<SEC-DOCUMENT>0001193125-21-112522.txt : 20210412
<SEC-HEADER>0001193125-21-112522.hdr.sgml : 20210412
<ACCEPTANCE-DATETIME>20210412084052
ACCESSION NUMBER:		0001193125-21-112522
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20210412
FILED AS OF DATE:		20210412
DATE AS OF CHANGE:		20210412

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:		21819494

	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>d171913d6k.htm
<DESCRIPTION>6-K
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<HTML><HEAD>
<TITLE>6-K</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<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>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; 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 April, 2021 </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;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" ALIGN="center">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation
<FONT STYLE="white-space:nowrap">S-T</FONT> 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;No&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation
<FONT STYLE="white-space:nowrap">S-T</FONT> 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;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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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <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:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><A NAME="toc"></A>TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><B>ITEM&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">A</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx171913_1">Translation of YPF Sociedad An&#243;nima Shareholder&#146;s Meeting Proposals</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx171913_2">Exhibit Item 17 - Translation of the reform of Sections 20 and 24 of the Company&#146;s Bylaws</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx171913_3">Exhibit Item 20 - Translation of the Preliminary Merger Agreement between YPF S.A. and CIMSA</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#tx171913_4">Exhibit Item 22 - Translation of the report of the Vice Presidency of Legal Affairs, the report of the Company&#146;s Management, the opinion of the Audit Committee and the report of the Supervisory
Committee</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>YPF Sociedad An&oacute;nima</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top">Date: April 12, 2021</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">/s/ Santiago Wesenack</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Santiago Wesenack</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Market Relations Officer</TD></TR>
</TABLE>
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<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>d171913dex99a.htm
<DESCRIPTION>EX-99.A
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="tx171913_1"></A>Exhibit A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRANSLATION </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Proposals to YPF S.A.&#146;s Shareholders regarding the items of the Agenda of the General Ordinary and Extraordinary
Shareholders&#146; Meeting called for April&nbsp;30, 2021, available as of April&nbsp;9, 2021. </B></P></div> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1. Remote holding of the
shareholders&#146; meeting in accordance with Resolution No.&nbsp;830/2020 of the National Securities Commission. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to
propose to held remotely the shareholders&#146; meeting according to the provisions of General Resolution No.&nbsp;830/2020 issued by the National Securities Commission (CNV, by its acronym in Spanish), the emergency situation resulting from the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic and the applicable laws and regulations in connection therewith. It is informed that this first item of the agenda will only be considered if, at the time scheduled to hold the shareholders&#146;
meeting, restrictions still apply on the free circulation of persons generally, whether as a preventive and/or mandatory and/or sectorized measure, as a result of the emergency situation resulting from the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3. Consideration of the Annual Report, Informative Overview, Inventory, Balance
Sheet, Statements of Comprehensive Income, Statement of Changes in Equity, Cash Flow Statements, Income Statement, Statement of Changes in Shareholders&#146; Equity and Statements of Cash Flow, individually and consolidated with its respective notes
and related documents, and the Report of the Supervisory Committee and Independent Auditor, corresponding to Fiscal Year No.&nbsp;44, which began on January&nbsp;1, 2020 and ended on December&nbsp;31, 2020. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors discussed and approved the aforementioned documents and proposed their approval by the General Ordinary and Extraordinary
Shareholders&#146; Meeting of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may find the individual and Consolidated Financial Statements and Annual Report 2021 published by the CNV
at the following link: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>https://aif2.cnv.gov.ar/presentations/publicview/b5b93dc3-3a45-498a-b13d-9f5b07ac0b89 </U></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;4. Consideration of accumulated results as of December&nbsp;31, 2020. Absorption of losses. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to propose to the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Company at which the relevant accounting
documentation for Fiscal Year No.&nbsp;44 will be considered: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to fully dissolve the reserve for future dividends, the reserve for the purchase of own shares and the reserve
for investments; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to partially absorb the accumulated losses in retained earnings up to Ps. 13,184&nbsp;million against the
amounts corresponding to the disallowed reserves for up to said amount. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5. Determination of remuneration for the
Independent Auditor for fiscal year ended as of December&nbsp;31, 2020. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to propose to the General Ordinary and
Extraordinary Shareholders&#146; Meeting of the Company to set a remuneration of Ps.90,117,917.- to Deloitte&nbsp;&amp;Co. S.A. for its audit services as Independent Auditor for the annual financial documentation as of December&nbsp;31, 2020 and the
quarterly information corresponding to 2020. </P>
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<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>Item&nbsp;6. Appointment of the Independent Auditor who will report on the annual financial statements as
of December&nbsp;31, 2021 and determination of its remuneration. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit Committee has assessed the performance of Deloitte&nbsp;&amp; Co. S.A., and
issued a favorable opinion, raising no objections to such firm in the event that the Shareholders&#146; Meeting appoints it as Independent Auditor of the Company to report on the annual financial statements as of December&nbsp;31, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Along these lines, the Board of Directors resolved to propose to the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Company: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. To appoint Deloitte&nbsp;&amp; Co S.A. as Independent Auditor of the Company to report on the annual financial statements as of December&nbsp;31, 2021,
informing that, in order to comply with the provisions of Articles 22 and 23 of Chapter III Title II of the Argentine Securities Commission&#146;s Regulations (CNV Regulations), Messrs. Ricardo C&eacute;sar Ruiz, as certifying accountant and Vanesa
Rial De Sanctis and Mr.&nbsp;Diego De Vivo, as alternate certifying accountants, have filed the affidavits required under the applicable regulations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.
To have the remuneration of the Independent Auditor determined by the Shareholders&#146; Meeting at which the annual financial statements for fiscal year 2021 will be considered. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8. Consideration of the Remuneration of the Board of Directors (Ps.$184,131,951) for the fiscal year ended on December&nbsp;31, 2020 which
resulted in computable loss in accordance with the regulations of the National Securities Commission. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to propose to
the General Ordinary and Extraordinary Shareholders&#146; Meeting the approval of the amount of Ps.184,131,951 on all accounts, including remunerations, fees and compensations corresponding to fiscal year under review, considering, among other
reasons, that the fees of the Board of Directors were reduced by 10% from May to August 2020, included, and that the CEO&#146;s fees for his executive duties were reduced by 25% from May to December 2020, included. Such remunerations are considered
adequate and reasonable since they take into account the responsibilities of each director, the performance of special&nbsp;commissions and/or technical and administrative functions, the time devoted to their duties, and are in line with the market
guidelines and the specific situation of the Company. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9. Remuneration of the Supervisory Committee for fiscal year ended December&nbsp;31,
2020. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to propose to the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Company the approval of
the amount of Ps.10,087,200 as remunerations of the Supervisory Committee for fiscal year ended December&nbsp;31, 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;10. Determination of
the number of regular and alternate members of the Supervisory Committee. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to propose to the General Ordinary and
Extraordinary Shareholders&#146; Meeting of the Company that the Supervisory Committee of YPF should be composed of three (3)&nbsp;regular members and three (3)&nbsp;alternate members. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;13. Determination of the number of regular and alternate members of the Board of Directors. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to propose to the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Company that the Board of Directors
should be composed of twelve (12)&nbsp;regular members and eleven (11)&nbsp;alternate members. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;15. Appointment of regular and alternate Directors for Class&nbsp;D shares and determination of
their tenure. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to submit the following proposal to the General Ordinary and Extraordinary Shareholders&#146; Meeting of
the Company: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The appointment of Pablo Gerardo Gonz&aacute;lez, Sergio Pablo Antonio Affronti, Roberto Luis Monti, Norberto
Alfredo Bruno, Horacio Oscar Forchiassin, Ignacio Perincioli, Pedro Mart&iacute;n Kerchner Tomba, Elizabeth Dolores Bobadilla, Ramiro Gerardo Manzanal, H&eacute;ctor Pedro Recalde and Celso Alejandro Jaque as Regular Directors for Class&nbsp;D
shares, all of them for one fiscal year. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The appointment of Gerardo Damian Canseco, Guillermo Rafael Pons, Adri&aacute;n Felipe Peres, Silvina del Valle
C&oacute;rdoba, Miguel Lisandro Nieri, Maria Eugenia Tulia Snopek, Mar&iacute;a Martina Azcurra, Santiago Mart&iacute;nez Tanoira, Silvia Noem&iacute; Ayala and Santiago &Aacute;lvarez as Alternate Directors for Class&nbsp;D shares, all of them for
one fiscal year. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In the case of the temporary or permanent replacement of regular directors Roberto Luis Monti, Norberto Alfredo
Bruno, Horacio Oscar Forchiassin, Ignacio Perincioli, Pedro Mart&iacute;n Kerchner Tomba and Elizabeth Dolores Bobadilla, to fix the substitution of each of them in the following order, respectively: Gerardo Dami&aacute;n Canseco, Guillermo Rafael
Pons, Adri&aacute;n Felipe Peres, Silvina del Valle C&oacute;rdoba, Miguel Lisandro Nieri and Maria Eugenia Tulia Snopek. Messrs. Mar&iacute;a Martina Azcurra, Santiago Mart&iacute;nez Tanoira, Silvia Noem&iacute; Ayala and Santiago &Aacute;lvarez
may replace any of the remaining Directors for Class&nbsp;D shares hereby proposed. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, it is informed that according to
information received by the Company to date, Pablo Gerardo Gonz&aacute;lez, Roberto Luis Monti, Norberto Alfredo Bruno, Horacio Oscar Forchiassin, Ignacio Perincioli, Pedro Mart&iacute;n Kerchner Tomba, Elizabeth Dolores Bobadilla, Ramiro Gerardo
Manzanal, H&eacute;ctor Pedro Recalde and Celso Alejandro Jaque do qualify as independent; and Sergio Pablo Antonio Affronti do qualify as <FONT STYLE="white-space:nowrap">non-independent</FONT> in accordance with the National Securities Commission
Regulations. Additionally, it is informed that according to information received by the Company to date Guillermo Rafael Pons, Adri&aacute;n Felipe Peres, Silvina del Valle C&oacute;rdoba, Miguel Lisandro Nieri, Maria Eugenia Tulia Snopek do qualify
as independent; and Gerardo Canseco, Martina Azcurra, Santiago Mart&iacute;nez Tanoira, Silvia Noem&iacute; Ayala and Santiago &Aacute;lvarez do qualify as <FONT STYLE="white-space:nowrap">non-independent</FONT> in accordance with the National
Securities Commission Regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Background information of the proposed candidates is attached hereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16. Determination of advanced compensation to be received by the members of the Board of Directors and the members of the Supervisory Committee
for the fiscal year that began on January&nbsp;1, 2020. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to propose to the General Ordinary and Extraordinary Meeting
of Shareholders to approve the payment of advanced compensation for directors and members of the Supervisory Committee for fiscal year 2021 for up to an amount of Ps.463,479,265. To such effect, the remunerations corresponding to positions to be
filled in the Board of Directors and the respective Committees, special commissions and technical and administrative functions were taken into account, as well as the inclusion of the CEO&#146;s remuneration for a full term and the projections for
maintaining the Company&#146;s market position. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In consideration of the above, and based on the analysis conducted by the Compensation and Nomination
Committee of the Board of Directors on the basis of market information provided by a consulting firm specialized in the matter, the proposed remunerations are considered appropriate and reasonable, and in line with comparable remunerations of
leading companies in the market. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;17. Reform of Sections 20 and 24 of the Company&#146;s Bylaws. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At its meeting of March&nbsp;29, 2021, the Board of Directors resolved to propose to the General Ordinary and Extraordinary Shareholders&#146; Meeting of the
Company, the reform of sections 20 and 24 of the Company`s Bylaws, for shareholders&#146; meetings and Supervisory Committee&#146;s meeting to be held remotely, in accordance with the latest recommendations on local and international corporate
governance best practices. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The draft reform of the aforementioned sections proposed by the Board of Directors is attached hereto in a comparative table
with the current Bylaws. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>18. Consideration of the merger by absorption by YPF S.A., acting as the absorbing company, and Compa&ntilde;&iacute;a de
Inversiones Mineras S.A., acting as the absorbed company, in accordance with the terms of section 82 et. seq. of the General Corporations Law No.19.550 (</B><B><I>Ley General de Sociedades</I></B><B>) and sections 80, 81, following and related
sections of the Profit Tax Law No.&nbsp;20.628 (</B><B><I>Ley de Impuesto a las Ganancias</I></B><B>) (t.o. 2019), as amended, and sections 172 to 176 of its regulatory decree. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved to approve the merger by absorption by YPF S.A. of Compa&ntilde;&iacute;a de Inversiones Mineras S.A., the absorbed company,
which will be dissolved without liquidation in compliance with section 82 and related sections of the General Corporations Law No.&nbsp;19.550, and to carry out all acts required to conduct such reorganization, effective as from January&nbsp;1,
2021. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The main reasons considered by the Board of Directors to effect the merger include, without limitation, administrative efficiency, wherefore it is
convenient to centralize the corporate management in a single corporate and administrative organization. The Board further explains that this will allow the activities to be managed in a uniform and coordinate manner and the relationship with the
regulatory entities involved would be unified in order to secure an adequate planning, which will result in cost reduction and optimization of resources. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Along these lines, the Board of Directors resolved to propose to the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Company the approval
of the Merger by Absorption whereby YPF S.A. absorbs Compa&ntilde;&iacute;a de Inversiones Mineras S.A., which will be dissolved without liquidation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;19. Consideration of the Special Merger Balance Sheets of YPF S.A. and the Consolidated Merger Annual Report (</B><B><I>Estado de
Situaci&oacute;n Patrimonial Consolidado de Fusi&oacute;n</I></B><B>) of YPF S.A. and Compa&ntilde;&iacute;a de Inversiones Mineras S.A., all as of December&nbsp;31, 2020, and the respective reports of the Supervisory Committee and the Independent
Auditor. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. To approve
the use of (i)&nbsp;the annual financial statements of the Company corresponding to fiscal year ended December&nbsp;31, 2020, discussed and approved by the Company&#146;s Board of Directors, and (ii)&nbsp;the annual financial statements of
Compa&ntilde;&iacute;a de Inversiones Mineras S.A. approved by its respective Board of Directors, as the financial statements required under section 83, last paragraph, subsection (b)&nbsp;of the General Corporations Law No.&nbsp;19,550 and other
applicable regulations; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. To approve the use of the Consolidated Merger Annual Report of YPF S.A. and Compa&ntilde;&iacute;a de Inversiones Mineras
S.A., as of December&nbsp;31, 2020, as the financial statements required under section 83, last paragraph, subsection (d)&nbsp;of the General Corporations Law No.&nbsp;19,550 and other applicable regulations, which include their respective Notes,
Auditors&#146; Report and Supervisory Committee&#146;s Report. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. To propose to the Company&#146;s General Ordinary and Extraordinary Shareholders&#146;
Meeting the approval of the aforementioned Financial Statements. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;20. Consideration of the Preliminary Merger Agreement and Merger Prospectus. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors resolved: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. To approve the execution of
the Preliminary Merger Agreement entered into by the Company with Compa&ntilde;&iacute;a de Inversiones Mineras S.A., and to authorize the President to sign it; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. To approve the wording of the proposed Merger Prospectus, subject to the prior approval by the Shareholders&#146; Meeting, which was filed with the National
Securities Commission in order to request its administrative approval. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. To propose to the General Ordinary and Extraordinary Shareholders&#146; Meeting
of the Company to approve the Preliminary Merger Agreement (executed on March&nbsp;4, 2020) and the Merger Prospectus (filed with the National Securities Commission) whose copies are attached hereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;21. Authorization to sign the Definitive Merger Agreement on behalf of and in representation of the Company. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors proposed to the General Ordinary and Extraordinary Shareholders&#146; Meeting of the Company: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) to authorize the Company&#146;s Regular Directors, so that any of them may sign, in the name and on behalf of the Company, the Definitive Merger Agreement
in compliance with section 83, subsection 4 of the General Corporations Law No.&nbsp;19,550; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) to vest those authorized above and Alejandro Lew,
Federico M&aacute;quez, Germ&aacute;n Fern&aacute;ndez Lahore, Paola Garbi, Valeria Moglia Dellatorre, Agustina del Pilar Gonz&aacute;lez, Dami&aacute;n Teglia, Martina Mu&ntilde;ua, Marcela I. Anchava, Mart&iacute;n Gualino and/or their nominees
with power to make the legal publication of, attach, sign and initialize documents and/or remove documents from case files, to answer briefs, provide any indications and clarifications requested, and to perform, generally, any and all acts related
to the Merger, to represent the Company before the National Securities Commission, the Inspection Board of Legal Entities (<I>Inspecci&oacute;n General de Justicia, IGJ</I>), Bolsas y Mercados Argentinos S.A. (&#147;ByMA&#148;), the Federal Tax
Revenue Board (<I>Adminsitraci&oacute;n Federal de Ingresos P&uacute;blicos, AFIP</I>) and any other applicable government agency or entity, public or private, in order to obtain the relevant authorization and registration with further power to
adopt the amendments proposed by the above referenced legal persons, and to sign all and any public or private documents and the necessary documents to register the Merger. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;22. Compliance with the order of the National Commercial Court of Appeals regarding the treatment of the impairment charge of property, plant and
equipment for Fiscal Year No.&nbsp;40 ended on December&nbsp;31, 2016. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">a) To take note of the required information provided by the Company, to wit:
the report of the Vice Presidency of Legal Affairs, the report of the Company&#146;s CFO, the opinion of the Audit Committee and the report of the Supervisory Committee, all of them dated April&nbsp;8, 2021, considering it is complete and
sufficient; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">b) To confirm that the impairment charge of property, plant and equipment recorded with respect to fiscal year ended December&nbsp;31, 2016
was correctly applied under the applicable regulations, having the Company evaluated the criteria applied in the corresponding previous fiscal years, and considering therefore that it is not necessary to correct the Company&#146;s financial
statements 2016 as they reflect its real situation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reports are attached hereto.<B> </B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;23. Consideration of the proposed formula adjustment for endowment of funds to the YPF
Foundation. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directos: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Informs that YPF S.A. General Shareholders&#146; meeting held in 1996 approved the creation of YPF Foundation
and its endowment of funds, establishing and annual maximum rate equal to 0.5% of the average profits of the last three approved fiscal years of YPF S.A. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Informs that the formula was changed in 2018, establishing a minimum contribution, irrespectively of the
economic results obtained by the Company, and which is the average contribution for the last 5 years measured in United States dollars, at the selling rate of exchange effective on the day before YPF S.A.&#146;s Board of Directors approves the
relevant endowment of funds. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Therefore, it is deemed necessary to propose to the Shareholders&#146; Meeting an adjustment to the formula for
the endowment of funds to YPF Foundation in order to change the contribution payment methodology, which may be approved in dollars and disbursed monthly in pesos at the selling rate of exchange effective on the day before disbursement, in order to
sustain the Foundation&#146;s activities. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Proposes that the new formula for the endowment of funds by the Company to YPF Foundation should be as follows:
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>&#147;An annual maximum of 0.5% of the average profits of the approved last three fiscal years of YPF S.A., and establishing as
the minimum endowment of funds &#150;irrespective of profits&#150; an amount which shall be equal to the average cash contributions of the approved last five fiscal years of YPF S.A., measured in U.S. dollars and disbursed in Argentine pesos, at the
selling rate of exchange published by Banco de la Naci&oacute;n Argentina on the day before each disbursement. The endowment of funds to YPF Foundation will require the prior approval of Board of Directors YPF S.A.&#148;</I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Board of Directors </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF S.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Exhibits </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Exhibit Item 15 </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Regular Directors proposed
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pablo Gerardo Gonz&aacute;lez </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Pablo
Gonz&aacute;lez earned a Law degree from Universidad Nacional de La Plata where he also obtained a Notary Public degree. He also holds a degree in Hydrocarbons Law from Universidad Austral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 1994, Mr.&nbsp;Gonz&aacute;lez was a member of the board of Distrigas S.A. In, 1996 he served as Legal Manager at Servicios P&uacute;blicos Sociedad del
Estado. From 1999 to 2003, he served as Undersecretary for Fiscal Resources of Santa Cruz Province. He served as General Attorney of Santa Cruz Province from 2003 to 2007. In 2007, he served as Provincial Interior Minister, Provincial Representative
and First Vice President in Santa Cruz House of Representatives. From 2008 to 2011, he was Chief of the Ministerial Cabinet of the Province of Santa Cruz. Between 2011 and 2015, he was National Senator in representation of the Province of Santa
Cruz. Between 2014 and 2015, he was a member of the National Judicial Council. He was Vice Governor of Santa Cruz Province between 2015 and 2019. From 2019 to 2021, he was Provincial Deputy representative for the Province of Santa Cruz. In February
2021, Mr.&nbsp;Gonz&aacute;lez was appointed Director and Chairman of the Board of YPF S.A. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sergio Pablo Antonio Affronti </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Affronti holds a degree in Administration and a Pubic Accounting degree from the Universidad Cat&oacute;lica Argentina, with a postgraduate degree in
Business from the IAE. He also completed the Oil&nbsp;&amp; Gas Management and Engineering program at the University of Texas in Austin. He joined YPF in 1993 as Production Supervisor in Mendoza and his technical profile led him to live and work in
different areas in the Gulf of San Jorge and Neuqu&eacute;n Basins. He pursued his professional career with Repsol-YPF and Repsol in Latin America, Europe and Northern Africa. He served as Strategic Planning Manager for Upstream Latin America,
Director of Supply and Contracts for Upstream, Technical Planning Director for gas projects in Algeria, Planning and Management Control Director for Europe, Asia and Africa, Country Manager and General Manager in Ecuador and Director of Corporate
Development. From June 2012 until 2016 he served as Services Vice President and Alternate Director for YPF, as well as President of Astra Evangelista and YPF Technology. Prior to being appointed Chief Executive Officer at YPF, he has been working as
an independent consultant in strategic projects for foreign and national companies in Argentina and Latin America. He is the Chief Executive Officer of YPF S.A. and a member of the YPF Board of Directors since April 2020. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roberto Luis Monti </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Monti earned undergraduate and
master&#146;s degrees in electrical engineering from the Universidad de Buenos Aires and holds a Master in Business Administration from the American Management Association, New York. He has an extensive experience in the national and international
energy industry. From 1995 to 1997, he was Chairman and General Manager of Maxus Energy Corporation. From 1997 to 1999 he held several positions at YPF, including CEO during 1997 and Chairman and CEO from 1998 to 1999. From 1999 to 2000, he was
Executive Vice President of Exploration and Production of Repsol YPF in Argentina. Currently, he is a member of the Board of Directors of Tenaris S.A. Between April 2016 and January 2020 he was a member of the Board of Directors and Chairman of the
Risk and Sustainability Committee of the Board of Directors of YPF. He has been a member of the Board of Directors of YPF since May 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norberto
Alfredo Bruno </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Bruno holds a degree in Business Administration from the Universidad Argentina de la Empresa and completed postgraduate studies in
Strategic Management from the Instituto de Administraci&oacute;n Estrat&eacute;gica; Organization and Business Management at the Instituto Argentino de Econom&iacute;a Energ&eacute;tica as well as in Energetic Economy at the Massachusetts Institute
of Technology. He held different positions at YPF, where he served as International Development Manager, from 1983 to 1998 and at YPF Per&uacute; where he was the General Manager from 1998 to 2000. From October 2001 to December 2013, he was the
General Manager of Empresa de Energ&iacute;a R&iacute;o Negro S.A. Thereafter, he served as a business consultant and advisor. Between December 2015 and December 2019 he was the Minister of Economy and Infrastructure of the Province of
Neuqu&eacute;n. He has been a member of the Board of Directors of YPF since April 2016. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Horacio Oscar Forchiassin </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Forchiassin holds a degree in Mechanical Engineering from the National University of Patagonia San Juan Bosco, of Comodoro Rivadavia, Province of
Chubut, Argentina. He held various positions at Transportes Dim&oacute;pulos S.R.L since 1973 until he became Operations Manager between January 1980 and September 1995. Between 1991 and 1995 he served in Operaciones Especiales Argentinas S.A. as
Commercial Manager and as Technical Representative in Operaci&oacute;n Ca&ntilde;ad&oacute;n Le&oacute;n. From 1995 to 2016 he held various positions in Tuboscope Vetco de Argentina S.A., Operations Manager for south regional, Operations Manager for
Argentina, until he was appointed General Manager in January 2011. He was also member of the Board of Directors, serving as Chairman and General Manager from March 2012 to December 2016. During the same period he was Director in Tuboscope Vetco of
Canada INC. Between March 2013 and December 2016, he was Director of Black Max Argentina S.A. and in January 2017 he was appointed as Alternate Director. Between February 2013 and December 2016, he was a member of the Board of Directors of Tradimex
SAIyC. He has been a member of the Board of Directors of YPF since March 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ignacio Perincioli </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Perincioli holds a degree in Business Administration and is a Certified Public Accountant from the Universidad de Buenos Aires. He has also completed
a Project Management specialization of the Asociaci&oacute;n Argentina de Evaluadores (ASAE) and a specialization in Management of Small and Medium Sized Enterprises at the Universidad de Buenos Aires. He served in the Department of Control of
External Indebtedness of the Auditor General&#146;s Office, in the Under Secretariat of Coordination and Management Control, in the Provincial Road Program within the Ministry of Federal Planning, Public Investment and Services, and in the
Management of Administration and Finance of La Opini&oacute;n Austral S.A. in R&iacute;o Gallegos, Province of Santa Cruz. From December 2015 to March 2018 he was President of Fomento Minero de Santa Cruz S.E., Director and Vice-President of Cerro
Vanguardia S.A., and a member of the Supervisory Committee in Patagonia Gold S.A. Between July 2014 and December 2015 he was a member of the Board of Directors of YPF S.A. Currently, he is the Minister of Economy, Finance and Infrastructure of the
Province of Santa Cruz. He has been a member of the Board of Directors of YPF since April&nbsp;5, 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pedro Mart&iacute;n Kerchner Tomba </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Kerchner Tomba obtained a degree as Certified Public Accountant from the Economic School of the Universidad Cat&oacute;lica Argentina. He completed
postgraduate degrees in financial strategy at the Universidad Nacional de Cuyo and in Taxation at the Universidad de Tres de Febrero with a specialization in local taxation. Among other positions, between July 2006 and March 2008, he was Manager of
the Mendoza Province Branch at Vangent S.A. He served as Administration Director of Justice and Security Minister of the Province of Mendoza, as Secretary of Finance of the Municipality of Godoy Cruz, Province of Mendoza and was elected as Deputy of
the Province of Mendoza, Minister of Finance of the Province of Mendoza, and Alternate Director of YPF S.A. from December 2015 to March 2017. Between 2016 and March 2017 he was President of the Federal Council of Fiscal Responsibility, moment in
which he assumes the position of Minister of Economy, Infrastructure and Energy of the Province of Mendoza until December 2019. In addition, he served as President of the Institute of Technological Industrial Development and Services of Mendoza
(IDITS). He was also President and Vice President of the ProMendoza foundation and was President of the Institute of Commercial Development of Mendoza IDC. He was the founder of PMK Consultora S.A. Currently, he practices the profession privately.
He has been a member of the Board of Directors of YPF S.A. since December 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Elizabeth Dolores Bobadilla </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Bobadilla obtained a law degree from Universidad John F. Kennedy and a master&#146;s degree in Internationalization of local development, design and
small and medium enterprises at Universidad Nacional de La Plata&#151;Universit&aacute; di Bologna in Argentina. From 1997 to 2009, she worked at Medanito S.A. performing tasks such as negotiating sales of LPG, natural gas and oil, investment
promotion for cultivated forests, analysis of commercial and banking contracts related to oil and gas sector and forestry. Currently, she collaborates at the Ministry of Economy and Finance of the province of Formosa in
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contractual and legislative issues related to oil exploitation. Currently she performs as a advisor in topics related to the hydrocarbon industry&nbsp;for the company Recursos y Energ&iacute;a de
Formosa S.A. She was an Alternate member of the Board of Director of YPF S.A. since April&nbsp;30, 2014 to December&nbsp;16, 2014, and she was a member of the Board of Directors of YPF since December&nbsp;16, 2014 to April&nbsp;30, 2015. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ramiro Gerardo Manzanal </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Manzanal earned a degree in
Economics, with orientation in Economic Planning and Development from the Faculty of Economic Sciences of the Universidad de Buenos Aires. He completed a Postgraduate in Economics and Public Policies in Torcuato Di Tella University. Between 1998 and
2000 he worked as a Consultant in the Secretary of Industry, Commerce and Mining. Between 2000 and 2004 he was an Advisor in the Cabinet Floor of the Secretary of Economic Development of the Government in Buenos Aires City. Between 2004 and 2006 he
was Advisor to the Undersecretary of Production, Secretariat of Production, Tourism and Sustainable Development, of the Government in Buenos Aires City. Between 2006 and 2008 he was Executive Coordinator of the Interamerican Development Bank
belonging to the Secretariat of Industry, Commerce and SMEs, Ministry of Economy and Production of the Nation. Between 2008 and 2012 he was Advisor to the Presidency of the Grupo Banco Naci&oacute;n&#151;Naci&oacute;n AFJP. Between 2012 and 2014 he
was an advisor to the General Management of the Central Bank of the Argentine Republic. Between 2014 and 2015, was a Member of the Board of Directors of the National Commission for Foreign Trade. Between 2016 and 2019 he served as a consultant at
Idear Desarrollo. During 2019 he worked in the general coordination of the SME Center of the School of Economics and Business of the Universidad Nacional de San Mart&iacute;n in the Province of Buenos Aires. He has been a member of the Board of
Directors of YPF since March 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">H&eacute;ctor Pedro Recalde </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Recalde holds a Law degree from the Universidad de Buenos Aires, he was Full Professor of different subjects related to Labor Law at the University of
Buenos Aires. He was a Legal Advisor of Trade Union Organizations, Chief of Advisors in the General Confederation of Labor of the Argentine Republic, Member of the Advisory Council of the Association of Labor Lawyers. He was a technical Advisor
representing the workers sector of the Employment, Productivity and Minimum Living and Mobile Wages Council, General Secretary of the Association of Personnel of Social Welfare Organizations. He was a counselor of the Judicial School of the Council
of the Magistracy of the Nation, Director of the Labor Law Magazine, Editorial Ministry of Justice and Human Rights of the Nation. He served as Deputy of the Nation and President of the Labor Legislation Commission of the Honorable Chamber of
Deputies of the Nation between 2006 and 2015. From November 2014 to July 2016 he was a member of the Council of the Magistracy of the Nation. He has been a member of the board of directors of YPF since March 2020. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Celso Alejandro Jaque </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Jaque is a National Public
Accountant and Partitioning Expert of the Universidad Nacional de Cuyo, Faculty of Economic Sciences. Between 1991 and 1995 he was a Provincial Deputy of the Fourth Electoral District of the Province of Mendoza. He was the Town Mayor of
Malarg&uuml;e, Mendoza in two periods: between December 1995 and December 1999 and between December 1999 and December 2003. He was Senator of the Nation for the Province of Mendoza, Honorable Chamber of Senators of the Nation during 2003 and 2007.
Between 2007 and 2011 he was Governor of the Province of Mendoza. Among other positions, he served as Private Secretary to the Minister of Finance of the Province of Mendoza in 1987. From 1989 to 1991 he was General Director of Administration of
Finance Ministry in Mendoza Province. From 2012 to November 2015, he was Ambassador Extraordinary and Plenipotentiary of the Argentine Republic in the Republic of Colombia. He served as Administrative Manager in several service companies in the
province of Mendoza. He also practiced the profession privately. He has been a member of the Board of Directors of YPF since March 2020. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Alternate Directors proposed </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gerardo Dami&aacute;n Canseco </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Canseco earned a Law
degree and specializes in Trade Union Law. Since 1984, he has been an employee of YPF. He has held several other positions, including Government Secretary for the Municipality of San Lorenzo in the Province of Santa Fe from 2007 to 2011,
Undersecretary of Labor for the Labor and Social Security Ministry from 2011 to 2014, and President of the Centro de Estudios Laborales y Sociales of Rosario from 2014 to 2016. He is currently the General Secretary in San Lorenzo Subsidiary of
United Petroleum and Hydrocarbon Trade Union. He has been an Alternate member of the Board of Directors of YPF since April 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Guillermo Rafael Pons
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Pons is a Certified Public Accountant from the National University of Comahue in the Province of Neuqu&eacute;n. He earned a Master of Business
Administration at the International Business School (EIN). From December 1991 to December 2000 he practiced the profession privately. From January 2001 to October 2011 he was partner in Estudio Molinaroli, Perticarini, Pons y Asociados. He was
Director General of Administration of the Ministry of Government and Justice of the Province of Neuqu&eacute;n between May 1994 and November 1995. He served as Secretary of the Treasury of the Municipality of Neuqu&eacute;n between June 1995 and
December 1995. Between November 1994 and May 1995, he was General Director of Administration of the Secretary of State for Social Action of the Province of Neuqu&eacute;n. He was also Administrative Manager of the U.E.F.E. (Unidad Ejecutora Central
de Proyectos con Financiamiento Externo) of the Province of Neuqu&eacute;n, between 1999 and 2000. He also served as a consultant to the Superintendency of Economic Management of the Province of R&iacute;o Negro in 1996. He was an advisor to the
Legislature de R&iacute;o Negro between 2003 and 2007. Currently, he is a partner of BMP Estudio&nbsp;&amp; Consultora SRL since 2011. Currently, he is the Minister of Economy and Infrastructure of the Province of Neuqu&eacute;n. He has been an
alternate member of the Board of Directors of YPF since April 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adri&aacute;n Felipe Peres </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Peres obtained a law degree from the Universidad de Buenos Aires. He was professor of Civil Law and Contracts at the University of Buenos Aires and
the Pontificia Universidad Cat&oacute;lica Argentina. Between 1968 and 1976 he worked as a Lawyer for the Secretary of Energy. From 1976 to 1981 he was Advisor and then Director of Contracts for YPF. Also, he served as Advisor to the Ministry of
Mining between 1981 and 1982. In that same year he was a lawyer of counsel at C&aacute;rdenas, Hope&nbsp;&amp; Otero Monsegur. From 1982 to 2011 he worked at Bridas S.A. where he held various positions, first as a Lawyer, then Commercial Director
until finally being Vice President. In addition, he was Officer of Oil Committee of the International Bar Association, he was President of the Energy Law Association, he was a member of the Board of the Argentine Institute of Oil and Gas (IAPG).
Moreover, he was a member of the Board of the Center for Argentine Political Economy (CEPA). Also, from 1995 he was member of the Board, Executive Director and currently he is President of the Chamber of the Petroleum Industry since 2020. He has
been an alternate member of the Board of Directors of YPF since April 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Silvina del Valle C&oacute;rdoba </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;del Valle C&oacute;rdoba obtained a Degree in International Relations and a Degree in Political Science from the Universidad Cat&oacute;lica de
C&oacute;rdoba. She completed, among other, the following Postgraduate Seminars at the Universidad Nacional de la Patagonia Austral: in Public Management and Organization; in Public Sector Economics; in State, Society and Public Policies of
Argentina. She also completed a Postgrade course in State Politics in the Framework of Globalization at the Georgetown University. She served as Director of Strategic Organization and Provincial Director of Statistics and Censuses of the
Undersecretariat of Planning of the Province of Santa Cruz. Between 2012 and 2015, she served as Head of the Migration Delegation of the Ministry of the Interior and Transportation of the Nation. Between 2015 and 2019, she served as Secretary of
Commerce and Industry of the Ministry of Production, Commerce and Industry of the Government of Santa Cruz. She is currently the Minister of Production of Santa Cruz. She has been an alternate member of the Board of Directors of YPF since
August&nbsp;10, 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Miguel Lisandro Nieri </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Nieri
earned a degree in Economics from the National Universidad Nacional de Cuyo and holds a master&#146;s degree in Finance and Management control from the ADEN Business School, University of San Francisco. He has held several positions throughout his
career, including Advisor of the Ministry of Finance of the Province of Mendoza from January 2000 to November 2003, Subdirector of Finance of the Provincial </P>
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Fund for the Transformation and Growth of Mendoza from July 2004 to February 2007, member of the Board of Directors of Mendoza Fiduciaria S.A. from June 2006 to April 2007, Business Manager of
Puente Hnos. Sociedad de Bolsa in Cuyo from March 2008 to June 2009, and Administrator of Financing for the Development of Mendoza Agency from December 2015 to March 2017. He was Minister of Finance and Treasury of the Province of Mendoza from March
2017 until July 2018. Between July 2018 and December 2019, he served as Minister of Government, Labor and Justice. Currently he is Minister of Finance of the Province of Mendoza. He has been an alternate member of the Board of Directors of YPF since
March 2017. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mar&iacute;a Martina Azcurra </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mrs.&nbsp;Azcurra
holds a degree in Public Accounting and a Business Administration degree from the Universidad de Buenos Aires and a master&#146;s degree in Business Management from the Universidad del Salvador. She has been our Human Resources Manager for
Downstream since 2017. Between 2010 and 2017 she took on different managing positions within the Commercial Downstream area. Previously, from 2008 through 2010, she served as Corporate Manager for Strategy, Planning and Management Control, in the
Finance area. She joined YPF in 1992 and developed her professional career in different positions in the Commercial Downstream area until 2007, when she was appointed Responsible for Support and Functional Development within the Corporate
Economic-Administrative area. She has been an alternate member of the Board of Directors since June 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Santiago Mart&iacute;nez Tanoira </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Mart&iacute;nez Tanoira earned a degree in Industrial Engineering from the Instituto Tecnol&oacute;gico de Buenos Aires (ITBA), and he holds a
master&#146;s degree in Business Administration from Universidad Austral. He completed specialization courses at the Universities of Darden, Wharton and Harvard in the USA. In 1998, he joined YPF and took on several roles within the Petrochemical
Business . He was in charge of the Marketing, Planning and Business Development in Argentina between December 2002 and April 2008. In May 2008, he held the position of Basic Petrochemical and Intermediate Products Director at Repsol in Spain.
Afterwards, he was appointed Chemistry Director at YPF from August 2011 until 2012. He was also member of the Board of Directors of Profertil S.A. From 2012 until September 2016 he served as Executive Manager of the Mendoza Region, in charge of the
Upstream operations. Mr.&nbsp;Mart&iacute;nez Tanoira was our Upstream Executive Vice President from October 2016 until August 2017, and our Downstream Executive Vice President from August 2017 until May 2020. He is Chairman of the Board of
Directors at Compa&ntilde;&iacute;a MEGA and YPF EE. Currently, he serves as our Gas and Power Executive Vice President. He has been an alternate member of the Board of Directors since April 2017. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Silvia Noem&iacute; Ayala </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mrs.&nbsp;Ayala holds a degree in
Public Accounting from the Universidad de Mor&oacute;n, with different specialization programs, and a master&acute;s degree in Economics and Administration from the ESEADE. She has been the Financial Services Department Manager in YPF since June
2018. In 2012 she was appointed Treasury Manager. Previously, from 2008 until 2011 she served as SAP Processing Coordinator and as Chief of Planning and Management Control. She took on different roles in relation to the administrative and financial
processes until 2007. She joined YPF in 1994 to participate in the project to launch Operadora de Estaciones de Servicio S.A. (OPESSA), a subsidiary of YPF which operates gas stations. She has been an alternate member of the Board of Directors since
June 2020. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Santiago &Aacute;lvarez </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr &Aacute;lvarez holds
a law degree from the Universidad de Buenos Aires. From 2007 to 2009 he was Legislative Advisor of the Social Communication Committee in the Legislature of the Autonomous City of Buenos Aires. From 2009 to 2011 he served as Deputy Manager of
Institutional Relations of Aerolineas Argentinas SA. From 2011 to 2012 he was the News Manager in TV P&uacute;blica. Between 2012 and 2015 he was Chairman of Agencia T&eacute;lam. From 2016 to 2020 he worked as Creative Director in Monteagudo
Agencia. He has been our Corporate Affairs, Communications and Marketing Executive Vice President since January 2020 and he has been an alternate member of the Board of Directors since April 2020. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="tx171913_2"></A>Exhibit I </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Information to YPF S.A.&#146;s Shareholders regarding the items of the Agenda of the General Ordinary and Extraordinary Shareholders&#146;
Meeting called for April&nbsp;30, 2021, available as of April&nbsp;9, 2021.</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Item 17. Reform of Sections 20 and 24 of the Company&#146;s Bylaws. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center"><B>Estatuto Actual</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Proposed Amendment</B></TD></TR>


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<TD VALIGN="top" ALIGN="center"><B>Art&iacute;culo 20&deg; - Comisi&oacute;n Fiscalizadora</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Section&nbsp;20 &#150; Statutory Auditing Committee</B></TD></TR>
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<TD VALIGN="top">a) Integraci&oacute;n: La fiscalizaci&oacute;n dela Sociedad ser&aacute; ejercida por una comisi&oacute;n fiscalizadora compuesta por un n&uacute;mero de tres (3)&nbsp;a cinco (5)&nbsp;s&iacute;ndicos titulares y tres (3)&nbsp;a
cinco (5)&nbsp;suplentes, seg&uacute;n lo determine la Asamblea.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a) Composition: the supervision of the Corporation shall be vested in a statutory auditing committee which shall be composed of three (3)&nbsp;to five (5)&nbsp;regular statutory auditors and three (3)&nbsp;to five (5)&nbsp;alternate
statutory auditors, as determined by the meeting of shareholders.</TD></TR>
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<TD VALIGN="top">b) Designaci&oacute;n: Un s&iacute;ndico y un suplente ser&aacute;n designados por las acciones clase A mientras exista al menos una acci&oacute;n clase A, y los restantes titulares y suplentes ser&aacute;n designados por las
acciones clase D. Los s&iacute;ndicos ser&aacute;n elegidos por el per&iacute;odo de un (1)&nbsp;ejercicio y tendr&aacute;n las facultades establecidas en la Ley 19.550 y en las disposiciones legales vigentes. La Comisi&oacute;n Fiscalizadora
podr&aacute; ser convocada por cualquiera de los s&iacute;ndicos, sesionar&aacute; con la totalidad de sus miembros y adoptar&aacute; las resoluciones por mayor&iacute;a. El s&iacute;ndico disidente tendr&aacute; los derechos, atribuciones y deberes
establecidos en la Ley 19.550.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">b) Appointment: class A shareholders shall appoint one regular and one alternate statutory auditors, even if there is only one share of such class; the remaining regular and alternate statutory auditors shall be appointed by class D
shareholders. Statutory auditors shall be appointed for a term of one (1)&nbsp;fiscal year and shall have the powers set forth in Law No.&nbsp;19,550 and in all regulations in force. The meetings of the Statutory Auditing Committee may be convened
by any of the statutory auditors. All members shall attend the meeting and resolutions shall be adopted by a majority vote. Dissident statutory auditors shall have the rights, powers, and duties set forth in Law No.19550.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">c) Retribuci&oacute;n: Las retribuciones de los s&iacute;ndicos ser&aacute;n fijadas por la asamblea ordinaria dentro de los l&iacute;mites establecidos por la ley vigente.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">c) Remuneration: The ordinary meeting of shareholders shall fix statutory auditors&#146; remuneration within the limits provided for in applicable laws.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><U>d) Las reuniones de la Comisi&#243;n Fiscalizadora podr&#225;n llevarse a cabo con los miembros presentes, o comunicados entre s&iacute; por otros medios de transmisi&#243;n simult&#225;nea de sonido, im&#225;genes y palabras. A
los efectos del qu&#243;rum y las mayor&iacute;as se computar&#225;n tanto a los miembros presentes como a los comunicados a distancia. Se dejar&#225; constancia en el acta de la asistencia y la participaci&#243;n de los miembros presentes y de los
miembros a distancia y del m&#233;todo de comunicaci&#243;n utilizado. Los miembros que participen a distancia podr&#225;n delegar su firma en aquellos que est&#233;n presentes.</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>d) Meetings of the Statutory Auditing Committee shall be validly held with the members present thereat, or communicated by other means of simultaneous transmission of sound, images, or words. The members present at the meeting as
well as those communicated by remote means will count for quorum and majority purposes. The attendance of members, the remote participation of members and the communication method used shall be recorded in the meeting minutes. Members participating
remotely may delegate their signature to the attending members.</U></TD></TR>
</TABLE>
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<TD VALIGN="top" ALIGN="center"><B>Art&iacute;culo 24&deg; - Celebraci&oacute;n</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Section&nbsp;24 &#150; Decision-making</B></TD></TR>
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<TD VALIGN="top">a) Qu&oacute;rum y mayor&iacute;as: Rigen el qu&oacute;rum y mayor&iacute;a determinados por los art&iacute;culos 243 y 244 de la Ley 19.550 seg&uacute;n la clase de asamblea, convocatoria y materias de que se trate, excepto:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">a) Quorum and majorities: applicable quorum and majorities shall be those provided for in sections 243 and 244 of Law No.&nbsp;19,550, depending on the nature of the meeting, the way it is convened, and the points of business to be
considered, save for the following exceptions:</TD></TR>
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<TD VALIGN="top">(i) en cuanto al qu&oacute;rum de la asamblea extraordinaria en segunda convocatoria la que se considerar&aacute; constituida cualquiera sea el n&uacute;mero de acciones presentes con derecho a voto;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(i) Extraordinary meetings held on second call shall be deemed validly held whatever the number of shares entitled to vote;</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">(ii) para resolver sobre las cuestiones enumeradas en el inciso (c)&nbsp;del Art&iacute;culo 6 en que se requerir&aacute; el voto afirmativo de las acciones clase A otorgado en Asamblea Especial;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(ii) Decisions concerning the matters specified in section 6, subsection (c), shall require an affirmative vote by class A shareholders at an extraordinary meeting;</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">(iii) para resolver sobre las cuestiones enumeradas en el inciso (b)&nbsp;siguiente en los que se requerir&aacute; tanto en primera como en segunda convocatoria, una mayor&iacute;a equivalente al 75% (setenta y cinco por ciento) de
las acciones con derecho a voto;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(iii) Decisions concerning the matters specified in subsection (b)&nbsp;below shall require a majority vote equivalent to 75% (seventy five percent) of the shares entitled to vote, both at meetings held on first and second
call;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(iv) para resolver sobre las cuestiones enumeradas en el inciso (c)&nbsp;siguiente en los que se requerir&aacute; tanto en primera como en segunda convocatoria, una mayor&iacute;a equivalente al 66% (sesenta y seis por ciento) de
las acciones con derecho a voto.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(iv) Decisions concerning the matters specified in subsection (c)&nbsp;below shall require a majority vote equivalent to 66% (sixty six percent) of the shares entitled to vote, both at meetings held on first and second
call;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">(v) para afectar los derechos de una clase de acciones en que se requerir&aacute; la conformidad de dicha clase otorgada en asamblea especial;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(v) Decisions modifying the rights attached to a class of shares shall require the require the approval of such share class at an extraordinary meeting;</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">(vi) para modificar cualquier regla de este Estatuto que exija una mayor&iacute;a especial, en que se requerir&aacute; tambi&eacute;n a ese efecto la mayor&iacute;a especial; y</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(vi) Decisions concerning the amendment of any provision herein requiring a special majority shall require a special majority vote; and</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">(vii) en los dem&aacute;s casos de que el presente requiera la votaci&oacute;n por clase o la conformidad de cada una de las clases.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(vii) Other cases in which these Bylaws require a voting per share class or the approval of each class of shares.</TD></TR>
</TABLE>
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<TD VALIGN="top">b) Las decisiones que requerir&aacute;n la mayor&iacute;a especial prevista en el <FONT STYLE="white-space:nowrap">sub-inciso</FONT> (iii)&nbsp;del inciso precedente, sin perjuicio de la conformidad de la Asamblea Especial de la
clase cuyos derechos afecten son: (i)&nbsp;la transferencia al extranjero del domicilio social; (ii)&nbsp;el cambio fundamental del objeto social de modo que la actividad definida por el art&iacute;culo 4&deg; de este Estatuto deje de ser la
actividad principal o prioritaria de la sociedad, (iii)&nbsp;el retiro de la cotizaci&oacute;n de las acciones de la Sociedad de las Bolsas de Buenos Aires o Nueva York y (iv)&nbsp;la escisi&oacute;n de la Sociedad en varias sociedades, cuando como
resultado de la escisi&oacute;n se transfieran a las sociedades resultantes el 25% o m&aacute;s de los activos de la sociedad incluso cuando ese resultado se alcanzara por sucesivas escisiones operadas en el plazo de un a&ntilde;o.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">b) The decisions requiring a special majority vote as set forth in paragraph (iii)&nbsp;of the foregoing subsection -without prejudice to the approval of the extraordinary meeting of the class the rights of which are being modified-
are the following: (i)&nbsp;the transfer of the Corporation&#146;s head offices to a foreign country; (ii)&nbsp;a substantial change in the corporate purpose whereby the activities specified in section 4 herein cease to be the Corporation&#146;s
main activity; (iii)&nbsp;the approval to stop listing the Corporation&#146;s shares in the Buenos Aires and New York Stock Markets (iv)&nbsp;the splitting of the Corporation into several companies, if such splitting results in the transfer of at
least 25% of the Corporation&#146;s assets to the resulting companies, even where such percentage is reached by the successive splitting of the Corporation over a <FONT STYLE="white-space:nowrap">one-year</FONT> term.</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c) Las decisiones que requerir&aacute;n la mayor&iacute;a especial prevista en el <FONT STYLE="white-space:nowrap">sub-inciso</FONT>
(iv)&nbsp;del inciso precedente, sin perjuicio de la conformidad de la Asamblea Especial de la clase cuyos derechos afecten, son: (i)&nbsp;la modificaci&oacute;n del Estatuto en cuanto signifique (A)&nbsp;modificar los porcentajes establecidos en
los <FONT STYLE="white-space:nowrap">sub-incisos</FONT> 7 (c<I>) </I>o 7 (d) o (B)&nbsp;eliminar los requisitos previstos en los <FONT STYLE="white-space:nowrap">sub-incisos</FONT> 7(e) (ii) 7 (f) (i)&nbsp;(F) y 7 (f)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(v) del art&iacute;culo 7&deg; en el sentido de que la oferta p&uacute;blica de adquisici&oacute;n alcance el 100% de las acciones y t&iacute;tulos
convertibles, sea pagadera en dinero efectivo y no sea inferior al precio resultante de los mecanismos all&iacute; previstos; (ii)&nbsp;el otorgamiento de garant&iacute;as a favor de accionistas de la Sociedad salvo cuando la garant&iacute;a y la
obligaci&oacute;n garantizada se hubieran asumido en consecuci&oacute;n del objeto social; (iii)&nbsp;la cesaci&oacute;n total de las actividades de refinaci&oacute;n, comercializaci&oacute;n y distribuci&oacute;n; y (iv)&nbsp;las normas sobre
n&uacute;mero, nominaci&oacute;n, elecci&oacute;n y composici&oacute;n del Directorio.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">c) The decisions requiring a special majority vote as set forth in paragraph (iv)&nbsp;of the foregoing subsection -without prejudice to the approval of the extraordinary meeting of the class the rights of which are being modified-
shall be the following: (i)&nbsp;any amendment of these Bylaws resulting in (A)&nbsp;the modification of the percentages set forth in paragraphs 7 (c) or 7 (d); or (B)&nbsp;the elimination of the provisions contained in paragraphs 7(e) (ii), 7 (f)
(i)&nbsp;(F) and 7 (f)&nbsp;(v) of section 7 regarding the requirement that public offerings cover 100% of the Corporation&#146;s shares and convertible securities, that such offering be payable in cash, and that the price shall be not lower than
that resulting from the mechanisms provided therein; (ii)&nbsp;the issuance of guarantees in favor of the shareholders, except where such guarantee and guaranteed obligation is undertaken in furtherance of the corporate purpose; (iii)&nbsp;the
complete suspension of all refining, commercialization, and distribution activities; and (iv)&nbsp;the amendment of the provisions concerning the composition, candidate nomination, appointment and structure of the Board of Directors.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">d) Asambleas especiales: Para las asambleas especiales de clases se seguir&aacute;n las normas sobre qu&oacute;rum de la asamblea ordinaria aplicadas al total de acciones de esa clase en circulaci&oacute;n. Existiendo qu&oacute;rum
general de todas las clases presentes, cualquier n&uacute;mero de acciones de las clases A, B y C constituir&aacute;n qu&oacute;rum en primera y ulteriores convocatorias para las asambleas especiales de dichas clases. Mientras el titular de las
acciones de la clase A sea &uacute;nicamente el Estado Nacional, la asamblea especial de esa clase podr&aacute; reemplazarse con una comunicaci&oacute;n firmada por el funcionario p&uacute;blico competente para votar dichas acciones.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">d) Extraordinary meetings of shareholders: the extraordinary meetings of the different shareholder classes shall comply with the quorum provisions governing ordinary meetings, as applied to the total number of outstanding shares of
such class. Where general quorum is reached in all attending classes, any number of class A, B, and C shares shall constitute quorum at both first and subsequent calls of the extraordinary meetings of such classes. If the National Government is the
holder of all class A shares, the extraordinary meeting of such share class may be replaced by a written notice bearing the signature of the relevant public officer authorized to exercise the voting rights attached to such shares.</TD></TR>
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<TD VALIGN="top"><U>e) Las asambleas podr&#225;n celebrarse encontr&#225;ndose, todos o parte de quienes participen, a distancia. Deber&#225; respetarse en todo momento la igualdad de trato entre todos los participantes y la libre accesibilidad por
parte de estos. A&nbsp;los efectos del qu&#243;rum y las mayor&iacute;as se computar&#225;n tanto los accionistas presentes como los que participaren a distancia. A&nbsp;los fines de celebrar una asamblea a distancia deber&#225; darse cumplimiento a
la normativa que resulte aplicable.</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>e) Shareholders&#146; meetings shall be validly held if all or a part of its participants attend the meeting remotely. At all times, equal treatment and free access shall be given to all participants. The shareholders present at
the meeting as well as those participating remotely will count for quorum and majority purposes. In order to hold remote meetings, the applicable regulations shall be complied with.</U></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="tx171913_3"></A>Exhibit II </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRELIMINARY MERGER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Between (i)<B>&nbsp;YPF S.A.</B> (&#147;YPF&#148; or &#147;Absorbing Company&#148;), with registered office at Macacha G&uuml;emes 515, Autonomous City of
Buenos Aires, represented by Pablo Gerardo Gonz&aacute;lez, in his capacity as President; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) <B>COMPA&Ntilde;&Iacute;A DE INVERSIONES MINERAS
S.A.</B> (&#147;CIMSA&#148; or the &#147;Absorbed Company&#148;, and jointly with YPF, the &#147;Parties&#148; or the &#147;Merging Companies&#148;) with registered office at Macacha G&uuml;emes 515, Autonomous City of Buenos Aires, represented by
Carlos Alberto Alfonsi, in his capacity as President, and; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>WHEREAS: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(a) YPF is a corporation (sociedad an&oacute;nima) duly organized and existing under the laws of the Argentine Republic, which <FONT
STYLE="white-space:nowrap">By-Laws</FONT> were registered on February&nbsp;5, 1991 under number 404 of Book 108, Volume &#147;A&#148; of Corporations, with the Public Registry of Commerce (Registro P&uacute;blico de Comercio) for the Autonomous City
of Buenos Aires, under the jurisdiction of the Inspection Board of Legal Entities (Inspecci&oacute;n General de Justicia) of the Autonomous City of Buenos Aires, Argentine Republic (hereinafter, the &#147;IGJ&#148;); and which Amended <FONT
STYLE="white-space:nowrap">By-Laws</FONT> were registered on June&nbsp;15, 1993 under number 5109 of Book 113, Volume &#147;A&#148; of Corporations, with the Public Registry of Commerce for the Autonomous City of Buenos Aires, under the jurisdiction
of the IGJ; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(b) CIMSA is a corporation (sociedad an&oacute;nima) duly organized and existing under the laws of the Argentine Republic, registered
with the IGJ on October&nbsp;25, 2013 under number 21323 of Book 66, Volume &#150; of Joint Stock Companies (Sociedades por Acciones); </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(c) The
Parties have held negotiations aimed at the potential intercompany reorganization within the context of a merger by absorption pursuant to section 82 et seq. of the Argentine General Corporations Law (Ley General de Sociedades) No.&nbsp;19,550, as
amended (&#147;LGS&#148;, by its acronym in Spanish), and sections 80, 81 and related sections of the Profit tax Law No.&nbsp;20,628 (&#147;LIG, by its acronym in Spanish&#148;), and sections 172 to 176 of its regulatory decree; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(d) The Parties consider the merger by absorption by YPF of CIMSA is convenient to centralize the business management of the companies under one single
corporate organization, thereby obtaining operational and economic benefits related to the achievement of higher operating efficiency and effectiveness, enhanced use of available resources, and technical, administrative and financial structures, and
the rationalization and reduction of associated costs. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Parties agree to execute this Preliminary Merger Agreement, subject to approvals by the
respective shareholders&#146; meetings and pursuant to section 82 and related sections of the LGS, the regulations of the National Securities Commission (Comisi&oacute;n Nacional de Valores or &#147;CNV&#148;), the Listing Regulations of Bolsas y
Mercados Argentinos S.A. (&#147;ByMA&#148;), the regulations of the IGJ, and other applicable statutory and regulatory rules, and the following terms and conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>FIRST</U><B>:</B> The Parties have agreed to the merger by absorption of the Absorbed Company by the Absorbing Company by the absorption by YPF, as
absorbing company, of the firm CIMSA, as Absorbed Company, whereby the Absorbed Company is dissolved without liquidation, in compliance with section 82 and related sections of the LGS, and sections 80, 81 et seq. of the LIG, and sections 172 to 179
of its regulatory decree (the &#147;Merger&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SECOND</U>: Fort the purpose of deciding to carry out the Merger, the parties considered the operating
advantages arising, among other things, from the supplementary and similar nature of their business activities and the centralization of their management, which will allow to simplify the corporate and administrative structure of the Parties, and
also, to enhance their operations and businesses, with the purpose of achieving: (i)&nbsp;a reduction and rationalization of operating costs; (ii)&nbsp;an increase in efficiency; (iii)&nbsp;an increase in the general level of operations; and
(iv)&nbsp;the enhancement of the technical, administrative and financial structures of the Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>THIRD</U><B>:</B> The Parties agree that, for all
applicable accounting and tax purposes, the Merger shall have retroactive effects as of January&nbsp;1, 2021 12 a.m. (the &#147;Effective Date of Merger&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>FOURTH</U><B>:</B> As from the Effective Date of Merger, YPF shall take over the activities of the Absorbed Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As from the Effective Date of Merger and until final registration of the Merger with the applicable control authorities, the operations of the Absorbed
Company shall be deemed to have been made in the name and on behalf of YPF. YPF shall take overall the assets and liabilities of the Absorbed Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>FIFTH</U><B>:</B> The Merger is conducted on the basis of the values disclosed in (i)&nbsp;the individual financial statements of YPF ended
December&nbsp;31, 2020, which are taken as special merger balance sheets under the provisions of section 83 of the LGS; (ii)&nbsp;the financial statements of CIMSA ended December&nbsp;31, 2020, which are taken as special merger balance sheets under
the provisions of section 83 of the LGS (the documents indicated in (i)&nbsp;and (ii), jointly, hereinafter the &#147;Special Merger Balance Sheets&#148;), and (iii)&nbsp;the Consolidated Merger Annual Report (<I>Estado de Situaci&oacute;n
Patrimonial Consolidado de Fusi&oacute;n</I>) ended December&nbsp;31, 2020 (the documents indicated in (i), (ii), and (iii)&nbsp;jointly, hereinafter the &#147;Financial Statements&#148;<U>)</U>; which include, respectively, their accompanying Notes
and Exhibits, the Auditor&#146;s Report and the Supervisory Committee&#146;s Report, attached hereto as Exhibit I. Notwithstanding the foregoing, should any competent authority or control agency require any amendment to the Financial Statements, and
provided such modification relates to a formal or procedural matter, or to any other matter immaterial to the Merger, the Parties, through their representatives, shall be entitled to effect such amendment without the need to modify the Preliminary
Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SIXTH</U><B>:</B> The Financial Statements have been prepared by the management of the Parties based on consistent and identical
valuation criteria, and have been signed by their respective legal representatives, and include the report of their respective Supervisory Committees or Statutory Auditors, as applicable and the Auditor&#146;s Report, all of them certified by a
Certified Public Accountant. These documents shall be made available to the shareholders of the Merging Companies in due time and manner, and shall be timely recorded in the applicable books. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SEVENTH</U>: It is placed on record that the assets and liabilities of the Absorbed Company incorporated into YPF&#146;s equity shall be effective as from
the Effective Date of Merger, at the value thereof recorded in the Special Merger Balance Sheet attached hereto as Exhibit I. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before the Extraordinary
Shareholders&#146; Meetings are held (as such term is defined below), YPF shall acquire the number CIMSA shares allowing it to hold 100% of the outstanding shares of common stock of the Absorbed Company, as specified in Exhibit II. Therefore, YPF
shall not increase its capital stock, no conversion ratio shall exist, and no new shares in YPF shall be issued to the shareholders of the Absorbed Company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>EIGHTH</U><B>:</B> The Parties agree that the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of YPF shall
not be amended as a consequence of the Merger since YPF&#146;s current corporate purpose allows it to undertake the activities of the Absorbed Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>NINTH</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.1. The Parties agree that no limitations shall
be imposed on the management of the affairs of the Merging Companies, and that no warranty shall be granted from the Effective Date of Merger until the Merger is effectively registered with the applicable control authorities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.2. Notwithstanding the foregoing, the Absorbed Company shall not perform any act leading to a material change in its equity or outside the ordinary course of
its business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9.3. Controls aimed at preserving the operations of the Merging Companies shall be conducted through ordinary actions performed by their
respective boards of directors. The directors of the Merging Companies will continue performing their duties with the purpose of aligning their business transactions, in compliance with the integration process already underway. From the date of the
Definitive Merger Agreement &#150;and unless otherwise required by the competent authorities- the management and the representation of CIMSA shall be performed by the Board of Directors and President of YPF, and the officers previously exercising
such functions in the Absorbed Company shall cease in such roles (section 84, last paragraph of the LGS). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>TENTH</U><B>:</B> This Preliminary Merger
Agreement shall be filed with the CNV, YPF&#146;s corporate control authority, and the IGJ, CIMSA&#146;s corporate control authority, and shall be approved at the Extraordinary Shareholders&#146; Meetings to be held by each company with the quorum
and majorities required by the applicable regulations applicable to each Party and their respective <FONT STYLE="white-space:nowrap">By-Laws</FONT> (each a &#147;Extraordinary Meeting&#148; and jointly &#147;Extraordinary Meetings&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>ELEVENTH: </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.1. The publication specified in section 83,
subsection 3 of the LGS shall be timely made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">11.2. Should any creditor, as provided in the LGS, timely object to the merger, the Board of Directors of
YPF shall be entitled to determine the way in which such creditor shall be paid out or offered a guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>TWELFTH</U><B>:</B> The Parties ratify all
the powers of attorney heretofore granted by them, which shall remain in force until their revocation or the registration of the dissolution by merger of CIMSA, whichever occurs first. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>THIRTEENTH</U><B>:</B> The Parties acknowledge that this Preliminary Merger Agreement has been approved by Board of Directors of each Party, and is subject
to its approval, and the approval of all its effects, by their respective Extraordinary Meetings. Should the Extraordinary Meeting of any of the Parties resolve not to approve this Preliminary Merger Agreement, it shall be null and void. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>FOURTEENTH</U><B>:</B> All acts necessary for this Merger to become effective, including any administrative proceedings to comply with the statutory
requirements for the approval of the resolutions passed at Extraordinary Meetings confirming the same, as the case may be, shall be performed by the members of the Board of Directors of each company or by any person appointed to such end at the
Extraordinary Meetings of each company. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>FIFTEENTH: </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.1. Upon compliance with the requirements mentioned in the above clauses, the Definitive Merger Agreement, in compliance with section 83, subsection 4 of the
LGS, shall be executed by the representatives of the companies. In addition, such documentation may provide for the transfer of any asset subject to registration arising from the Merger. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15.2. The Definitive Merger Agreement shall be filed with the pertinent control authorities having jurisdiction over the Parties, and the corresponding
registrations shall be made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SIXTEENTH</U><B>:</B> All administrative expenses in connection with the Merger shall be exclusively borne by YPF,
provided this Preliminary Merger Agreement has been approved by the respective Extraordinary Meetings. Otherwise, such expenses shall be paid in equal parts by the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>SEVENTEENTH</U><B>:</B> This Merger entails the reorganization of YPF pursuant to sections 80 and 81 of the LIG, and sections 172 to 176 of its regulatory
decree. For tax purposes and considering the determination of the tax reorganization date, within the scope set out in sections 80 and 81 of the LIG, and sections 172 to 176 of its regulatory decree, January&nbsp;1, 2021 is defined as the date on
which the successor company started performing the activities previously carried out by the predecessor company, and December&nbsp;31, 2020 as the date on which the latter ceased such activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>EIGHTEENTH:</U> Finally, the Parties agree that any conflict or controversy arising out of, or in connection with, the application or performance of this
Agreement, and any legal effect resulting from the performance hereof, shall be submitted to the jurisdiction of Ordinary Commercial Courts of the Autonomous City of Buenos Aires, expressly waiving any other venue or jurisdiction to which they may
be entitled to. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties hereto execute two (2)&nbsp;copies of this Agreement in the City of Buenos Aires, on March&nbsp;4, 2021.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&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">&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>YPF S.A.</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pablo Gerardo Gonz&aacute;lez</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">President</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COMPA&Ntilde;&Iacute;A DE INVERSIONES MINERAS S.A.</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Carlos A. Alfonsi</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">President</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Special Merger Balance Sheet and Consolidated Merger Annual Report </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Description of YPF&#146;s equity interest in CIMSA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>On the date of the Extraordinary Meetings </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">YPF S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">236,474,420<SUB STYLE="font-size:85%; vertical-align:bottom">+</SUB></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">100%</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Shares of common stock</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">with a face value of $ 1 peso</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">each</P></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="tx171913_4"></A>Exhibit III </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>YPF S.A. </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>YPF S.A. Shareholders&#146; Meeting of April 30, 2021 - Item 22 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LEGAL REPORT ON THE JUDGMENT RENDERED BY THE NATIONAL COURT OF APPEALS IN COMMERCIAL MATTERS IN CASE ENTITLED &#147;PAZ HERRERA RICARDO vs. YPF SA ON
ORDINARY PROCEEDINGS&#148; (File No.&nbsp;25864/14)&#148;. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This legal report is made available to the shareholders&#146; meeting to be held on
April&nbsp;30, 2021 in relation to item 22 of the agenda &#147;Compliance with the order of the National Commercial Court of Appeals regarding the treatment of the impairment charge of property, plant and equipment for Fiscal Year No.&nbsp;40 ended
on December&nbsp;31, 2016.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Background of the case: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholder Ricardo Paz Herrera, holder of 69 shares representing 0.000017% of the capital stock of YPF S.A. (&#147;YPF&#148; or the &#147;Company&#148;),
filed a lawsuit with a commercial court requesting that the resolutions adopted at the General Ordinary and Extraordinary Shareholders&#146; Meeting held on April&nbsp;28, 2017, which included the approval of Financial Statements for fiscal year
ended December&nbsp;31, 2016, considered at such meeting, be declared null and void. <SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The complaint
was heard by the Lower Court in Commercial Matters No.&nbsp;16, Clerk&#146;s Office 31, City of Buenos Aires. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The judgment rendered by the lower court in
such case on May&nbsp;17, 2019 completely dismissed the lawsuit. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Judgment rendered by the Court of Appeals in Commercial Matters, Division C.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The lower court&#146;s decision was then appealed by shareholder Paz Herrera, and on May&nbsp;19, 2020, Division C of the Court of Appeals in
Commercial Matters decided to ratify the rejection of the lawsuit, and therefore, it confirmed the rejection of the motion for the annulment of the said shareholders&#146; meeting.<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, it imposed a specific obligation on the Company: to include in its next shareholders&#146; meeting, as a separate item of the agenda, the
determination of whether the impairment charge at issue arising from the financial statements approved at the contested meeting was correctly applied or not; and, additionally, if it was consistent with the approach that the Company had been
applying in previous fiscal years. Therefore, and for the purpose of considering this item, it ordered the production of relevant information, with the opinion of the audit committee and the supervisory bodies; seeking, if applicable, the correction
of the financial statements in order to reflect the real situation of the Company at such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Even though the Company appealed before the Argentine
Supreme Court of Justice, since such motion has not been granted yet, the effects of the Court of Appeals&#146; order are not stayed and therefore the Company must comply with the court order. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Informed by Relevant Fact dated August&nbsp;25, 2017. </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Informed by Relevant Fact dated May&nbsp;20, 2020. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This legal report is issued in compliance with the court order, as described above. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>YPF S.A. Shareholders&#146; Meeting of April 30, 2021 - Item 22 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPORT ON IMPAIRMENT CHARGE OF PROPERTY, PLANT AND EQUIPMENT 2016<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This report is made available for its consideration at the shareholders&#146; meeting to be held on April&nbsp;30, 2021, in relation to item 22 of the agenda
&#147;Compliance with the order of the National Court of Appeals in Commercial Matters regarding the treatment of the impairment charge of property, plant and equipment for Fiscal Year No.&nbsp;40 ended December&nbsp;31, 2016&#148;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1) APPLICABLE ACCOUNTING STANDARD. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF S.A. (YPF or the
&#147;Company&#148;) is a corporation (<I>sociedad an&oacute;nima</I>) whose securities are listed on the Buenos Aires Stock Exchange and the New York Stock Exchange (&#147;NYSE&#148;), and is subject to the permanent supervision of the National
Securities Commission (<I>Comisi&oacute;n Nacional de Valores -</I> the &#147;CNV&#148;), and to the requirements of the US Securities and Exchange Commission (&#147;SEC&#148;)<I>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company applies the international financial reporting standards (&#147;IFRS&#148;) adopted by the CNV since 2012. The accounting policy establishing the
impairment in value of property, plant and equipment, and accounting judgments and estimates related to impairment are described in the notes to the financial statements of the Company since fiscal year ended December&nbsp;31, 2012. These accounting
policies and estimates were applied by the Company consistently over the period under analysis (fiscal years 2012-2016) in accordance with the IFRS. The following is a summary of the main aspects to be evaluated (as they arise from the notes to the
financial statements 2012 to 2016 of the Company. The relevant paragraphs of these notes are included in the exhibits hereto): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Applicable accounting standards: </B>Uniform implementation of the IFRS. Under the CNV Regulations, these
standards are of mandatory application since fiscal year ended December&nbsp;31, 2012. (See <U>EXHIBIT I</U>) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Valuation of property plant and equipment: </B>are valued at their acquisition cost plus all the costs
directly related to the location of the asset and to bringing the asset to the condition required for its intended use. Recoverability of these assets is revised once a year or whenever there is an indication of impairment in value of these assets.
(See <U>EXHIBIT II</U>) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Impairment of property, plant and equipment: </B>In order to evaluate the recoverability of Upstream assets,
they have been grouped into four Cash-Generating Units or &#147;CGUs&#148; (one groups the assets of fields with crude oil reserves, and three the assets of fields with natural gas reserves, according to Argentina&#146;s basins - Neuquina, Noroeste
and Austral Basins-), which is the best reflection of how the Company currently makes its assets decisions for the generation of independent cash flows. (See <U>EXHIBIT III</U>) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The complete Annual Reports filed by the Company and referenced in this report can be found at the SEC&#146;s
web site </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Methodology used in the estimation of the recoverable value</B>: The methodology used to estimate the
recoverable amount of property, plant and equipment consists of using the higher of: i) the calculation of the value in use, based on expected future cash flows from the use of such assets, discounted at a rate that reflects the weighted average
cost of capital, and, if available, ii) the price that would be received in a regular transaction between market participants to sell the asset as of the date of these consolidated financial statements, less the disposal costs of such assets.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the assessment of the value in use, cash flow forecasts based on the best estimate of income and expense available
for each CGU using sector inputs, past results and future expectations of business evolution and market development are utilized. The most sensitive aspects included in the cash flows used in all the CGUs are the purchase and sale prices of
hydrocarbons, the regulations in force and cost evolution estimates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The valuation of cash flows from Upstream assets is based on a
complex model that uses cash projections covering the economically productive useful lives of the oil and gas fields and is limited by the termination of exploitation concessions, permits, agreements or contracts. The estimated cash flows
contemplate the level of reserves, &#147;commodity&#148; prices, estimates of future investments required in relation to undeveloped oil and gas reserves, production costs, field depletion rates, contractual conditions and discount rates, among
other factors. The unproved reserves are weighted by risk factors associated thereto. (See <U>EXHIBIT IV</U>) </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Reserves estimation: </B>Estimating crude oil and gas reserves forms part of the Company&#146;s
decision-making process. The volume of reserves, among other things, is used to evaluate the recoverability of investments in Exploration and Production assets. YPF prepares its estimates and assumptions related to crude oil and gas reserves based
on the rules and regulations established for the crude oil and gas industry and by SEC. Besides, within the framework of the 20F annual document filed by YPF with the SEC, the independent auditors&#146; reports on oil and natural gas reserves are
included. (See <U>EXHIBIT V</U>) </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It should be noted that from fiscal year 2016 to date, the Company continued to apply the IFRS
uniformly and the same accounting policies in relation to the impairment in value of property, plant and equipment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2) IMPAIRMENT CHARGE IN 2016 AND
PREVIOUS YEARS. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The application of the criteria of impairment of property, plant and equipment mentioned in section 1), which are defined under IAS
36, determined the impairment of the CGU Oil in fiscal years 2015 and 2016. There were several for reasons for such impairment, but the main cause was the drop in oil prices projected in each of those years. The variation in oil prices (average
prices for each year) is shown below: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Changes in the price of oil 2012/2016 (usd/barrel) </I></B></P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2015, international oil prices experienced a sharp fall. At first, local prices, which did not follow the trend of
international oil prices, were not significantly affected. However, as the low price scenario was confirmed (in relative terms) at international level, the local realization price per barrel gradually declined. This situation had an impact on
projected oil realization price curves in the cash flows of each year. Both in 2015 and 2016, the projected curves ended converging in international values that reflected declines in the long term. Therefore, the CGU Oil was impaired in 2015, and
this worsened in 2016. This situation is clearly described in the notes to the financial statements of each fiscal year transcribed below. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Statements 2015 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Provision for
impairment of fixed assets and intangible assets </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As indicated in Note 1.b.8 and 1.b.9, as a general criterion, the method used to estimate the
recoverable amount of fixed assets and intangible assets mainly consists in the calculation of the value in use, based on the future estimate cash flows resulting from the exploitation of the relevant assets, discounted at a rate that reflects the
weighted average capital employed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For fiscal year 2015, the discount rate was 10.33% after taxes (the discount rate applied for fiscal year 2014 was
10.86% after taxes). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calculations of crude oil price estimates for fiscal year 2015 for the CGU Oil&#151;YPF of the Exploration and Production Segment
have taken into account the disengagement of internal market prices from international prices with respect to this product in the latest years, based on the negotiations between country&#146;s Producers and Refineries and Argentine Government
policies intended to preserve the sector activity levels and ensure the crude oil supply for the country. Therefore, the following local market price presumptions have been considered for the different varieties of crude oil: i) for 2016 and 2017
the Company has considered local market prices according to the negotiations between Producers and Refineries based on prices currently effective since January 2016, resulting in an estimate of US$/Bbl 67.5 for Medanito crude oil, US$/Bbl 54.9 for
Escalante crude oil and US$/Bbl 55.9 for Ca&ntilde;ad&oacute;n Seco crude oil; ii) for 2018, </P>
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2019 and 2020, it has been considered the estimates for the local prices based on the the estimation of the international price (adjusted by the quality of each type of crude oil, freight and the
relative shortage situation in the local market) set on the basis of estimate Brent crude oil values according to analysts&#146; consensus estimates available as of December&nbsp;31, 2015 (at US$/Bbl 68.7 for 2018, US$/Bbl 68.3 for 2019 and US$/Bbl
69.3 for 2020); and iii) thereafter, a projected price curve is considered on the basis of an adjustment by United States of America forecasted inflation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the above mentioned methodology and presumptions, the Group has recorded a charge for impairment of fixed assets with respect to the CGU Oil - YPF of
the Exploration and Production Segment of 2,361 as of December&nbsp;31, 2015, mainly due to a decrease in the short-term price of oil in the local market and a reduction in the expectations of medium and long term international prices. The
recoverable amount of the CGU Oil &#150; YPF, after taxes, amounts to 76,829 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Financial Statements 2016 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Provision for impairment of property, plant and equipment and intangible assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The method used to estimate the recoverable amount of property, plant and equipment and intangible assets is described in detail in Notes 2.b.8 and 2.b.9. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The impairment analysis is performed on the <FONT STYLE="white-space:nowrap">year-end</FONT> date or whenever there is evidence of impairment of the
recoverable value. As a result of negotiations between Argentine producers and refiners in the second half of 2016, there has been a gradual 6% reduction in the prices of sales of Medanito and Escalante crude oil on the local market (2% monthly as
of August 2016). Moreover, in January 2017, the producers and refiners reached a new agreement for the transition to international prices, in which a path of prices was established for the sale of oil in the domestic market, for the purpose of
achieving parity with the international market during 2017. This readjustment of prices in the domestic market and other signs that would point to a convergence with international prices in the near future, coupled with a decline in the prices
expected in the medium term compared to the estimates as of December&nbsp;31, 2015, have been considered evidence of impairment of the value of the assets of the CGU Oil&#151;YPF. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accordingly, the following local market price assumptions have been taken into account for different varieties of crude oil in order to set such expectations:
(i)&nbsp;for 2017, it derives from the prices agreed upon between producers and refiners mentioned above which result in prices of US$/bbl 57.5 for Medanito crude oil and US$/bbl 49.1 for Escalante crude oil; (ii)&nbsp;for 2018, 2019 and 2020, the
local market prices have been estimated based on the international price estimates based on available analyst consensus; and (iii)&nbsp;subsequently, estimated prices rise based on predicted inflation in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the contrary, in previous years (2014, 2013 and 2012), no impairment charges in CGU Oil&#146;s assets were recorded (as mentioned in the respective
financial statements. <B>See EXHIBIT III</B>). The above was due to the fact that, in those years, the market reflected high oil realization prices (in relative terms), as disclosed in the annual report on the financial statements for fiscal year
2014, which in its relevant part, is transcribed below: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annual Report on Financial Statements 2014 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Characteristics of the Company </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The average prices
corresponding to the price of a barrel of Brent crude oil were U.S.$ 99.02, U.S.$ 108.64 and U.S.$ 111.65 in 2014, 2013 and 2012, respectively. Notwithstanding the aforementioned variation in trading values, the price of crude oil in the domestic
market is defined through negotiations among local producers and refiners. These negotiations occur mainly as a consequence of the absence of surplus export volumes of crude oil and due to the domestic market&#146;s needs, taking also into account
Resolution No.&nbsp;1077/14 of the Ministry of Economy and Public Finance, which establishes a regime of export retentions for certain hydrocarbon products, which in practice determines ceilings on the values that each company could obtain from the
export of hydrocarbons. The average purchase/sale price per barrel of crude oil for the Company has been U.S.$ 78.16, U.S.$ 73.72 and U.S.$ 71.93 for 2014, 2013 and 2012, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Therefore, in fiscal years 2012, 2013 and 2014, projected cash flows (recoverable value) for the CGU Oil for each of those years largely exceed the carrying
value due to multiple factors, but mainly, due to the projected price curve which contemplated future business expectations at such time. The methodology for estimating the recoverable value is described in the financial statements (See <U>EXHIBIT
III</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, regarding the information detailed in financial statements 2015 and 1016, it was possible to verify that the information is sufficient
in accordance with international standards, and in line with the accounting statements prepared by leading companies in the industry (both domestic and foreign), which also faced recoverability issues in 2015 and 2016. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>3) OTHER BACKGROUND INFORMATION </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It should be
noted that in another action for annulment of the Shareholders&#146; Meeting held on April&nbsp;27, 2018, brought by the same shareholder, Mr.&nbsp;Paz Herrera, in the case entitled &#147;PAZ HERRERA, RICARDO ADRIAN VS YPF S.A. ON ORDINARY
PROCEEDINGS&#148; File No.&nbsp;16320/2019&#148;<SUP STYLE="font-size:85%; vertical-align:top">2</SUP>, a report was issued by a forensic accounting expert witness in relation to the application of the accounting charge for impairment of property,
plant and equipment corresponding to Fiscal Year ended December&nbsp;31, 2016 and the partial reversal of such charge in Fiscal Year ended December&nbsp;31, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this respect, the report filed by the aforementioned court-appointed accountant concluded that the methodology used by the Company to apply the impairment
charge in fiscal year 2017: i) complies with the International Accounting Standards, and ii) does not change from one fiscal year to another. The conclusions arising from the aforementioned report, as well as those from the report issued by the
technical consultant appointed by YPF S.A. are transcribed in Exhibit VI hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It should be noted that none of these reports was challenged by the
plaintiff in the aforementioned case, and that the technical consultant appointed by plaintiff reviewed the documents and participated, jointly with the accounting expert witness, in the analysis, making no objections or observations thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In brief, three independent chartered accountants participated in the case mentioned above, one designated by the court and one by each party, and all of them
concluded that the accounting standards were properly applied by the Company. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Final judgment has not yet been rendered. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>4) CONCLUSIONS </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accounting charge for impairment of property, plant and equipment recorded in the financial statements corresponding to fiscal year ended December&nbsp;31,
2016, was applied in compliance with the guidelines of IAS 36, and consistently in all fiscal years since 2012, the first fiscal year in which the IFRS were applied, as required by the CNV. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Therefore, we ratify the conclusions reached in due time, considering appropriate the application of the standards to determine the Impairment Charge of
Property, Plant and Equipment in the financial statements of the Company for fiscal year No.&nbsp;40 ended December&nbsp;31, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These conclusions
arise from the following reports, meeting minutes and certifications made in due time, and which generated no objections: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Minutes of audit committee meeting held on March&nbsp;8, 2017. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Minutes of transparency committee meeting held on March&nbsp;8, 2017. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Minutes of Board of Directors&#146; meeting approving the financial statements for fiscal year ended
December&nbsp;31, 2016, held on March&nbsp;9, 2017. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Report of independent chartered accountants (independent auditors) dated March&nbsp;9, 2017
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Supervisory Committee&#146;s report dated March&nbsp;9, 2017. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Certifications from the CFO and CEO related to the integrity and reasonableness of the financial statements
included in the Annual Report 20F for fiscal year ended December&nbsp;31, 2016, dated April&nbsp;7, 2017. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Certifications from the CFO and CEO regarding the effectiveness of the integrated control system, included in the
Annual Report 20F for fiscal year ended December&nbsp;31, 2016, dated April&nbsp;7, 2017. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Report of independent chartered accountants (independent auditors) registered with the PCAOB <I>(Public Company
Accounting Oversight Board)</I> on the effectiveness of the internal financial reporting control system, included in Annual Report 20F for fiscal year ended December&nbsp;31, 2016, dated April&nbsp;7, 2017. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, we ratify the following conclusions, which are similar to the conclusions that were drawn in the preparation and approval of the financial
statements for fiscal year ended December&nbsp;31, 2016: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The impairment charge of Property, Plant and Equipment for fiscal year ended December&nbsp;31, 2016 is adequate
and complies with the guidelines of the international financial reporting standards, which were applied consistently as compared with previous fiscal years mentioned in this report. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Impairment charge recorded in fiscal year 2016 largely exceeded (14 times) the one recorded in fiscal year
2015, given that in fiscal year 2014, the recoverable value of property, plant and equipment of the CGU Oil, determined by its value in use through discounted cash flows, was significantly higher than its carrying value, and therefore, in fiscal
year 2015 that gap was considerably reduced to such an extent that the recoverable value resulted slightly higher than its carrying value, leading to an impairment due to the fall in projected oil prices, among other reasons. And in fiscal year
2016, the impairment of property, plant and equipment of such CGU worsened for the same reasons (fall in oil prices), as specified in the financial statements for fiscal years ended December&nbsp;31, 2015 and 2016. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">An impairment charge in previous fiscal years (2012/2014) is not applicable as the recoverable amount (value in
use) largely exceeded the carrying value of the CGU Oil. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The information described in financial statements 2016 issued by the Company comply with international financial
reporting standards and best industry practices. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, it should be noted that from fiscal year 2016 to date, the Company continued
applying uniformly the IFRS and the same accounting policies in relation to impairment in value of property, plant and equipment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">City of Buenos Aires,
April&nbsp;8, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alejandro Lew</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CFO YPF S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Federico M&aacute;quez</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Manager Accounting and</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Reporting
Department YPF S.A.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2012 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.a) Presentation Basis </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Application of International Financial Reporting Standards </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of YPF S.A. (hereinafter &#147;YPF&#148;) and its controlled companies (hereinafter and all together, the
&#147;Group&#148; or the &#147;Company&#148;) for the year ended December&nbsp;31, 2012 are presented in accordance with International Financial Reporting Standard (&#147;IFRS&#148;). The adoption of IFRS these standards as issued by the
International Accounting Standards Board (&#147;IASB&#148;) was determined by the Technical Resolution No.&nbsp;26 (ordered text) issued by Argentine Federation of Professional Councils in Economic Sciences (&#147;FACPCE&#148;) and the regulations
of the Argentine Securities Commission (&#147;CNV&#148;). Application of IFRS is mandatory for YPF, according to the accounting professional standards and the regulatory standards mentioned above, as from the year beginning on January&nbsp;1, 2012.
The effects of the changes resulting from the application of IFRS are presented in section 1.b) of this Note. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of
December&nbsp;31, 2013 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.a) Presentation Basis </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Application of International Financial Reporting Standards </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of YPF S.A. (hereinafter &#147;YPF&#148;) and its controlled companies (hereinafter and all together, the
&#147;Group&#148; or the &#147;Company&#148;) for the year ended December&nbsp;31, 2013 are presented in accordance with International Financial Reporting Standard (&#147;IFRS&#148;). The adoption of these standards as issued by the International
Accounting Standards Board (&#147;IASB&#148;) was determined by the Technical Resolution No.&nbsp;26 (ordered text) issued by Argentine Federation of Professional Councils in Economic Sciences (&#147;FACPCE&#148;) and the Regulations of the
Argentine Securities Commission (&#147;CNV&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2014 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.a) Presentation Basis </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Application of International Financial Reporting Standards </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of YPF S.A. (hereinafter &#147;YPF&#148;) and its controlled companies (hereinafter and all together, the
&#147;Group&#148; or the &#147;Company&#148;) for the year ended December&nbsp;31, 2014 are presented in accordance with International Financial Reporting Standard (&#147;IFRS&#148;). The adoption of these standards as issued by the International
Accounting Standards Board (&#147;IASB&#148;) was determined by the Technical Resolution No.&nbsp;26 (ordered text) issued by Argentine Federation of Professional Councils in Economic Sciences (&#147;FACPCE&#148;) and the Regulations of the
Argentine Securities Commission (&#147;CNV&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2015 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1.a. Basis of preparation </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Application of International Financial Reporting Standards </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of YPF S.A. (hereinafter &#147;YPF&#148; or &#147;the Company&#148;) and its controlled companies (hereinafter and all
together, the &#147;Group&#148;) for the year ended December&nbsp;31, 2015 are presented in accordance with International Financial Reporting Standard (&#147;IFRS&#148;). The adoption of these standards as issued by the International Accounting
Standards Board (&#147;IASB&#148;) was determined by the Technical Resolution No.&nbsp;26 (ordered text) issued by Argentine Federation of Professional Councils in Economic Sciences (&#147;FACPCE&#148;) and the Regulations of the Argentine
Securities Commission (&#147;CNV&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2.a) Basis of preparation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Application
of IFRS </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of the Group for the year ended December&nbsp;31, 2016 are presented in accordance with
IFRS, as issued by IASB. The adoption of these standards was determined by the Technical Resolution No.&nbsp;26 (ordered text) issued by FACPCE and CNV. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2012 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.c.6) <U>Fixed assets </U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>i. General criteria: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fixed assets are valued at their acquisition cost, plus all the costs directly related to the location of such assets for their intended use,
considering the criteria adopted by the Company in the transition to IFRS referred to in Note 1.b). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Borrowing costs of assets that require
a substantial period of time to be ready for their intended use are capitalized as part of the cost of these assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Major inspections,
necessary to restore the service capacity of the related asset (&#147;overhauls&#148;), are capitalized and depreciated on a straight-line basis over the period until the next overhaul is scheduled. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The costs of renewals, betterments and enhancements that extend the useful life of properties and/or improve their service capacity are
capitalized. As fixed assets are retired, the related cost and accumulated depreciation are eliminated from the balance sheet. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Repair and
maintenance expenses are recognized in the statement of comprehensive income as incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">These assets are reviewed for impairment at
least once a year or whenever there are indicators that the assets may have become impaired. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The carrying value of the fixed assets based on each cash
generating unit, as defined in Note 1.c.8, does not exceed </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2013 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.b.6) <U>Fixed assets </U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>i. General criteria: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fixed assets are valued at their acquisition cost, plus all the costs directly related to the location of such assets for their intended use,
considering the criteria adopted by the Company in the transition to IFRS (see Note 1.a). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Borrowing costs of assets that require a
substantial period of time to be ready for their intended use are capitalized as part of the cost of these assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Major inspections,
necessary to restore the service capacity of the related asset (&#147;overhauls&#148;), are capitalized and depreciated on a straight-line basis over the period until the next overhaul is scheduled. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The costs of renewals, betterments and enhancements that extend the useful life of properties and/or improve their service capacity are
capitalized. As fixed assets are retired, the related cost and accumulated depreciation are eliminated from the balance sheet. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Repair and maintenance expenses are recognized in the statement of comprehensive income as
incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">These assets are reviewed for impairment at least once a year or whenever there are indicators that the assets may have become
impaired. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The carrying value of the fixed assets based on each cash generating unit, as defined in Note 1.b.8, does not exceed their
estimated recoverable value. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2014 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.b.6) <U>Fixed assets </U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>i. General criteria: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fixed assets are valued at their acquisition cost, plus all the costs directly related to the location of such assets for their intended use,
considering the criteria adopted by the Company in the transition to IFRS (see Note 1.a). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Borrowing costs of assets that require a
substantial period of time to be ready for their intended use are capitalized as part of the cost of these assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Major inspections,
necessary to restore the service capacity of the related asset (&#147;overhauls&#148;), are capitalized and depreciated on a straight-line basis over the period until the next overhaul is scheduled. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The costs of renewals, betterments and enhancements that extend the useful life of properties and/or improve their service capacity are
capitalized. As fixed assets are retired, the related cost and accumulated depreciation are eliminated from the balance sheet. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Repair and
maintenance expenses are recognized in the statement of comprehensive income as incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">These assets are reviewed for impairment at
least once a year or whenever there are indicators that the assets may have become impaired. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The carrying value of the fixed assets based
on each cash generating unit, as defined in Note 1.b.8, does not exceed their estimated recoverable value. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of
December&nbsp;31, 2015 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.b.6) <U>Fixed assets</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>i. General criteria: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Fixed assets are valued at their acquisition cost, plus all the costs directly related to the location of such assets for their intended use,
considering the criteria adopted by the Group in the transition to IFRS. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Borrowing costs of assets that require a substantial period of
time to be ready for their intended use are capitalized as part of the cost of these assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Major inspections, necessary to restore the
service capacity of the related asset are capitalized and depreciated on a straight-line basis over the period until the next overhaul is scheduled. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The costs of renewals, betterments and enhancements that extend the useful life of properties
and/or improve their service capacity are capitalized. As fixed assets are retired, the related cost and accumulated depreciation are derecognized. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Repair, conservation and ordinary maintenance expenses are recognized in the statement of comprehensive income as incurred. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">These assets are reviewed for impairment at least once a year or whenever there are indicators that the assets may have become impaired, as
detailed in Note 1.b.8. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>2.b.6) Property, plant and equipment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>General criteria </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Property, plant and equipment are valued at their acquisition cost, plus all the costs directly related to the location of such assets for
their intended use, considering the deemed cost criteria adopted by the Group in the transition to IFRS. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Borrowing costs of assets that
require a substantial period of time to be ready for their intended use are capitalized as part of the cost of these assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Major
inspections, necessary to restore the service capacity of the related asset are capitalized and depreciated on a straight-line basis over the period until the next overhaul is scheduled. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The costs of renewals, betterments and enhancements that extend the useful life of properties and/or improve their service capacity are
capitalized. As property, plant and equipment are retired, the related cost and accumulated depreciation are derecognized. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Repair,
conservation and ordinary maintenance expenses are recognized in the statement of comprehensive income as incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">These assets are
reviewed for impairment at least once a year or whenever there are indicators that the assets may have become impaired, as detailed in Note 2.b.8. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT III </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2012 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>1.c.8) Impairment of fixed assets and intangible assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the purpose of evaluating the impairment of fixed assets and intangible assets, the Company compares their carrying value with their
recoverable value at the end of each year, or more frequently, if there are indicators that the carrying amount of an asset may not be recoverable. In order to assess impairment, assets are grouped into cash-generating units (&#147;CGUs&#148;),
whereas the asset does not generate cash flows that are independent of those generated by other assets or CGUs, considering regulatory, economic, operational and commercial conditions. Considering the above mentioned, and specifically in terms of
assets corresponding to the Upstream, they have been grouped into four CGUs (one of them grouping the assets of fields with oil reserves, and three units that group assets of fields with reserves of natural gas considering the country&#146;s basins
-Neuquina, Noroeste and Austral basins-), which are the best reflect of how the Company currently manage them in order to generate independent cash flows. Downstream assets are grouped into the following CGUs: Refining and Marketing, which groups
the assets assigned to the refining of crude oil and marketing of such products, and Chemical, which groups the assets related to that activity. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the value in use, the estimated future
cash flows are discounted to their present value using a rate that reflects the weighted average capital cost employed for each CGU. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If
the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or the CGU) is reduced to its recoverable amount, and an impairment loss is recognized as an expense under
&#147;Impairment losses recognized and losses on disposal of fixed assets/intangible assets&#148; in the consolidated statement of comprehensive income. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any impairment loss is allocated to the assets comprising the CGU on a <FONT STYLE="white-space:nowrap">pro-rata</FONT> basis based on their
carrying amount. Consequently, the basis for future depreciation or amortization will take into account the reduction in the value of the asset as a result of any accumulated impairment losses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of new events or changes in existing circumstances, which prove that an impairment loss previously recognized could have
disappeared or decreased, a new estimate of the recoverable value of the corresponding asset is calculated to determine whether a reversal of the impairment loss recognized in previous periods needs to be made. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the event of a reversal, the carrying amount of the asset (or the CGU) is increased to the revised estimate of its recoverable amount so
that the increased carrying amount does not exceed the carrying amount that would have been determined in case no impairment loss had been recognized for the asset (or the CGU) in the past. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">There were no impairment charges or reversals for the years ended on December&nbsp;31, 2012 and 2011. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2013 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>1.b.8) Impairment of fixed assets and intangible assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the purpose of evaluating the impairment of fixed assets and intangible assets, the Company compares their carrying value with their
recoverable value at the end of each year, or more frequently, if there are indicators that the carrying amount of an asset may not be recoverable. In order to assess impairment, assets are grouped into cash-generating units (&#147;CGUs&#148;),
whereas the asset does not generate cash flows that are independent of those generated by other assets or CGUs, considering regulatory, economic, operational and commercial conditions. Considering the above mentioned, and specifically in terms of
assets corresponding to the Upstream, they have been grouped into four CGUs (one of them grouping the assets of fields with oil reserves, and three units that group assets of fields with reserves of natural gas considering the country&#146;s basins
-Neuquina, Noroeste and Austral basins-), which are the best reflect of how the Company currently manage them in order to generate independent cash flows. The remaining assets are grouped at the Downstream CGU which mainly includes the assets
assigned to the refining of crude oil (or that complement such activity) and marketing of such products, in MetroGAS CGU which includes assets related to the distribution of natural gas and in YPF Energ&iacute;a El&eacute;ctrica CGU, which includes
assets related to generation and commercialization of electric energy. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a rate that reflects the weighted average capital cost employed for each CGU. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or the
CGU) is reduced to its recoverable amount, and an impairment loss is recognized as an expense under &#147;Impairment losses recognized and losses on disposal of fixed assets/intangible assets&#148; in the consolidated statement of comprehensive
income. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any impairment loss is allocated to the assets comprising the CGU on a <FONT STYLE="white-space:nowrap">pro-rata</FONT> basis
based on their carrying amount. Consequently, the basis for future depreciation or amortization will take into account the reduction in the value of the asset as a result of any accumulated impairment losses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of new events or changes in existing circumstances, which prove that an impairment loss previously recognized could have
disappeared or decreased, a new estimate of the recoverable value of the corresponding asset is calculated to determine whether a reversal of the impairment loss recognized in previous periods needs to be made. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the event of a reversal, the carrying amount of the asset (or the CGU) is increased to the revised estimate of its recoverable amount so
that the increased carrying amount does not exceed the carrying amount that would have been determined in case no impairment loss had been recognized for the asset (or the CGU) in the past. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">There were no impairment charges or reversals for the years ended on December&nbsp;31, 2013, 2012 and 2011. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2014 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>1.b.8) Impairment of fixed assets and intangible assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the purpose of evaluating the impairment of fixed assets and intangible assets, the Company compares their carrying value with their
recoverable value at the end of each year, or more frequently, if there are indicators that the carrying amount of an asset may not be recoverable. In order to assess impairment, assets are grouped into cash-generating units (&#147;CGUs&#148;),
whereas the asset does not generate cash flows that are independent of those generated by other assets or CGUs, considering regulatory, economic, operational and commercial conditions. Considering the above mentioned, and specifically in terms of
assets corresponding to the Upstream, they have been grouped into six CGUs (one of them grouping the assets of fields with oil reserves, and three units that group assets of fields with reserves of natural gas of YPF S.A. considering the
country&#146;s basins -Neuquina, Noroeste and Austral basins- and two of them grouping the assets of fields with reserves of natural gas of YSUR Neuquina and Austral), which are the best reflect of how the Company currently manage them in order to
generate independent cash flows. The remaining assets are grouped at the Downstream CGU which mainly includes the assets assigned to the refining of crude oil (or that complement such activity) and marketing of such products, in MetroGAS CGU which
includes assets related to the distribution of natural gas and in YPF Energ&iacute;a El&eacute;ctrica CGU, which includes assets related to generation and commercialization of electric energy. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the value in use, the estimated future
cash flows are discounted to their present value using a rate that reflects the weighted average capital cost employed for each CGU. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If
the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or the CGU) is reduced to its recoverable amount, and an impairment loss is recognized as an expense under
&#147;Impairment losses recognized and losses on disposal of fixed assets/intangible assets&#148; in the consolidated statement of comprehensive income. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any impairment loss is allocated to the assets comprising the CGU on a <FONT STYLE="white-space:nowrap">pro-rata</FONT> basis based on their
carrying amount. Consequently, the basis for future depreciation or amortization will take into account the reduction in the value of the asset as a result of any accumulated impairment losses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of new events or changes in existing circumstances, which prove that an impairment loss previously recognized could have
disappeared or decreased, a new estimate of the recoverable value of the corresponding asset is calculated to determine whether a reversal of the impairment loss recognized in previous periods needs to be made. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the event of a reversal, the carrying amount of the asset (or the CGU) is increased to the revised estimate of its recoverable amount so
that the increased carrying amount does not exceed the carrying amount that would have been determined in case no impairment loss had been recognized for the asset (or the CGU) in the past. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">There were no impairment charges or reversals for the years ended on December&nbsp;31, 2014, 2013 and 2012. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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<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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2015 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>1.b.8) Impairment of fixed assets and intangible assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the purpose of evaluating the impairment of fixed assets and intangible assets, the Group compares their carrying value with their
recoverable amount at the end of each year, or more frequently, if there are indicators that the carrying value of an asset may not be recoverable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In order to assess impairment, assets are grouped into Cash-Generating Units (&#147;CGU&#148;), whereas the assets do not generate cash flows
that are independent of those generated by other assets or CGU, considering regulatory, economic, operational and commercial conditions. Considering the above mentioned, the Group&#146;s assets were grouped into eleven CGU. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Exploration and Production Segment </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The assets included in this segment have been grouped into seven CGU. One that gathers the assets of YPF fields, which basically have crude oil
reserves; five CGU that group the assets of YPF and YSUR fields which basically have natural gas reserves, according to the Argentina&#146;s basins, and another one that gathers the assets in the United States fields </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Oil &#150; YPF; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Oil &#150; YPF Holdings </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Neuquina Basin&#150; YPF; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Noroeste Basin &#150; YPF; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Austral Basin &#150; YPF; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Neuquina Basin &#150; YSUR; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Austral Basin &#150; YSUR </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Downstream Segment </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
assets included in this segment have been grouped in three CGU. The YPF Downstream CGU which mainly includes the assets assigned to the crude oil refining activity (or that complement such activity), the petrochemical industry and marketing of such
products. The Metrogas CGU, which includes assets related to the distribution of natural gas and YPF Energ&iacute;a El&eacute;ctrica CGU, which includes assets related to generation and commercialization of electric energy. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Corporate Segment </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">A-Evangelista</FONT> CGU mainly included of the assets used for the construction activity related to the Company&#146;s business. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This aggregation is the best reflection of how the Group currently makes its management decisions for the generation of separate cash flows of
the assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The recoverable amount is the higher of, the fair value less costs of disposal and the value in use. In assessing the value in
use, the estimated future cash flows are discounted to their present value using a rate that reflects the weighted average capital cost employed for each CGU. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If the recoverable amount of a CGU is estimated to be less than its carrying amount, the carrying amount of the CGU is reduced to its
recoverable amount, and an impairment loss is recognized as an expense under &#147;Other operating results, net&#148; in the Consolidated Statement of Comprehensive Income. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any impairment loss is allocated to the assets comprising the CGU on a <FONT
STYLE="white-space:nowrap">pro-rata</FONT> basis based on their carrying amount. Consequently, the basis for future depreciation or amortization will take into account the reduction in the value of the asset as a result of any accumulated impairment
losses. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of new events or changes in existing circumstances, which prove that an impairment loss previously recognized
could have disappeared or decreased, a new estimate of the recoverable amount of the corresponding asset is calculated to determine whether a reversal of the impairment losses recognized in previous periods needs to be made. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the event of a reversal, the carrying amount of the asset (or the CGU) is increased to the revised estimate of its recoverable amount so
that the increased carrying amount does not exceed the carrying amount that would have been determined in case no impairment loss had been recognized for the asset (or the CGU) in the past. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>1.b.8) Impairment of fixed assets and intangible assets </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the purpose of evaluating the impairment of fixed assets and intangible assets, the Group compares their carrying value with their
recoverable amount at the end of each year, or more frequently, if there are indicators that the carrying value of an asset may not be recoverable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In order to assess impairment, assets are grouped into Cash-Generating Units (&#147;CGU&#148;), whereas the assets do not generate cash flows
that are independent of those generated by other assets or CGU, considering regulatory, economic, operational and commercial conditions. Considering the above mentioned, the Group&#146;s assets were grouped into eleven CGU. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Exploration and Production Segment</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The assets included in this segment have been grouped into seven CGU. One that gathers the assets of YPF fields, which basically have crude oil
reserves; five CGU that group the assets of YPF and YSUR fields which basically have natural gas reserves, according to the Argentina&#146;s basins, and another one that gathers the assets in the United States fields. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Oil &#150; YPF; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Oil &#150; YPF Holdings </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Neuquina Basin&#150; YPF; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Noroeste Basin &#150; YPF; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Austral Basin &#150; YPF; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Neuquina Basin &#150; YSUR; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">CGU Gas &#150; Austral Basin &#150; YSUR. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Downstream Segment</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
assets included in this segment have been grouped in three CGU. The YPF Downstream CGU which mainly includes the assets assigned to the crude oil refining activity (or that complement such activity), the petrochemical industry and marketing of such
products. The Metrogas CGU, which includes assets related to the distribution of natural gas and YPF Energ&iacute;a El&eacute;ctrica CGU, which includes assets related to generation and commercialization of electric energy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Corporate Segment</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">A-Evangelista</FONT> CGU mainly included of the assets used for the construction activity related to the
Company&#146;s business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This aggregation is the best reflection of how the Group currently makes its management decisions for the
generation of separate cash flows of the assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The recoverable amount is the higher of, the fair value less costs of disposal and the
value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a rate that reflects the weighted average capital cost employed for each CGU. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If the recoverable amount of a CGU is estimated to be less than its carrying amount, the carrying amount of the CGU is reduced to its
recoverable amount, and an impairment loss is recognized as an expense under &#147;Other operating results, net&#148; in the Consolidated Statement of Comprehensive Income. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Any impairment loss is allocated to the assets comprising the CGU on a <FONT STYLE="white-space:nowrap">pro-rata</FONT> basis based on their
carrying amount. Consequently, the basis for future depreciation or amortization will take into account the reduction in the value of the asset as a result of any accumulated impairment losses. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon the occurrence of new events or changes in existing circumstances, which prove that an impairment loss previously recognized could have
disappeared or decreased, a new estimate of the recoverable amount of the corresponding asset is calculated to determine whether a reversal of the impairment losses recognized in previous periods needs to be made. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the event of a reversal, the carrying amount of the asset (or the CGU) is increased to the revised estimate of its recoverable amount so
that the increased carrying amount does not exceed the carrying amount that would have been determined in case no impairment loss had been recognized for the asset (or the CGU) in the past. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2012 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.c.9) <U>Methodology used in the estimation of recoverable amounts</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The recoverable amount of fixed assets and intangible assets is generally estimated on the basis of their value in use, calculated on the basis
of future expected cash flows derived from the use of the assets, discounted at a rate that reflects the weighted average capital cost. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In
the assessment of the value in use, cash flow forecasts based on the best estimate of income and expense available for each CGU using sector inputs, past results and future expectations of business evolution and market development are utilized. The
most sensitive aspects included in the cash flows used in all the CGUs are the purchase and sale prices of hydrocarbons, outstanding regulations, estimation of cost increase, employee costs and investments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The cash flows from the exploration and production assets are generally projected for a period that covers the economically productive useful
lives of the oil and gas fields and is limited by the contractual expiration of the concessions permits, agreements or exploitation contracts. The estimated cash flows are based on production levels, commodity prices and estimates of the future
investments that will be necessary in relation to undeveloped oil and gas reserves, production costs, field decline rates, market supply and demand, contractual conditions and other factors. The unproved reserves are weighted with risk factors, on
the basis of the type of each one of the exploration and production assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The cash flows of the Refining and Marketing and Chemical
businesses are estimated on the basis of the projected sales trends, unit contribution margins, fixed costs and investment or divestment flows, in line with the expectations regarding the specific strategic plans of each business. However, cash
inflows and outflows relating to planned restructurings or productivity enhancements are not considered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The reference prices considered
are based on a combination of market prices available in those markets where the Company operates, also taking into consideration specific circumstances that could affect different products the Company commercializes and management&#146;s
estimations and judgments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Estimated net future cash flows are discounted to its present value using a rate that reflects the average
capital cost for each CGU. The rates used as of December&nbsp;31, 2012 for the different CGUs was 11.10%. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31,
2013 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.b.9) <U>Methodology used in the estimation of recoverable amounts</U> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Company&#146;s General Criteria: The recoverable amount of fixed assets and intangible assets is generally
estimated on the basis of their value in use, calculated on the basis of future expected cash flows derived from the use of the assets, discounted at a rate that reflects the weighted average capital cost. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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<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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the assessment of the value in use, cash flow forecasts based on the best estimate of
income and expense available for each CGU using sector inputs, past results and future expectations of business evolution and market development are utilized. The most sensitive aspects included in the cash flows used in all the CGUs are the
purchase and sale prices of hydrocarbons (including gas distribution applicable fees), outstanding regulations, estimation of cost increase, employee costs and investments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The cash flows from the exploration and production assets are generally projected for a period that covers the economically productive useful
lives of the oil and gas fields and is limited by the contractual expiration of the concessions permits, agreements or exploitation contracts. The estimated cash flows are based on production levels, commodity prices and estimates of the future
investments that will be necessary in relation to undeveloped oil and gas reserves, production costs, field decline rates, market supply and demand, contractual conditions and other factors. The unproved reserves are weighted with risk factors, on
the basis of the type of each one of the exploration and production assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Cash flows of the Downstream and YPF Energ&iacute;a
El&eacute;ctrica CGUs are estimated on the basis of the projected sales trends, unit contribution margins, fixed costs and investment or divestment flows, in line with the expectations regarding the specific strategic plans of each business.
However, cash inflows and outflows relating to planned restructurings or productivity enhancements are not considered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The reference
prices considered are based on a combination of market prices available in those markets where the Company operates, also taking into consideration specific circumstances that could affect different products the Company commercializes and
management&#146;s estimations and judgments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Estimated net future cash flows are discounted to its present value using a rate that
reflects the average capital cost for each CGU. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the valuation of the assets of the MetroGAS CGU, cash flows are developed based on
estimates of the future behavior of certain variables that are sensitive in determining the recoverable value, among which stands out: (i)&nbsp;the nature, timing and extension of tariff increases and cost adjustments recognition, (ii)&nbsp;gas
demand projections, (iii)&nbsp;evolution of costs to be incurred, and (iv)&nbsp;macroeconomic variables such as growth rate, inflation rate, foreign currency exchange rate, among others. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">MetroGAS prepared its projections on the understanding that it will get tariff increases according to the current economic and financial
situation of MetroGAS. Within these premises, and in terms of tariff increase estimations, the scenarios range from a tariff adjustment in order to meet adjustments obtained by other companies in that business up to a recovery of tariff levels
prevailing in 2001 and in relation to regional tariffs in South America, especially in Brazil and Chile. A probability approach has been used to weight the different scenarios assigning an outcome probability to each cash flow scenario projected,
based on current objective information. However, MetroGAS is unable to ensure that the realization of the assumptions used to develop these projections will be in line with its estimates, so they might differ significantly from the estimates and
assumptions used as of the date of preparation of these consolidated financial statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2014 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.b.9) Methodology used in the estimation of recoverable amounts </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Company&#146;s General Criteria: The recoverable amount of fixed assets and intangible assets is generally
estimated on the basis of their value in use, calculated on the basis of future expected cash flows derived from the use of the assets, discounted at a rate that reflects the weighted average capital cost. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In the assessment of the value in use, cash flow forecasts based on the best estimate of income and expense available for each CGU using sector
inputs, past results and future expectations of business evolution and market development are utilized. The most sensitive aspects included in the cash flows used in all the CGUs are the purchase and sale prices of hydrocarbons (including gas
distribution applicable fees), outstanding regulations, estimation of cost increase, employee costs and investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The cash flows from
the exploration and production assets are generally projected for a period that covers the economically productive useful lives of the oil and gas fields and is limited by the contractual expiration of the concessions permits, agreements or
exploitation contracts. The estimated cash flows are based on production levels, commodity prices and estimates of the future investments that will be necessary in relation to undeveloped oil and gas reserves, production costs, field decline rates,
market supply and demand, contractual conditions and other factors. The unproved reserves are weighted with risk factors, on the basis of the type of each one of the exploration and production assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Cash flows of the Downstream and YPF Energ&iacute;a El&eacute;ctrica CGUs are estimated on the basis of the projected sales trends, unit
contribution margins, fixed costs and investment or divestment flows, in line with the expectations regarding the specific strategic plans of each business. However, cash inflows and outflows relating to planned restructurings or productivity
enhancements are not considered. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The reference prices considered are based on a combination of market prices available in those markets
where the Company operates, also taking into consideration specific circumstances that could affect different products the Company commercializes and management&#146;s estimations and judgments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Estimated net future cash flows are discounted to its present value using a rate that reflects the average capital cost for each CGU. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For the valuation of the assets of the MetroGAS CGU, cash flows are developed based on estimates of the future behavior of certain variables
that are sensitive in determining the recoverable value, among which stands out: (i)&nbsp;the nature, timing and extension of tariff increases and cost adjustments recognition, (ii)&nbsp;gas demand projections, (iii)&nbsp;evolution of costs to be
incurred, and (iv)&nbsp;macroeconomic variables such as growth rate, inflation rate, foreign currency exchange rate, among others. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">MetroGAS prepared its projections on the understanding that it will get tariff increases
according to the current economic and financial situation of MetroGAS. Within these premises, and in terms of tariff increase estimations, the scenarios range from a tariff adjustment in order to meet adjustments obtained by other companies in that
business up to a recovery of tariff levels prevailing in 2001 and in relation to regional tariffs in South America, especially in Brazil and Chile. A probability approach has been used to weight the different scenarios assigning an outcome
probability to each cash flow scenario projected, based on current objective information. However, MetroGAS is unable to ensure that the realization of the assumptions used to develop these projections will be in line with its estimates, so they
might differ significantly from the estimates and assumptions used as of the date of preparation of these consolidated financial statements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial
Statements as of December&nbsp;31, 2015 </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1.b.9) <U>Methodology used in the estimation of recoverable amounts</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Group&#145;s General Criteria: The recoverable amount of fixed assets and intangible assets is generally estimated on the basis of their value
in use, calculated on the basis of future expected cash flows derived from the use of the assets, discounted at a rate that reflects the weighted average capital cost employed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the assessment of the value in use, cash flow forecasts based on the best estimate of income and expense available for each CGU using sector
inputs, past results and future expectations of business evolution and market development are utilized. The most sensitive aspects included in the cash flows used in all the CGU are the purchase and sale prices of hydrocarbons (including gas
distribution applicable fees), outstanding regulations, estimation of cost increase, employee costs and investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The cash flows from
the exploration and production assets are generally projected for a period that covers the economically productive useful lives of the oil and gas fields and is limiteed by the contractual expiration of the concessions permits, agreements or
exploitation contracts. The estimated cash flows are based on production levels, commodity prices and estimates of the future investments that will be necessary in relation to undeveloped oil and gas reserves, production costs, field decline rates,
market supply and demand, contractual conditions and other factors. The unproved reserves are weighted with risk factors, on the basis of the type of each one of the exploration and production assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Downstream cash flows are estimated on the basis of the projected sales trends, contribution margins by unit, fixed costs and investment flows,
in line with the expectations regarding the specific strategic plans of each business. However, cash inflows and outflows relating to planned restructurings or productivity enhancements are not considered. The projections evaluation horizon is 10
years, considering an annual rent for the last period, based on the long useful life of this GCU assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The reference prices considered
are based on a combination of market prices available in those markets where the Group operates, also taking into consideration specific circumstances that could affect different products the Group commercializes and management&#146;s estimations
and judgments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Estimated net future cash flows are discounted to its present value using a rate that reflects the weighted average capital
cost employed for each CGU. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>2.b.9) Methodology used in the estimation of recoverable amounts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The methodology used to estimate the recoverable amount of property, plant and equipment and intangible assets consists of using the higher of:
i) the calculation of the use value, based on expected future cash flows from the use of such assets, discounted at a rate that reflects the weighted average cost of the allocated principal amount, and if available, ii) the price that would be
received in a regular transaction between market participants to sell the asset as of the date of these consolidated financial statements, less the disposal costs of such assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the assessment of the value in use, cash flow forecasts based on the best estimate of income and expense available for each CGU using sector
inputs, past results and future expectations of business evolution and market development are utilized. The most sensitive aspects included in the cash flows used in all the CGU are the purchase and sale prices of hydrocarbons (including applicable
gas distribution fees), outstanding regulations, estimates of cost increases, personnel costs and investments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The cash flows from
Upstream assets are generally projected for a period that covers the economically productive useful lives of the oil and gas fields and is limited by the contractual expiration of the concession permits, agreements or exploitation contracts. The
estimated cash flows are based on production levels, commodity prices and estimates of the future investments that will be necessary in relation to undeveloped oil and gas reserves, production costs, field decline rates, market supply and demand,
contractual conditions and other factors. The unproved reserves are weighted with risk factors, on the basis of the type of each one of the Upstream assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Downstream and Gas and Power cash flows are estimated on the basis of projected sales trends, contribution margins by unit, fixed costs and
investment flows, in line with the expectations regarding the specific strategic plans of each business. However, cash inflows and outflows relating to planned restructurings or productivity enhancements are not considered. The projections&#146;
evaluation horizon is 10 years, considering annual rent for the last period, based on the long useful life of these CGU assets. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
reference prices considered are based on a combination of market prices available in those markets where the Group operates, also taking into consideration specific circumstances that could affect different products the Group commercializes and
management&#146;s estimations and judgments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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<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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT V </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2012 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Crude oil and natural gas reserves </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Estimating
crude oil and gas reserves is an integral part of the Company&#146;s decision-making process. The volume of crude oil and gas reserves is used to calculate the depreciation using unit of production ratio and to assess the impairment of the
capitalized costs related to the exploration and production assets (see Notes 1.c.8 and 1.c.9). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">YPF prepares its estimates of crude oil and gas reserves
in accordance with the rules and regulations established for the oil and gas industry by the U.S. Securities and Exchange Commission (&#147;SEC&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2013 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Crude oil and natural gas reserves </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Estimating
crude oil and gas reserves is an integral part of the Company&#146;s decision-making process. The volume of crude oil and gas reserves is used to calculate the depreciation using unit of production ratio and to assess the impairment of the
capitalized costs related to the exploration and production assets (see Notes 1.b.8 and 1.b.9). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company prepares its estimates of crude oil and gas
reserves in accordance with the rules and regulations established for the crude oil and natural gas industry by the U.S. Securities and Exchange Commission (&#147;SEC&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2014 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Crude oil and natural gas reserves </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Estimating
crude oil and gas reserves is an integral part of the Company&#146;s decision-making process. The volume of crude oil and gas reserves is used to calculate the depreciation using unit of production ratio and to assess the impairment of the
capitalized costs related to the exploration and production assets (see Notes 1.b.8 and 1.b.9). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The company prepares its estimates of crude oil and gas
reserves in accordance with the rules and regulations established for the crude oil and natural gas industry by the U.S. Securities and Exchange Commission (&#147;SEC&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </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">


<IMG SRC="g171913g0410111739775.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2015 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Crude oil and natural gas reserves </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Estimating
crude oil and gas reserves is an integral part of the Company&#146;s decision-making process. The volume of crude oil and gas reserves is used to calculate the depreciation using unit of production ratio and to assess the impairment of the
capitalized costs related to the exploration and production assets (see Notes 1.b.8 and 1.b.9 and last paragraph of this note) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group prepares its
estimates of crude oil and gas reserves in accordance with the rules and regulations established for the crude oil and natural gas industry by the U.S. Securities and Exchange Commission (&#147;SEC&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Statements as of December&nbsp;31, 2016 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Crude oil and natural gas reserves </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Estimating
crude oil and gas reserves is an integral part of the Company&#146;s decision-making process. The volume of crude oil and gas reserves is used to calculate the depreciation using unit of production ratio and to assess the impairment of the
capitalized costs related to the exploration and production assets (see Notes 1.b.8 and 1.b.9 and last paragraph of this note) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Group prepares its
estimates of crude oil and gas reserves in accordance with the rules and regulations established for the crude oil and natural gas industry by the U.S. Securities and Exchange Commission (&#147;SEC&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT VI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Report issued by an accounting expert appointed by the court in the case entitled &#147;PAZ HERRERA, RICARDO ADRIAN VS. YPF S.A. ON ORDINARY
PROCEEDINGS&#148; File Number 16320/2019, brought by the shareholder Mr.</U><U></U><U>&nbsp;Ricardo Paz Herrera on annulment of Shareholders&#146; Meeting held on April</U><U></U><U>&nbsp;27, 2018.</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;The methodology used to estimate the impairment charge in fiscal year ended on December&nbsp;31, 2016 is compatible to record the reversal charge in
fiscal year ended on December&nbsp;31, 2017. This conclusion is reached based on the following: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(i) Analysis of Financial Statements as of
December&nbsp;31, 2017 and December&nbsp;31, 2016, and their notes. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(ii) The methodology used for its calculation is described in the notes of both
fiscal years, and it is observed that it does not change from one fiscal year to the other. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(iii) It is in line with the provisions of
International Accounting Standard (IAS) 36 on impairment in value of the assets, whereby the ways in which an asset that may be impaired are identified. This is particularly explained in item 8 of such standard, and in items 110 to 116 which
establish the requirements to revert a loss for impairment in value, already recognized in previous fiscal years, for an asset or a cash generating unit. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(iv) The auditor&#146;s report does not make any reference to any qualification or observation regarding the system used from one fiscal year to the other.
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>(v) It complies with the provisions of Technical Resolution No.&nbsp;16 in terms of comparability, i.e, the same standards (uniformity or
consequence) are maintained. In so far as this is concerned, the measurement criterion used is its historical value as described in notes 2.b.6 and 2.b.9 to financial statements 2016 and 2017 regarding the methodology to estimate the recoverable
amount.&#148; </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Report issued by the technical consultant appointed by YPF S.A. in the case mentioned above: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The report showed similar conclusions to the ones drawn by the court-appointed accountant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In relation to the application of an accounting charge for impairment of property, plant and equipment, the technical consultant appointed by YPF S.A.
concluded that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;Based on the above, YPF S.A. complied with the general accounting principles or the applicable accounting standard. The Company
adopts the cost value method and not the fair value method. The particular feature of the cost value method is that it requires estimating, on a yearly basis, if the assets value exceeds or not the recoverable amount. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>There are two options to determine the recoverable amount: the fair value itself, in so far as independent third parties&#146; assessments are available or
similar transactions have been performed, or the discounted cash flow method. This is useful to determine if the asset value recorded by the Company does not exceed the assets recoverable amount. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Therefore, what the Company did, both in 2016 and 2017, was to determine through the discounted cash flow, if its assets value exceeded that discounted
cash flow. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>In 2016, it clearly exceeded it; therefore, an impairment in assets value was recognized.&#148; </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Likewise, in the &#147;Conclusions&#148; chapter, the accounting expert reports as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>&#147;Technical Resolution No.&nbsp;26, in its Exhibit I, lists the current IFRS that must be applied, among which IAS 36 specifically refers to the
&#147;Impairment in assets value&#148;. Thus, YPF applies the methodology established in IAS 36 to determine the recoverable amount of its assets. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The purpose of IAS 36 is to establish the procedures that a unit must apply to make sure its assets are not carried at more than their recoverable amount.
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This standard considers that an asset will be carried at an amount above its recoverable amount when its carrying value exceeds that amount that
may be recovered from the asset through its use or sale. Should this be the case, the asset would appear as impaired, and the Standard requires the entity to recognize an impairment loss for the impairment in value of such asset. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>To such effect, the entity has to evaluate, on the closing date of each balance sheet, if there is an indication of impairment in value for an asset. If
so, the entity must estimate the recoverable amount for the asset. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Regardless of the existence of an indication of impairment in value, the entity
must also annually check the impairment in value for each asset, comparing its carrying amount with its recoverable amount. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Should there be an
indication of impairment in value for a particular asset, the recoverable amount will be estimated for the asset individually considered. If it were not possible to estimate the recoverable amount for the individual asset, the entity will determine
the recoverable amount of the cash generating unit (&#147;CGU&#148;) to which the asset belongs. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The CGU is the smaller identifiable group of
assets which generates cash inflows for the entity which are, to a great extent, independent from the cash flows derived from other assets or groups of assets. The recoverable amount of an asset or a CGU is the higher of its fair value less disposal
costs and its value in use. If either amount is higher than the carrying amount of the asset, there would not be any impairment in value and, therefore, no adjustment would be required. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The fair value less the disposal cost is the amount that may be obtained from the sale of an asset or CGU, in an arm&#146;s length transaction, between
interested and duly informed parties, less the disposal or sales cost by any other means. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The value in use is the current value of estimated
future cash flows which may be expected from an asset or CGU. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The carrying amount of an asset will be reduced until it reaches its recoverable
amount if, and only if, this recoverable amount is lower than the carrying amount. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This reduction is called &#147;impairment loss&#148;. The
impairment loss must be immediately recognized in the result for the fiscal year. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>In other words, the recoverable amount is the higher of its fair
value less costs of disposal and its value in use. In calculating the value in use, the estimated future cash flows are discounted to their present value using a rate that reflects the weighted average cost of the capital employed for the Group.
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>If the recoverable amount of a CGU is lower than its carrying amount, then its carrying amount is reduced to its recoverable amount, and an
impairment loss is recognized in the statement of income. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Impairment losses are distributed among the assets of the CGU in proportion to their carrying amount.
Consequently, once an impairment loss corresponding to an amortizable asset is recorded, the basis for future amortization will take into account the reduction in the value of the asset as a result of any accumulated impairment losses. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Upon the occurrence of new events or changes in existing circumstances, which prove that an impairment loss recognized in a previous fiscal year could have
disappeared or decreased, a new estimate of the recoverable amount of the corresponding asset is performed, to determine whether a reversal of the impairment loss recognized in previous fiscal years needs to be made. See Note 2.c. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>In the event of a reversal, the carrying amount of the asset (or the CGU) is increased to the revised estimate of its recoverable amount so that the new
increased amount does not exceed the carrying amount that would have been determined in case no impairment loss had been recognized for the asset (or the CGU) in previous fiscal years. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>As explained in the notes to YPF&#146;s financial statements, the Company applied IAS 36 to determine the recoverable amount for its assets in both fiscal
years under analysis. </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>YPF S.A. Shareholders&#146; Meeting of April 30, 2021 - Item 22 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Report of YPF S.A.&#146;s Audit Committee </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Management of YPF S.A. (&#147;Management&#148; and the &#147;Company&#148;, respectively) has informed the Audit Committee that the
Company has to comply with the judgment rendered by the National Court of Appeals in Commercial Matters, Division C, in the case entitled PAZ HERRERA RICARDO ADRIAN VS. YPF S.A. ON ORDINARY PROCEEDINGS (ANNULMENT OF SHAREHOLDERS&#146; MEETING) (File
15221/2017), in relation to the motion filed by the shareholder for the annulment of the General Ordinary and Extraordinary Shareholders&#146; Meeting held on April&nbsp;28, 2017, at which the financial statements for fiscal year ended
December&nbsp;31, 2016 were approved. The aforementioned judgment orders as follows:<I> &#147;To reject the annulment in itself but place on the company the obligation to include in its next shareholders&#146; meeting, as a separate item of the
agenda, the determination of whether the impairment charge at issue was correctly applied or not, considering to such effect the criteria applied in previous fiscal years, providing the required information, with an opinion of the audit committee
and the supervisory bodies and, if appropriate, correcting what should be corrected so that the current financial statements reflect the real situation.&#148;.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. In order to comply with the decision of the above mentioned Court, this Opinion is issued within the framework of the Audit Committee&#146;s
powers and duties under the applicable regulations, including, without limitation, &#147;<I>To supervise the operation of internal control systems and the administrative-accounting system, as well as the reliability of the latter and all financial
information or other significant events filed with the National Securities Commission and the markets in compliance with the applicable reporting system</I>&#148; (section 110, b) Law No.&nbsp;26,831 on Capital Markets). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Along these lines, and in compliance with the above mentioned decision, the scope of the work of YPF S.A.&#146;s Audit Committee has been
limited to the verification of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company&#146;s financial statements for fiscal year ended December&nbsp;31, 2016 (the &#147;Financial
Statements 2016&#148;) in which the impairment charge of property, plant and equipment for such fiscal year (the &#147;Impairment Charge&#148;) was recorded. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Supervisory Committee&#146;s Report on the Financial Statements 2016, dated March&nbsp;9, 2017, in which it
is concluded that, in the Supervisory Committee&#146;s opinion, said Financial Statements 2016 fairly present, in all material respects, the financial position of YPF S.A. and its controlled companies as of December&nbsp;31, 2016, and the
comprehensive results of its operations, changes in shareholders&#146; equity and cash flows for the fiscal year ended on such date, in accordance with the provisions of Technical Resolution No.&nbsp;26 of the FACPCE on the preparation of individual
financial statements of a controlling entity, and the International Financial Reporting Standards, as applicable. With respect to the Company&#146;s financial statements ended December&nbsp;31, 2016, taken as a whole, it is concluded that the
Additional Information to the notes to the individual financial statements required under Section No.&nbsp;68 of the Buenos Aires Stock Exchange Listing Regulations and section 12, chapter III, Title IV of the National Securities Commission
Regulations (Technical Regulation 2013) is fairly presented in all material respects. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Independent Auditors&#146; Report on Financial Statements 2016, dated March&nbsp;9, 2017, in which it is
concluded that, in their opinion, such Financial Statements 2016 fairly present, in all material respects, the financial position of YPF S.A. and its controlled companies as of December&nbsp;31, 2016, and the comprehensive results, changes in
shareholders&#146; equity and cash flows for the fiscal year ended on such date, in accordance with the International Financial Reporting Standards. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The review conducted by the Audit Committee at its meeting held on March&nbsp;8, 2017, at which the most
relevant aspects of Financial Statements 2016 were analyzed and, taking into account compliance with applicable regulations, expressed its conformity therewith. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The approval of Financial Statements 2016 by the Company&#146;s Board of Directors at its meeting held on
March&nbsp;9, 2017, at which the Audit Committee expressed its conformity with such Financial Statements. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The treatment of Financial Statements 2016 and their approval by the General Ordinary and Extraordinary Meeting
of Shareholders held on April&nbsp;28, 2017 and, in particular, the explanations given by the Company regarding the Impairment Charge. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The report of the independent auditors registered with the PCAOB (Public Company Accounting Oversight Board) on
the efficient operation of the internal financial reporting control system, included in Annual Report 20F for fiscal year ended December&nbsp;31, 2016, dated April&nbsp;7, 2017. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The CFO&#146;s and CEO&#146;s certifications on the appropriate operation of the internal control system in the
financial reporting process, included in Annual Report 20F for fiscal year ended December&nbsp;31, 2016, dated April&nbsp;7, 2017. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Financial Statements for years 2017, 2018, 2019 and 2020 and their corresponding reports of the independent
auditors and the supervisory committee, which conclude that the financial information published is reasonable, without any remarks with regard to previous fiscal years. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Audit Committee reviewed the legal report of the Vice Presidency of Legal Services dated April&nbsp;8, 2021, containing a summary of the background
information and evolution of the judicial approach that gives rise to the judgement mentioned in point 1 of this report, which is attached as Exhibit A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the board of Directors have requested the Management and we have reviewed, a detailed report dated April&nbsp;8, 2021 on the application of the
Impairment Charge to Financial Statements 2016, and considerations regarding its application in previous fiscal years, which is attached as Exhibit B. It follows from the report that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) the impairment charge has been correctly applied to Financial Statements 2016 following the guidelines of the International Financial Reporting Standards
(&#147;IFRS&#148;) and, in particular, IFRS 36, and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) the accounting standards and the accounting policy related to impairment of property, plant and
equipment have been applied in a consistent and uniform manner with respect to previous fiscal years since 2012 (year of adoption of the International Financial Reporting Standards by the National Securities Commission). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Based on the work conducted &#150;mentioned in the previous item&#150; and in the exercise
of the powers and duties assigned to it under the applicable regulations, YPF S.A.&#146;s Audit Committee: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ratifies that the procedures followed in
connection with the Impairment Charge of property, plant and equipment in Financial Statements 2016 have been correctly applied in accordance with the accounting standards; and that the accounting policy used by the Company has been consistent and
uniform with the accounting policy applied in the previous fiscal years since 2012, when the IFRS were adopted. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the City of Buenos Aires, on
April&nbsp;8, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Audit Committee of YPF S.A.</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top">Ramiro Manzanal</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top">Chairman of the Audit Committee of YPF S.A.</TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </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 S.A. Shareholders&#146; Meeting of April 30, 2021 - Item 22 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Special Report of the Supervisory Committee of YPF S.A. issued in compliance with the requirements in the case entitled PAZ HERRERA
RICARDO ADRIAN VS. YPF S.A. ON ORDINARY PROCEEDINGS (ANNULMENT OF SHAREHOLDERS&#146; MEETING) (File 15221/2017) </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To the shareholders of </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>YPF Sociedad An&oacute;nima </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Overview: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. We issue this Special Report within the scope of the duties assigned to this Supervisory Committee under section 294 of the General Corporations Law (<I>Ley
General de Sociedades</I>) No.&nbsp;19,550, so that Shareholders may comply with the judgment rendered by the National Court of Appeals in Commercial Matters, Division C, in the case entitled PAZ HERRERA RICARDO ADRIAN VS. YPF S.A. ON ORDINARY
PROCEEDINGS (ANNULMENT OF SHAREHOLDERS&#146; MEETING) (File 15221/2017), in relation to the motion filed by the shareholder for the annulment of the General Ordinary and Extraordinary Shareholders&#146; Meeting held on April&nbsp;28, 2017, at which
the financial statements for fiscal year ended December&nbsp;31, 2016 were approved. The aforementioned judgment orders as follows:<I> &#147;To reject the annulment in itself but place on the company the obligation to include in its next
shareholders&#146; meeting, as a separate item of the agenda, the determination of whether the impairment charge at issue was correctly applied or not, considering to such effect the criteria applied in previous fiscal years, providing the required
information, with an opinion of the audit committee and the supervisory bodies and, if appropriate, correcting what should be corrected so that the current financial statements reflect the real situation.&#148;</I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management Responsibility </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The Board of Directors of
the Company is responsible for preparing and presenting the financial statements in compliance with Argentine professional accounting standards. Besides, the Board of Directors is responsible for the existence of an internal control system it deems
necessary to allow for the preparation of financial statements free from material misstatements arising from errors or irregularities. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Scope of our
work: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Our work was performed in compliance with the statutory audit standards in force. Under such standards financial statements must be prepared
in accordance with the audit standards in force and must also check the reasonableness of the material information contained in the reviewed documents and their consistency with the other information related to corporate decisions informed to us,
disclosed in the Minutes of Board of Directors&#146; and Shareholders&#146; Meetings, as well as compliance of such decisions with the law and the <FONT STYLE="white-space:nowrap">by-laws,</FONT> in their formal and documentary aspects. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The scope of this Special Report is limited to the review of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Company&#146;s financial statements for fiscal year ended December&nbsp;31, 2016 (&#147;Financial
Statements 2016&#148;), reason for the plaintiff&#146;s complaint, in which the impairment charge of property, plant and equipment for such fiscal year (the &#147;Impairment Charge&#148;) was recorded. </P></TD></TR></TABLE>
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="5%" VALIGN="top" ALIGN="left">b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The report of the independent auditors of the Company, Deloitte&nbsp;&amp; Co. S.A. on the Financial Statements
2016, dated March&nbsp;9, 2017, mentioned in the previous paragraph, in which it is concluded that, in their opinion, such Financial Statements 2016 fairly present, in all material respects, the financial position of YPF S.A. and its controlled
companies as of December&nbsp;31, 2016, and the comprehensive results, changes in shareholders&#146; equity and cash flows for the fiscal year then ended, in accordance with the International Financial Reporting Standards. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Supervisory Committee&#146;s Report on the Financial Statements 2016, dated March&nbsp;9, 2017, mentioned
in paragraph a), in which it is concluded that, in their opinion, said Financial Statements 2016 fairly present, in all material respects, the financial position of YPF S.A. and its controlled companies as of December&nbsp;31, 2016, and the
comprehensive results of its operations, changes in shareholders&#146; equity and cash flows for the fiscal year ended on such date, in accordance with the provisions of Technical Resolution No.&nbsp;26 of the FACPCE on the preparation of individual
financial statements of a controlling entity, and the International Financial Reporting Standards, as applicable. With respect to the Company&#146;s financial statements ended December&nbsp;31, 2016, taken as a whole, it is concluded that the
Additional Information to the notes to the individual financial statements required under Section No.&nbsp;68 of the Buenos Aires Stock Exchange Listing Regulations and section 12, chapter III, Title IV of the National Securities Commission
Regulations (Technical Regulation 2013) is fairly presented in all material respects. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The review performed by the Audit Committee at its meeting of March&nbsp;8, 2017, at which the most relevant
aspects of the mentioned Financial Statements 2016 were analyzed, in relation to the &#147;Impairment Charge&#148;, considering the compliance with the applicable regulations and the Opinion issued as a result of such analysis.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The approval of Financial Statements 2016 by the Company&#146;s Board of Directors at its meeting held on
March&nbsp;9, 2017, at which the Audit Committee expressed its conformity with such Financial Statements. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The treatment of Financial Statements 2016 and their approval by the General Ordinary and Extraordinary Meeting
of Shareholders held on April&nbsp;28, 2017 and, in particular, the explanations given by the Company regarding the Impairment Charge. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&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%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The financial statements for fiscal years 2017, 2018, 2019 and 2020, and the respective reports of the
Company&#146;s independent auditor, Deloitte&nbsp;&amp; Co. S.A., and of the Supervisory Committee, which conclude that the financial information published is reasonable, without any remarks with regard to previous fiscal years.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The report prepared by the Company&#146;s Management for the purpose of complying with the judgment that gave
rise to this report, dated April&nbsp;8, 2021, in which it explains the application of the Impairment Charge to Financial Statements 2016, including considerations regarding its application in previous fiscal years, which is attached as Exhibit A.
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In our opinion, based on the work performed and with the scope described above, we have no objections to make in relation to the procedures
implemented to determine the Impairment Charge of property, plant and equipment in Financial Statements 2016, which have been correctly applied in accordance with professional accounting standards; and regarding the accounting policy used by the
Company we have no evidence that it has not been consistent and uniform with the accounting policy applied in the previous fiscal years since 2012, when the IFRS were adopted. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">In the City of Buenos Aires, on April&nbsp;8, 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Supervisory Committee of YPF S.A. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Guillermo Stok</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">For the Supervisory Committee of YPF S.A.</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
