(1)	Nominal annual interest rate as of December 31, 2021.

(2)	Disclosed net of 360 and 326 corresponding to YPF’s own NO repurchased through open market transactions, as of December 31, 2021 and 2019, respectively.

(3)	Includes 61,811, 20,496 and 4,643 as of December 31, 2021, 2020 and 2019, respectively, of nominal value of negotiable obligations that will be canceled in Pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 4,602, 4,602 and 15,850 as of December 31, 2021, 2020 and 2019, respectively, of nominal value of NO that will be canceled in dollars at the applicable exchange rate according to the conditions of the issued series.

(5)	Includes 174, 4,791 and 4,933 as of December 31, 2021, 2020 and 2019, respectively, of pre-financing of exports granted by BNA, which accrue a 5.50%, 5.85% and 6.89%, respectively, weighted average rate.

The breakdown of the Group’s borrowings as of the fiscal year ended on December 31, 2021, 2020 and 2019 is as follows:

	2021			2020			2019
Balance at beginning of the year		678,306			526,760			335,078

Proceeds from loans		97,420			139,018			97,351
Payments of loans		(161,016	)		(174,913	)		(93,456	)
Payments of interest		(58,454	)		(60,681	)		(41,606	)
Accrued interest (1)		66,950			58,979			44,570
Net exchange differences and translation		136,280			187,455			185,420
Result from debt exchange		(1,855	)		2,097			—
Result from net monetary position (2)		(416	)		(409	)		(597	)

Balance at the end of the year		757,215			678,306			526,760

(1)	Includes capitalized financial costs.

(2)	Includes adjustment for inflation of opening balances of loans in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results.

The maximum nominal amount at any time outstanding of the NO Programs of US$ 10,000 million or its equivalent in other currencies.

Additionally, YPF is registered as a Frequent Issuer with the CNV under No.4 since December 2018. On January 7, 2021, the Company’s Board of Directors resolved to authorize an issuance amount of up to US$ 6,500 million or its equivalent in other currency under the Frequent Issuer regime.

Details regarding the NO of the Group are as follows:


														2021				2020				2019
Month	Year			Principal Value		Ref.		Class	Interest rate (1)			Principal Maturity		Non-current		Current		Non-current		Current		Non-current		Current
YPF
—	1998	US$	15		(1)(6)		—		Fixed	10.00	%		2028		1,521		26		1,245		20		886		15
April	2013	$	2,250		(2)(4)(6)(7)		Class XVII		—	—			—		—		—		—		—		—		1,217
June	2013	$	1,265		(2)(4)(6)		Class XX		—	—			—		—		—		—		—		—		643
July	2013	US$	92		(2)(5)(6)		Class XXII		—	—			—		—		—		—		—		—		729
April, February, October	2014/15/16	US$	1,522		(2)(4)(6)		Class XXVIII		Fixed	8.75	%		2024		62,193		28,598		127,938		2,705		91,010		1,925
March	2014	$	500		(2)(6)(7)		Class XXIX		—	—			—		—		—		—		—		—		206
September	2014	$	1,000		(2)(6)(7)		Class XXXIV		BADLAR + 0.1%	34.27	%		2024		334		213		500		224		667		279
February	2015	$	950		(2)(6)(7)		Class XXXVI		—	—			—		—		—		—		—		—		1,161
April	2015	$	935		(2)(4)(6)		Class XXXVIII		—	—			—		—		—		—		—		—		349
April	2015	US$	1,500		(2)(6)		Class XXXIX		Fixed	8.50	%		2025		116,140		4,167		126,075		4,554		89,416		3,230
September	2015	$	1,900		(2)(6)(7)		Class XLI		—	—			—		—		—		—		—		—		719
September, December	2015/19	$	5,196		(2)(4)(6)		Class XLII		—	—			—		—		—		—		—		—		5,952
October	2015	$	2,000		(2)(6)(7)		Class XLIII		BADLAR	34.17	%		2023		667		755		1,333		794		2,000		183
March, January	2016/20	$	5,455		(2)(4)(6)		Class XLVI		—	—			—		—		—		—		6,116		1,350		251
March	2016	US$	1,000		(2)(6)		Class XLVII		—	—			—		—		—		—		35,488		59,790		1,383
April	2016	US$	46		(2)(5)(6)		Class XLVIII		—	—			—		—		—		—		—		—		2,785
April	2016	$	535		(2)(6)		Class XLIX		—	—			—		—		—		—		—		—		593
July	2016	$	11,248		(2)(6)(8)		Class L		—	—			—		—		—		—		—		—		12,902
May	2017	$	4,602		(2)(6)(8)		Class LII		Fixed	16.50	%		2022		—		4,712		4,602		110		4,602		108
July, December	2017	US$	1,000		(2)(6)		Class LIII		Fixed	6.95	%		2027		83,658		2,531		84,920		2,588		60,399		1,890


														2021				2020				2019
Month	Year		Principal Value		Ref.	Class		Interest rate (1)				Principal Maturity		Non-current		Current		Non-current		Current		Non-current		Current
December		2017	US$	750	(2)(6)		Class LIV		Fixed	7.00	%		2047		54,702		154		62,309		176		44,311		126
June		2019	US$	500	(6)(9)		Class I		Fixed	8.50	%		2029		40,740		39		41,828		40		29,748		17
December		2019	$	1,683	(6)(9)		Class II		—	—			—		—		—		—		—		—		1,729
December, April, May, June		2019/20	$	3,708	(6)(9)		Class III		—	—			—		—		—		—		—		—		1,189
December		2019	US$	19	(5)(6)(9)		Class IV		—	—			—		—		—		—		—		—		1,179
January		2020	$	2,112	(6)(9)		Class V		—	—			—		—		—		—		2,261		—		—
January, March		2020	$	5,006	(6)(9)		Class VI		—	—			—		—		—		—		5,366		—		—
January		2020	US$	10	(5)(6)(9)		Class VII		—	—			—		—		—		—		840		—		—
March		2020	US$	9	(6)(9)		Class VIII		—	—			—		—		—		—		755		—		—
March		2020	US$	4	(6)(9)		Class IX		—	—			—		—		—		—		331		—		—
May		2020	US$	93	(5)(6)(9)		Class XI		—	—			—		—		—		—		7,836		—		—
June		2020	US$	78	(5)(6)(9)		Class XII		Fixed	1.50	%		2022		—		7,688		6,587		5		—		—
July		2020	US$	543	(6)(9)		Class XIII		Fixed	8.50	%		2025		21,652		9,353		39,784		6,706		—		—
December, February		2020/21	US$	143	(5)(6)(9)		Class XIV		Fixed	2.00	%		2023		14,701		22		5,691		8		—		—
December		2020	$	2,316	(6)(9)		Class XV		—	—			—		—		—		—		2,383		—		—
February		2021	US$	775	(6)(9)		Class XVI		Fixed	4.00	%		2026		75,944		899		—		—		—		—
February		2021	US$	748	(6)(9)		Class XVII		Fixed	2.50	%		2029		73,484		18		—		—		—		—
February		2021	US$	576	(6)(9)		Class XVIII		Fixed	1.50	%		2033		52,658		1,015		—		—		—		—
February		2021	$	4,128	(6)(9)(10)		Class XIX		Fixed	3.50	%		2024		5,896		20		—		—		—		—
July		2021	US$	384	(5)(9)		Class XX		Fixed	5.75	%		2032		39,429		1,007		—		—		—		—

															643,719		61,217		502,812		79,306		384,179		40,760

(1)	Corresponds to the 1997 M.T.N. Program for US$ 1,000 million.

(2)	Corresponds to the 2008 M.T.N. Program for US$ 10,000 million.

(3)	Nominal annual Interest rate as of December 31, 2021.

(4)	The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded.

(5)	The payment currency of these Negotiable Obligations is the Peso at the Exchange rate applicable under the terms of the series issued.

(6)	As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(7)	NO classified as productive investments computable as such for the purposes of section 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau.

(8)	The payment currency of this issue is the dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series.

(9)	Corresponds to the Frequent Issuer program.

(10)	The payment currency of this issue is the peso at the UVA rate applicable in accordance with the conditions of the relevant issued series.

Exchange of NO

On July 2, 2020, YPF offered Class XIII NO denominated in dollars, accruing interest at a fixed rate of 8.5% redeemable, maturing in 2025, for a nominal value of up to US$ 950 million and a payment of US$ 100 in cash for each US$ 1,000 in principal amount, to be issued in exchange for Class XLVII NO issued on March 23, 2016 for a nominal value of US$ 1,000 million, maturing in 2021.

In addition, on July 13, 2020, YPF announced certain changes related to the offering, offering Class XIII NO for a nominal value of up to US$ 925 million and a payment of US$ 125 in cash for each US$ 1,000 in principal amount.

On July 31, 2020, the operation finally expired. The nominal value of the Class XLVII NO submitted to the exchange amounted to US$ 587.3 million, representing an adhesion of 58.73%. As a result of the transaction, YPF issued Class XIII NO for US$ 542.8 million and paid approximately US$ 90 million in cash (including accrued and unpaid interests on Class XLVII NO).

YPF assessed whether the instruments subject to exchange were substantially different, considering both qualitative (e.g., currency, term and rate) and quantitative aspects (if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received, and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability). In this regard, the Company recognizes the exchange of the NO as a modification in accordance with IFRS 9 “Financial instruments” due to the fact that the instruments subject to exchange are not substantially different. As a result of the transaction, YPF recognized a loss of 2,097 (see Note 28).

In the context of the foreign exchange restrictions established by Communication “A” 7,106 of the BCRA (see Note 35.g)) and after formal consultation to the BCRA, which was answered by the negative, with respect to possibility of complying to said regulation through the refinancing reached in July 2020 in relation to the Class XLVII NOs with maturity in 2021, and with the additional objective of easing the financial commitments of the Company for the next 2 years, on January 7, 2021, YPF launched an exchange offer of Classes XLVII, XXVIII, XIII, XXXIX, LIII, I and LIV NOs (the “Existing Negotiable Obligations”),

for new Classes XVI, XVII and XVIII NOs (the “New Negotiable Obligations”) denominated in dollars at a step up fixed interest rate, ranging from 1.5% to 9%, repayable between 2023 and 2033, including an initial cash payment for Class XLVII NOs.

The New Negotiable Obligations contain usual covenants, similar to those of the Existing Negotiable Obligations. In addition, Class XVI NOs are secured by (i) the assignment of collection rights arising from the export of certain exportable products under sale agreements entered into by YPF with widely recognized market traders; and (ii) a first pledge on YPF EE shares representing 50% of the outstanding capital stock and voting rights in this company, as long as at least 50% of the principal of Class XVI NOs remains outstanding.

On February 11, 2021, upon expiration of the early participation period for holders of Class XLVII NOs and the exchange offer for the rest of the Existing Negotiable Obligations, YPF announced that it had reached a global participation to the exchange of 32% and 59.8% of Class XLVII NOs. With such results, and taking into account that the refinancing of principal and interest of all Existing Negotiable Obligations that were included in the exchange largely exceeds the required 60% refinancing of the Class XLVII NO, on that same day the BCRA approved YPF’ s access to the free exchange market to pay the cash component offered to holders that submitted Class XLVII NO in exchange, and to pay Class XLVII NOs that were not exchanged at their maturity. In addition, the BCRA authorized access to the foreign exchange market for the payment of all Class VIII NOs due in March 2021 in the amount of approximately US$ 9 million.

Therefore, on February 12, 2021, and March 1 (closing date for late participation of Class XLVII NOs holders), YPF issued new Class XVI, XVII and XVIII NOs for a total principal amount of US$ 775.8 million, US$ 747.8 million and US$ 575.6 million, respectively, and tender instructions were received to submit the Existing Negotiable Obligation as detailed below:

Class XLVII NO for a principal amount of US$ 247.3

million.

Class XXVIII NO for a principal amount of US$ 656.4

million.

Class XIII NO for a principal amount of US$ 201.7

million.

Class XXXIX NO for a principal amount of US$ 368.2

million.

Class LIII NO for a principal amount of US$ 190.7

million.

Class I NO for a principal amount of US$ 101.0

million.

Class LIV NO for a principal amount of US$ 213.4

million.

YPF assessed whether the instruments subject to exchange were substantially different, considering both qualitative (e.g., currency, term, rate, among others) and quantitative aspects (if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received, and discounted using the original effective interest rates, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liabilities). In this regard, the Company recognized the exchange of the NOs as a debt modification according to IFRS 9 “Financial instruments” due to the fact that the instruments subject to exchange were not substantially different. As a result of the transaction, YPF recognized a profit of 1,855 (see Note 28).