workovers 684 Unit Development Cost (USD/Boe) 37 38

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Increase refined products +37% Diesel and gasoline 2017 vs. 2013

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Downstream plan Capex Total 2013-2017 Contribution by project USD 8.0 bn Light crude + Topping / vacuum capacity + Alkylation / reforming capacity + Hydro- cracking / coking capacity + Annual CAGR 2013-2017 total increase Gasoline Diesel Total 24% 44% 37% 5.6% 9.5% 8.1% 40 Gasoline Diesel Utilization Capacity Upgrading Conversion 6% 3% 10% 5% 8% 18% 18% Refined products increase 2013 - 2017 Refining complex expansion and upgrading

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Leverage strong market position with commercial flexibility YPF Shell Petrobras Other Esso Market share (2011) Crude Processing Nr. of gas stations Gasoline Diesel YPF Shell Petrobras Other Esso Price gap (2012 YTD) Gasoline To competition 30% 24% 14% 15% To import parity Diesel Refined products increase of 8% per year will allow YPF to meet a growing demand while reducing price gap to competition and maintaining leading market share position 41 34% 55% 54% 59% 15% 9% 13% 8% 15% 12% 11% 28% 19% 13% 8% 7% 13% 13% 5% 8%

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Relaunch natural gas development +23% Production rate Average 2013-2017 vs. 2011-2012

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Natural gas plan Gas Bolivia 10 Gas USD 6.5 billion capex program 2013 - 2017 to boost local gas production Susbtitute imports with local gas production Gasoil 23 Fuel oil 18 GNL 13-17 8% p.a. Import prices USD/Mbtu Local prices USD/Mbtu Gas plus 4 - 7 Industry 4 - 6 32 47 43 2013 2014 2015 2016 2017 Mm3/d

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Exploitation plan - gas Mm³ 2013 – 2017 (incremental) MUSD # Production Capex Wells Annual average Base production Infill Drilling Compression Optimizations Development Shale Tight 35,687 Mm³ USD 6.5 bn 1,160 wells + 23% + 20% x7 x9 /d 33% 27% 32% 41% 21% 35% 42% 18% 39% 44 - 10 20 30 40 50 60 2011- 12 2018- 22 2013-17 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2011- 12 2018-22 2013-17 - 50 100 150 200 250 300 350 400 2011- 12 2018- 22 2013-17

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Example - natural gas project Lotena (Loma la Lata, Neuquén Basin) Los Barreales Marimenuco Integral Development of Lotena formation in block Loma La Lata-Sierra Barrosa. The project consists in obtaining reservoir information and a field gas development plan in the area. (model validation, reservoir architecture, structural appraisal to develop 22 M BOE Production Curve Cumulative Gas Production, Wells/WO and Capex 2012 2012 2012 2012 18 3587 1 18 2 6 11 227 Capex M U$S Total Total Gas Mm 3 New wells Total Repairs Total 45 200 400 600 800 1000 1200 1400 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Proy. LLL Lotena - Gas km3/d 0

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Unlock shale potential +100 Kbbl/d Oil by 2017 +13 Mm 3 /d Gas by 2017

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Encouraging results in Vaca Muerta development Vaca Muerta Wells YPF´s Vertical Type Well (291 Kbbl) Ryder Scott ´s well (207 Kbbl) Current average performance 37 wells drilled 27 wells completed Achieved production rate of 6,800 Boe/d 10 wells waiting for completion Another 26 wells to be drilled in 2012 47

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Better prospect than U.S. comparable basin Eagle Ford wells are all horizontal with 15 hydraulic fractures on average Vaca Muerta wells vertical with 2 to 4 hydraulic fractures only Vaca Muerta Eagle Ford 3 - 5 30 - 100 TOC (%) 3-10 Thickness (mts) 30-450 2,500 – 8,500 Reservoir pressure (psi) 4,500-9,500 Time since first oil 6-mos 1 year 1.5 years 2 years 2.5 years 3 years Last 6-month average 320 bpd Max Monthly Oil bbl/d 48 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800

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Shale oil development plan Oil projects scope KBbl/d Upside Loma Campana / LLL norte Cluster #2 YPF net Pilot + first cluster Cluster #3 Cluster #4 Current production of NQN province Production Acreage developed 49 5% of total Vaca Muerta oil window 1055 Km² 186 Km² 114 Km² 465 Km² 290 Km² 0 50 100 150 200 250 300 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

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Shale gas development plan Mm 3 /d Gas production evolution 20% of total gas window Current production of NQN province 50 El orejano pilot Cluster #2 Cluster #3 Cluster #4 Cluster #5 Cluster #6 Cluster #7 Cluster #8 Upside Production Acreage developed 22 Km 2 47 Km 2 50 Km 2 105 Km 2 60 Km 2 1379 Km 2 185 Km 2 41 Km 2 1888 Km 2

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51 Huge unconventional potential in Argentina Tarija Los Monos (shale gas) Cretaceous Yacoraite (shale/tight/oil & gas) Chaco Paraná Devonico – Permico (shale oil) Austral Inoceramus More than 45 total wells drilled to date by YPF Cuyana Cacheuta (shale oil) Potrerillos (tight oil) Among top 3 in the world (along China and U.S.A.), most advanced in shale oil Neuquina Vaca Muerta (shale oil/gas) Los Molles (shale gas) Agrio (shale oil) Lajas (tight gas) Mulichinco (tight oil/gas) Golfo San Jorge Pozo D-129 (shale oil/tight oil) Neocomiano (shale oil/gas)

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Unlocking the potential Potencial Partners Strategic Unconventional experts Technology Services and applications Financial Local and international markets Area 30,000 km² Area 12,075 km² Gross Net YPF Shale oil y gas - Vaca Muerta YPF´s leverage • Know - how • Facilities • Qualified personnel • Factory mode • G&G • Reservoir characterization • Union relations • Federal government relations • Provincial government relations 52

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100 day plan Context 1 High impact plan 2 3 Financial considerations 4 2012 - 2013 2013 - 2017 Business plan 53

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Business plan - total capex * Total base plan (gross) Annual capex plan* 2013 – 2017 breakdown Gross USD 37.2 bn Total 2013-2017 Net YPF USD 32.6 bn 2013 2014 2015 2016 2017 USD bn 22% Downstream 4% Exploration 1% Corporate 73% Exploitation 1.0 3.0 5.0 7.0 9.0 54

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55 Cash flow generation and external financing needs Capex Financing Free cash flow profile - YPF net Financiability drivers Base plan (gross) that generates production growth of: + 32% in 5 years Gross 37.2 32.6 27.9 Shale partner Financing Internal YPF cash flow generation 2013 – 2017 business plan 2013 USD Bn 2014 2015 2016 2017 2018 2019 2020 2021 2022 USD Bn 1.0 2.0 3.0 4.0 -2.0 -1.0 YPF net 2018 - 2022 Oil and gas + 37% in 5 years Gasoline and diesel Strong operating performance: growing EBITDA Prudent leverage: maximum debt/EBITDA < 1.5x Shale partner with 50% working interest in first cluster (250 km ²) entering at an attractive IRR (carrying YPF in pilot development of 40km ²) Dividend policy: pay out ratio > 5% 100% 80% 70%

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Stress test – reduced external financing No shale partner Only USD 500 million additional debt financing p.a. (2013 – 2015) Conservative scenario Reduced capex plan Production profile Sources of capex financing Financing with local banks / capital markets or with government sponsored funds Sufficient supply to meet growing demand, while maintaining target market share 6% Financing Internal cash flow generation USD Bn 2013 2017 2022 4% 4% USD Bn CAGR: (%) 56 94% 100% 2013 -2017 2018 2022 - 2013 2017 2018 2022 - - 24.7 37.0 474 550 650 KBOE/day – Total oil and gas

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Upside scenario – faster ramp-up of shale More shale partners (50% working interest) Reflects only part of the upside (still more than 65% of YPF´s acreage in Vaca Muerta undeveloped by 2017) Upside scenario Accelerated capex plan Production profile 1% 40.4 33.7 1 + shale oil cluster (290 km²) 1 + shale gas cluster (80 km²) 9% CAGR: (%) 57 32.7 27.9 7.7 5.8 2013-2017 2018-2022 Base case (gross) Upside USD Bn 492 641 659 75 81 2013 2017 2022 KBOE/d Base Upside

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2013 - 2017 32% Oil and gas production growth +10,000 New jobs 37% Diesel and gasoline production growth 58

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Business plan 2013 – 2017 100 day plan August 30, 2012

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  |  |  | YPF Sociedad Anónima
Date: August 31, 2012 |  |  |  | By: |  | /s/ Gabriel E. Abalos
|  |  |  | Name: Title: |  | Gabriel E. Abalos Market Relations Officer