Estudio O’Farrell and Tanoira Cassagne advise in the issuance of the Additional Series III Notes issued by YPF S.A.

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Estudio O’Farrell and Tanoira Cassagne advise in the issuance of the Additional Series III Notes issued by YPF S.A.

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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 the Additional Series III Notes for a total amount of AR$
496,075,310. The placement took place on April 15, 2020 for an issue price of
AR$104.00 for each AR$ 100.00 of the nominal value of the Series III Notes
(which includes the accrued interest under the Series III Notes up to the date
of issuance). 

The Additional Series III 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 Additional Series III 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: Partners Uriel F. O’Farrell and Sebastián
Luegmayer
, and associate Alejo Muñoz de Toro.

Counsel to the arrangers 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