Buenos Aires, March 1, 2024
COMISIÓN NACIONAL DE VALORES (“CNV”)
25
de Mayo 175
City of Buenos Aires
MERCADO ABIERTO
ELECTRÓNICO S.A. (“MAE”)
Maipú 1210
City of Buenos Aires
BOLSAS Y MERCADOS ARGENTINOS S.A.
(“ByMA”)
Sarmiento 299
City of Buenos Aires
Present
Ref.:
Portfolio Optimization Strategy. Consideration of transfer and reversion of conventional fields
Our highest consideration:
We are hereby writing to you in order to comply with the requirements of the Argentine Securities Commission and the corresponding rules of ByMA and MAE in
order to inform that, within the framework of the new strategy of YPF S.A. (the “Company” o “YPF”) to optimize its Conventional Upstream portfolio, with the purpose of making efficient capital allocation that
prioritizes assets of scale that provide greater profitability and resilience at different scenarios, the Company’s Board of Directors, at its meeting held on February 29, approved the optimization plan (through transfers and reversions)
of certain groups of Conventional Upstream assets - usually called “Mature Fields”. The Mature Fields comprising the asset group consist of a total of 55 areas (the “Assets”).
The abovementioned plan is consistent with the Company’s new management plans, which considers that the optimization of the conventional Upstream
portfolio is one of the drivers on which the YPF’s strategy is based, with focus on activities and investments in unconventional fields, with the ultimate objective of maximizing value for the Company, its shareholders and investors.
Finally, it is informed that pursuant to the International Financial Reporting Standards (IFRS) this decision will imply an assessment of the accounting
recoverable value of the Assets, evidencing an impairment indicator of its accounting value as of December 31, 2023. Consequently, a non-cash impairment is estimated as of the date hereof at approximately
USD 1,800 million (or approximately USD 1,200 million after taxes), which shall be considered in the annual financial statements of the Company as of December 31, 2023, to be informed in due course in accordance with applicable
regulation.
This estimate is based on preliminary information and subject to change during the ordinary review and audit process of the financial
statements as of December 31, 2023, and the current value of the adjustment to be included in such statements may differ from the current estimate. However, as of the date hereof, the Company considers that such estimate is reasonable based on
the information and analysis to date, and is not aware of any factors that could materially affect such estimate. Additionally, this communication includes forward-looking statements. These statements represent the Company’s current
expectations regarding future events, and are subject to known and unknown risks, uncertainties and other factors, including those described in the Company’s filings with the Argentine Securities Commission
(Comisión Nacional de Valores) and the U.S. Securities Exchange Commission (SEC), which could cause actual results or events to be materially different from those described in such statements. The Company
undertakes no obligation to update or revise these statements as a result of new information, recent events or any other reason, except as required by law.
Sincerely yours,
Pedro Kearney
Alternate Market Relations Manager
YPF S.A.