<SEC-DOCUMENT>0001193125-20-195055.txt : 20200720
<SEC-HEADER>0001193125-20-195055.hdr.sgml : 20200720
<ACCEPTANCE-DATETIME>20200720063051
ACCESSION NUMBER:		0001193125-20-195055
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200720
FILED AS OF DATE:		20200720
DATE AS OF CHANGE:		20200720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YPF SOCIEDAD ANONIMA
		CENTRAL INDEX KEY:			0000904851
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				521612271
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		201034966

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES 1364 AR
		STATE:			C1
		BUSINESS PHONE:		5413267265

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d938882d6k.htm
<DESCRIPTION>6-K
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or <FONT STYLE="white-space:nowrap">15d-16</FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of July, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-12102</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>YPF Sociedad An&oacute;nima </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Macacha
G&uuml;emes 515 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>C1106BKK Buenos Aires, Argentina </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by
check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT STYLE="white-space:nowrap">40-F:</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;
</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YPF Sociedad An&oacute;nima </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><A NAME="toc"></A>TABLE OF CONTENTS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ITEM
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1 <A HREF="#tx938882_1">Translation of letter to the Buenos Aires Stock Exchange dated July&nbsp;18, 2020. </A> </P>
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 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx938882_1"></A>TRANSLATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Autonomous City of Buenos Aires, July&nbsp;18, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Bolsa de Comercio de Buenos Aires </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(Buenos Aires Stock Exchange) </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><U>Re</U>: Relevant
Information &#150; Announcement of Waiver of Minimum </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exchange Condition, Extension of the Early Exchange Consideration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">and Early Participation Date Results related to the Exchange Offer </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sirs: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The purpose of this letter is to comply with the
requirements of article 23, section 8 Chapter VI of the ByMA Listing Regulations and to inform that on July&nbsp;18 it was announced changes to the offering of (i)&nbsp;Class&nbsp;XIII 8.500% fixed rate US&nbsp;Dollar denominated negotiable
obligations redeemable with maturity in 2025 in an aggregate nominal amount of up to US$950,000,000 (the &#147;<U>Negotiable Obligations Class</U><U></U><U>&nbsp;XIII</U>&#148;) to be issued in exchange for the class XLVII negotiable obligations
issued on March&nbsp;23, 2016 in an aggregate nominal amount of US$1,000,000,000 maturing in 2021 (the &#147;<U>Existing Negotiable Obligations</U>&#148;), and (ii)&nbsp;the terms and procedures to exchange any and all of the Existing Negotiable
Obligations for the Negotiable Obligations Class&nbsp;XIII (the &#147;<U>Exchange Offer</U>&#148;) announced on July&nbsp;2, 2020, published on the same date in the CNV website, www.cnv.gov.ar, under the item &#147;<I>Empresas (entidades con oferta
p&uacute;blica</I>)&#148; (the &#147;<U>AIF</U>&#148;), in the <I>Mercado Abierto Electr&oacute;nico S.A.</I> website (the &#147;<U>MAE</U>&#148;), in the electronic bulletin of the MAE (the &#147;<U>Electronic Bulletin of the MAE</U>&#148;) and on
YPF&#146;s website http://www.ypf.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A copy of the press release is attached hereto, which informed (i) the decision to waive the Minimum Exchange
Condition and extend the Early Exchange Consideration to all Eligible Holders whose Existing Negotiable Obligations are validly tendered and accepted for exchange after the Early Participation Date and on or prior to the Expiration Date; and
(ii)&nbsp;announced the results as of the Early Participation Date with respect to the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, the documents related to the
Exchange Offer and the issuance of the Negotiable Obligations Class&nbsp;XIII, including the Pricing Supplement of July&nbsp;2, 2020 (as amended in July&nbsp;13, 2020, and July&nbsp;18, 2020) (the &#147;<U>Pricing Supplement</U>&#148;) are available
at the AIF, the MAE website, in the Electronic Bulletin of the MAE and on YPF&#146;s website http://www.ypf.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All capitalized terms not defined herein
have the meaning assigned to them in the Pricing Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ignacio Rostagno </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Market Relations
Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">YPF S.A. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>YPF Sociedad An&oacute;nima</B></TD></TR>
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<TD VALIGN="top">Date: July 20, 2020</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ignacio Rostagno</P></TD></TR>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ignacio Rostagno</TD></TR>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top">Market Relations Officer</TD></TR>
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<TYPE>EX-99
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g938882g0719054615144.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>July&nbsp;17, 2020 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YPF S.A. ANNOUNCES EARLY PARTICIPATION DATE RESULTS AND EXTENSION OF THE EARLY EXCHANGE CONSIDERATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IN ITS EXCHANGE OFFER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR ANY AND ALL OF ITS OUTSTANDING US$1,000,000,000 8.500% SENIOR NOTES DUE 2021 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR IMMEDIATE RELEASE </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BUENOS AIRES, ARGENTINA</B>
&#150; YPF S.A. (the &#147;<I>Company</I>&#148;) announced today the results as of the Early Participation Date (as defined below) with respect to its previously announced exchange offer (the &#147;<I>Exchange Offer</I>&#148;) to exchange any and
all of its outstanding US$1,000,000,000 8.500% Senior Notes due 2021 (the &#147;<I>Old Notes</I>&#148;) for the applicable amount of 8.500% Senior Amortizing Notes due 2025 (the &#147;<I>New Notes</I>&#148;) plus cash. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Expiration of the Early Participation Date with respect to the Exchange Offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Exchange Offer was made pursuant to the terms and conditions set forth in the exchange offer memorandum, dated July&nbsp;2, 2020 (together with the
Supplement No.&nbsp;1 thereto, dated July&nbsp;13, 2020, the &#147;<I>Exchange Offer Memorandum</I>&#148;) to exchange any and all of the Old Notes listed in the table above for the applicable amount of New Notes plus cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Early Participation Date with respect to the Exchange Offer occurred at 5:00 p.m., New York City time, on July&nbsp;17, 2020 (such time and date, the
&#147;<I>Early Participation</I> <I>Date</I>&#148;). Holders of Old Notes were required to validly tender and not validly withdraw their Old Notes prior to or at the Early Participation Date to be eligible to receive the early exchange consideration
of US$925 of New Notes and US$125 of cash (the &#147;<I>Early Exchange Consideration</I>&#148;) per U.S.$1,000 principal amount of the Old Notes validly tendered and accepted for exchange pursuant to the Exchange Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">According to information provided by D.F. King&nbsp;&amp; Co., Inc. (&#147;<I>D.F. King</I>&#148;), the exchange agent and information agent for the Exchange
Offer, U.S.$584,183,000 aggregate principal amount of the Old Notes were validly tendered and were not validly withdrawn prior to or at the Early Participation Date. Such amount represents 58.42% of the outstanding aggregate principal amount of Old
Notes. The Company has decided to waive the Minimum Exchange Condition (defined in the Exchange Offer Memorandum) such that, subject to the satisfaction or waiver of all the remaining conditions to the Exchange Offer, the Company has accepted for
exchange all of the Old Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date. On the terms and subject to the conditions set forth in the Exchange Offer Memorandum, the Company expects to issue
U.S.$540&nbsp;million aggregate principal amount of New Notes and pay U.S.$73&nbsp;million in cash pursuant to this Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The settlement date
for the Old Notes which were validly tendered and not validly withdrawn on or prior to the Early Participation Date, is expected to be July&nbsp;21, 2020 (the &#147;<I>Early Settlement Date</I>&#148;). Holders will also receive accrued and unpaid
interest on the Old Notes validly tendered and accepted for exchange from the applicable last interest payment date up to, but not including, the Early Settlement Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Concurrently with the Early Participation Date, the Withdrawal Date (as defined in the Exchange Offer Memorandum) has also occurred. As a result, any Old
Notes validly tendered on or after the date hereof and prior to the Expiration Date may not be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by us). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Extension of Early Exchange Consideration to All Tendering Eligible Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company today also announced the decision to extend the Early Exchange Consideration to all Eligible Holders whose Old Notes are validly tendered and
accepted for exchange after the Early Participation Date and on or prior to the Expiration Date. Thus, the Exchange Consideration will now be the same as the Early Exchange Consideration. The following table sets forth the consideration to be
received by all Eligible Holders whose Old Notes are validly tendered and accepted for exchange after the Early Participation Date and on or prior to the Expiration Date: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of Old Notes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>CUSIP/ISIN</B></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Outstanding&nbsp;Aggregate<BR>Principal Amount</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title&nbsp;of&nbsp;New&nbsp;Notes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Consideration</B><SUP
STYLE="font-size:85%; vertical-align:top"></SUP><FONT STYLE="font-size:5pt"><SUP STYLE="font-size:85%; vertical-align:top">(1)<B></B></SUP><B></B></FONT></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">8.500% Senior Notes due 2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(144A&nbsp;CUSIP/ISIN:<BR>984245 AM2 /<BR> US984245AM20)<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Regulation&nbsp;S&nbsp;CUSIP/ISIN:<BR>P989MJ BG5 /<BR>USP989MJBG51)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center">US$1,000,000,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center">8.500%&nbsp;Senior&nbsp;Amortizing Notes&nbsp;due&nbsp;2025</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center">US$925&nbsp;of&nbsp;New&nbsp;Notes<BR>and<BR>US$125 of cash</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Per U.S.$1,000 principal amount of Old Notes validly tendered and accepted for exchange. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Exchange Offer will expire on the Expiration Date, which is at 11:59 p.m., New York City Time, on July 30th, 2020. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Relating to the Exchange Offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The complete terms and conditions of the Exchange Offer are described in the Exchange Offer Memorandum (as amended by Supplement No.&nbsp;2 to the Exchange
Offer Memorandum), copies of which may be obtained from D.F. King at www.dfking.com/ypf, by telephone at +1 (800) <FONT STYLE="white-space:nowrap">848-3410</FONT> (U.S. toll free) and +1 (212) <FONT STYLE="white-space:nowrap">269-5550</FONT>
(collect), in writing at 48 Wall Street, 22nd Floor New York, New York 10005, or by email to ypf@dfking.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc., Itau BBA USA
Securities, Inc. and Santander Investment Securities Inc. are acting as the dealer managers for the Exchange Offer. Questions regarding the Exchange Offer should be directed to Citigroup Global Markets Inc. by telephone at +1 (800) <FONT
STYLE="white-space:nowrap">558-3745</FONT> (U.S. toll free) or +1 (212) <FONT STYLE="white-space:nowrap">723-6106</FONT> (collect), Itau BBA USA Securities, Inc. by telephone at +1 (888) <FONT STYLE="white-space:nowrap">770-4828</FONT> (U.S. toll
free) or + 1 (212) <FONT STYLE="white-space:nowrap">710-6749</FONT> (collect) and Santander Investment Securities Inc. by telephone at +1 (855) <FONT STYLE="white-space:nowrap">404-3636</FONT> (U.S. toll free) or +1 (212) <FONT
STYLE="white-space:nowrap">940-1442</FONT> (collect). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Notice </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This announcement is not an offer of securities for sale in the United States, and none of the New Notes (as defined in the Exchange Offer Memorandum) has been
or will be registered under the Securities Act and they may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. This press release does not constitute an offer of the New Notes for sale, or the solicitation of an offer to buy any securities, in any state or other jurisdiction in which any offer, solicitation or
sale would be unlawful. Any person considering making an investment decision relating to any securities must inform itself independently based solely on an offering memorandum to be provided to eligible investors in the future in connection with any
such securities before taking any such investment decision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Exchange Offer is being made solely by means of the Exchange Offer Memorandum (and the
applicable document in Argentina). The Exchange Offer Memorandum is confidential and is only directed at, and can only be accessed by, Eligible Holders (as defined in the Exchange Offer Memorandum). Documents relating to the exchange offer will only
be distributed to Eligible Holders of Old Notes. Eligible Holders of Old Notes can only access the Exchange Offer Memorandum and related documents if they electronically complete an eligibility letter by following the procedures described below.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The distribution of materials relating to the Exchange Offer may be restricted by law in certain jurisdictions. The Exchange Offer is void in all
jurisdictions where it is prohibited. The materials relating to the Exchange Offer, including this communication, do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not
permitted by law. If materials relating to the Exchange Offer come into your possession, you are required by the Company to inform yourself of and to observe all of these restrictions. The Company does not intend to register the New Notes in the
United States or to conduct a public offering of the Old Notes in any jurisdiction. In those jurisdictions where the securities, blue sky or other laws require any exchange offer to be made by a licensed broker or dealer, the Exchange Offer will be
deemed to be made on behalf of YPF by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Disclosure Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements contained in this news release that state the Company&#146;s or management&#146;s intentions, expectations or predictions of the future are
forward-looking statements. Specifically, the Company cannot assure you that the proposed transactions described above will be consummated on the terms currently contemplated, if at all. Actual results could differ materially from those projected in
such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially is contained from time to time in the Company&#146;s filings with the Securities and Exchange Commission including but
not limited to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2019. The Company disclaims any intention or obligation to revise any forward-looking statements, including
financial estimates, whether as a result of new information, future events or otherwise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About YPF S.A. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF S.A. is Argentina&#146;s leading energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream,
downstream and gas and power segments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For further inquiries, please contact: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Investor Relations </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT
STYLE="white-space:nowrap">E-mail:</FONT> inversoresypf@ypf.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Website: inversores.ypf.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Macacha G&uuml;emes 515 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C1106BKK
Buenos Aires (Argentina) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Phone: 54 11 5441 1215 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Fax: 54 11 5441 2113 </P>
</DIV></Center>

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