Estudio O’Farrell and Tanoira Cassagne advise in the issuance of Series X Notes issued by YPF S.A. under the Frequent Issuer Regime

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Estudio O’Farrell and Tanoira Cassagne advise in the issuance of Series X Notes issued by YPF S.A. under the Frequent Issuer Regime

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Estudio O’Farrell advised YPF
S.A., as the issuer, and Tanoira Cassagne Abogados advised Banco
de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A. and Banco BBVA
Argentina S.A., as placement agents, in issuance of Series X Notes for AR$
993,481,586. The placement of the notes took place on April 15, 2020. 

The Series X Notes were issued under the frequent issuer regime (Régimen de
Emisor Frecuente) and was the first issuance of notes by an Argentine corporate
issuer in the local capital markets carried out 100% remotely in the context of
the emergency situation due to the worldwide pandemic of COVID-19

The Series X Notes were partially integrated in kind through the delivery of
(a) Series XVII Notes issued by YPF S.A. on April 30, 2013 under its Global
Program; (b) Series XLVIII Notes issued by YPF S.A. on April 18, 2016 under the
Global Program; and (c) Series XLIX Notes issued by YPF S.A. on April 18, 2016
under the Global Program.

The Notes are listed on the Mercado Abierto Electrónico S.A. (MAE) and they
have an assigned species in Euroclear Bank S.A./N.V.

Counsel to YPF S.A.

Estudio O’Farrell: Partner Uriel F. O’Farrell and Sebastián Luegmayer, and associate Alejo Muñoz de Toro.

Counsel to the organizers and placement agents.

Tanoira Cassagne Abogados: Partners Alexia Rosenthal and Jaime Uranga, and
associates Rocío Carrica, Ignacio Criado Díaz and María Belén López
Domínguez.

In-house counsel to the arrangers and placement agents.

Banco de Galicia y Buenos Aires S.A.U.: Enrique Cullen and Patricia Araujo.

Banco Santander Río
S.A.: Eduardo
Ramos
 and Clarisa Prado.

Banco BBVA Argentina S.A.: Eduardo González Correas, María Gabriela Mancuso and María Dolores
Distefano
.