Argentina has significant unconventional oil and gas resources, particularly in the Vaca Muerta shale formation which has potential reserves comparable to major US shale plays. YPF has been increasing investments and activity in developing the Vaca Muerta unconventionally, with a focus on reducing costs and improving productivity over time. Initial production results from vertical wells completed with hydraulic fracturing in the Vaca Muerta have been positive and trending upwards compared to earlier wells.

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

2. Disclaimer
Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.
This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform
Act of 1995.
These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its
management, including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of
operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s
plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership
interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic
and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of
future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be
beyond YPF’s control or may be difficult to predict.
YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic
concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other
projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other
conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such
forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and
demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of
market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory
developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project
delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange
Commission, in particular, those described in ―Item 3. Key Information—Risk Factors‖ and ―Item 5. Operating and Financial Review and Prospects‖ in YPF’s
Annual Report on Form 20-F for the fiscal year ended December 31, 2012 filed with the US Securities and Exchange Commission. In light of the foregoing, the
forward-looking statements included in this document may not occur.
Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it
clear that the projected performance, conditions or events expressed or implied therein will not be realized.
These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise.

3. Contents
1
YPF results
2
Unconventional potential in Argentina
3
Evolution of cost and productivity

4. Increased investments and activity
• Significant increase in investment during 2013
• Significant increase in activity
Rigs
Millions Dollars (*)
152%
+63%
63
46
2010
25
1230
Others
Downstream
Upstream
2011
2012
Sep-13
Workover (1)
73%
85
70
49
6M 2012
6M 2013
Investments as in Note 2.g. of the financial statements at Q2 2013. Converted to USD
at period – end exchange rate
2011
2012
Sep-13

5. Increased Production
Downward trend in production seen in recent years reversed; crude oil and
natural gas production for July above previous two quarters.
Natural gas production (Mm3/d)
Crude oil production (kbbl/d)
234.4
34.2
227.4
33.4
31.4
33
34.8
228.2
226.3
222.6
2011
2012
1Q'2013
2Q'2013
Jul'2013
2011
2012
1Q'2013
2Q'2013
Jul'2013

6. Contents
1
YPF results
2
Unconventional potential in Argentina
3
Evolution of cost and productivity

7. Argentina has the natural resources to increase production
Oil Potential
Gas Potential
(Bbbls)
(Tcf)
NOROESTE
CHACO
PARANAENSE
29
4,4
CUYANA
NEUQUINA
802
27
GOLFO
SAN JORGE
Conventional
(Gas 3P + Resources)
Unconventional
Unconventional
(resources)
Source: Secretaria de Energia / U.S. Energy Information
Administration (DOE) / Advanced Resources International
(ARI), 2013
Conventional
(Oil 3P + Resources)
AUSTRAL
(resources
4th in Unc. oil resources
2nd in Unc. gas resources

8. Vaca Muerta – World Class asset that can be massively developed
Comparable to US plays
Net YPF
Area 12,075 km2
77%
5%
18%
Area
EUR
20 - 40 Bbbl
100 - 200 TCF
Approximately 100 years
of current production
gas
gas
TOC (%)
Thickness (m)
Oil
Wet
US Best
Composite
30,000 km2
EUR
Dry
Vaca Muerta
Total
Windows(1)
Oil
Wet gas
Dry gas
Shale Oil and Gas
Key unconventional
acreage holders in America
Chesapeake
ExxonMobil
YPF
Chevron
Apache
Reservoir
Pressure (psi)
3 - 10
Marcellus
2 - 12
30 - 450
Eagle Ford
30 - 100
4,500 – 9,500
Haynesville
2,500 – 8,500

9. Oil: First pilot initial investment
First 20 km2 - pilot
1 cluster
Investment
1,240
20 km2
Massive
development
290 Km2
million dollars
Wells
+100
Drilling rigs
19
(as of December 2013)
Direct employees
+1,500
Neuquina basin
Vaca Muerta
700 drilling
300 transport
350 well services
160 stimulation

10. Contents
1
YPF results
2
Unconventional potential in Argentina
3
Evolution of cost and productivity

11. Unconventional Development Trends
Shale wells Qi evolution
45
Progress towards turning Vaca Muerta into a
highly profitable shale development
Qi oil average, M3/d
40
35
30
25
First Vaca Muerta reservoir simulation model (lead by
YPF team together with top North America shale experts)
20
15
10
Increased initial productions due to improved fracture
methodology and management of the draw down imposed
on the hydraulic fractures
5
Oct-10
Ene-11
Abr-11
Ago-11 Nov-11
Feb-12 May-12
Sep-12
Dic-12
Completion costs per vertical well
M USD
12
11.1
Renegotiated completion contracts generating savings
as efficiency and economies of scale increase
10.4
10
7.8
8
7
Decreased well cost by 10% during 2012
and completion by more than 20%
6
Initiated multi-pad drilling
4
2
0
2011
2012
1H 2013
2H 2013
Started pilot development targeting 130 wells in 2013,
now 19 drilling rigs active in North Loma La Lata

12. Production Evolution
Gas (km3/d)
10.000
Gas km³/d
Oil bbl/d
Oil (bbls/d)
9.000
8.000
7.000
6.000
700
600
500
400
5.000
4.000
300
3.000
200
2.000
100
1.000
0
0
Current production
+13,000 boe/day

13. The partner of choice
Key advantages in Argentina
YPF Expertise
• Long term contracts
• Main hydrocarbon producer
in Argentina
25/35 years, 12% royalties
• Excellent connectivity
and infrastructure
• 1,167 km crude oil transmission system 1 crude oil export pipeline to Chile
• 14,800 km gas transmission system 5.5 BCF/d
capacity - 12 international pipelines 2.5 BCF/d
• 10 refineries 639,000 bbl/d total capacity
• Promotion of Investment
Decree 929/13
• Investment over 1B US$ on Hydrocarbons Production
gives right to export up to 20% of the hydrocarbons
produced and free disposition of exports' proceeds.
• Improved Gas Prices
7,5 US$/Mbtu on new gas
(36% of Argentina total production)
• 93 concessions and 50 exploration
blocks
• Excellent Economy of scale
in its operations
• Leader in unconventional wells
in Argentina
3 times all companies combined
• 3rd largest unconventional acreage
holder in America
• Fully integrated company
(Uptream & Downstream)
• Leader in Vaca Muerta

14. Conclusions
Summary
A definite potential exists for Unconventionals outside of North America
Approach to developing Unconventionals outside of North America is different
Argentina has various sizeable Unconventional Oil & Gas plays that can be developed
Vaca Muerta is a world class shale resource that has been proven MATERIAL
and can be massively developed.
Opportunity exists to reduce development costs through fit for purpose technology,
estate of the art reservoir modeling, and logistics improvements.
Both Argentina and YPF are completely open to investment and partnerships in
developing Unconventionals
YPF is the leader and partner of choice

16. Project size - 35 years
Total
investments
Total
operating costs
Drilling
activity
+16.0
+9.0
+1,500
Billion USD
Billion USD
Cumulative
production
+750
Million BOE
New wells
Plateau production
+50,000
Oil Bbls per day
+3 million
m3 per day of gas

17. Unconventional opportunities
“Unconventional” Resources
Tested & Producing
NOROESTE
CHACO
PARANAENSE
4,4
Vaca Muerta (shale oil / gas)
Area 30,000 km2
OOIP 661 Bbbl (40 Bbbl)*
OGIP 1,181 TCF (117 TCF)*
CUYANA
Other Opportunities
Noroeste - Cretaceous
Yacoraite
(shale / tight oil & gas)
Noroeste - Tarija
Los Monos (shale gas)
GOLFO
SAN JORGE
Neuquina
Los Molles (shale / tight gas)
Agrio (shale oil)
D-129 (shale oil / tight oil)
NEUQUINA
Lajas (tight gas)
Mulichinco (tight oil / gas)
Golfo San Jorge
Neocomiano (shale oil / gas)
Chaco Paranaense
Devonian – Permian (shale oil)
AUSTRAL
Cuyana
Cacheuta (shale oil)
Potrerillos (tight oil)
Notes:
K: thousand; M: million; B: billion (109)
Austral
Inoceramus

18. Focus on value creation and new opportunities
• +29% prod. rate
Oil
• 251 Mbbl
Others
8%
Secondary Prod
14%
Shale oil
46%
• 5,380 wells
Exploitation
Primary Prod
32%
• +23% prod. rate
Gas
• 1.27 TCF
• 1,160 wells
Exploration
• 250 wells
Refining & Marketing *
• +44% diesel oil
• +24% gasoline
Notes:
* R&M includes Petrochemicals and Logistics / K: thousands; M: million; Bn: billion (109)
Others
8%
Infil
33%
Shale gas
32%
TightlGas
27%

19. Logistics optimization
Sand Transportation
• Sand Train transportation will allow for
• Substantial reduction of sand transportation cost and time
• Bulk transportation instead of big bags
• Central Storage Optimization in silos
• Optimized distribution with bulks
Water Sourcing & Distribution
• Water pipe network to minimize water truck transport
• River Water being pumped to the field
• Central fresh Water Pit storage
• Water pipe network for water pumping to well location

20. Performance of vertical wells for hydraulic fracturing
Vertical wells, hydraulic fracture in Vaca Muerta
Cumulative Oil,
avg bbls/well
40,000
D vs 2012: + 4,500 bbl
2010-2011: 15 wells
35,000
YPF 2012: 10 wells
YPF 2013: 36wells
Forecastt
Back up
30,000
25,000
20,000
15,000
10,000
5,000
0
0
1
2
3
4
5
6
7
8
9
10
11
12
Production months