Withdrawal rights for the Exchange Offer expired at 5:00 p.m., New York City time on
Wednesday, September 18, 2024. Old Notes that have been validly tendered on or prior to the Early Participation Date cannot be withdrawn, except as may be required by applicable law. YPF has elected to exercise its right to accept the Old Notes
validly tendered at or prior to the Early Participation Date and exercise its Early Settlement Right. The early settlement date on which YPF will settle the Old Notes accepted in the Exchange Offer is expected to be September 20, 2024 (the
“Early Settlement Date”). The Exchange Offer is scheduled to expire at 5:00 p.m. (New York City time) on October 3, 2024 unless extended or earlier terminated (such date and time with respect to the Exchange
Offer, as the same may be extended with respect to the Exchange Offer, the “Expiration Date”).
The New Notes will be
issued as Additional New Notes (as defined in the Exchange Offer Memorandum) under the Indenture (as defined in the Exchange Offer Memorandum) pursuant to which the Company issued the New Money Notes on September 11, 2024, as supplemented by a
first supplemental indenture to be dated as of September 20, 2024. The New Notes will constitute a single series with, be assigned the same CUSIP and ISIN numbers as, and have the same terms and conditions as the New Money Notes.
Notwithstanding the foregoing, the New Notes offered and sold in reliance on Regulation S will be issued and maintained under temporary ISIN, CUSIP and Common Code numbers during a 40-day distribution
compliance period commencing on the date of issuance of the New Notes. After such 40-day distribution compliance period, the New Notes offered and sold in reliance on Regulation S will share the same ISIN and
CUSIP numbers as, and will be fungible with, the New Money Notes offered and sold in reliance on Regulation S.
On the terms and subject
to the conditions set forth in the Exchange Offer Memorandum, YPF will issue U.S.$40,187,700 aggregate principal amount of New Notes as exchange consideration for Old Notes accepted in connection with our Early Settlement Right. Considering the
aggregate principal amount of New Money Notes outstanding prior to the Early Settlement Date, the aggregate principal amount outstanding of 8.750% Senior Notes due 2031 after the Early Settlement Date is expected to be U.S.$540,187,700, considering
both the New Notes and the New Money Notes in the aggregate.
Given that the Early Settlement Date is expected to occur within thirteen
days of the settlement of the New Money Notes, for U.S. federal income tax purposes, the New Notes will be part of the same issue as the New Money Notes.
The New Money Notes and, if and when issued, the New Notes will not be registered under the Securities Act, or any state securities law or the
securities laws of any other jurisdiction. Therefore, the New Notes and the New Money Notes may not be offered or sold in the United States or to any U.S. persons absent registration or an applicable exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and any applicable state securities laws.
Subject to applicable law and the
requirements of the Luxembourg Stock Exchange on which the Old Notes are listed, the Exchange Offer may be amended, extended or, upon failure of a condition to be satisfied or waived prior to the Expiration Date or Settlement Date, as the case may
be, terminated. Although we have no present plans or arrangements to do so, we reserve the right to amend, at any time, the terms of the Exchange Offer in accordance with applicable law. We will give Eligible Holders notice of any amendments and
will extend the Expiration Date if required by applicable law. If the Company terminates, withdraws or otherwise does not consummate the Exchange Offer, the Old Notes tendered pursuant to the Exchange Offer will be promptly returned to the Eligible
Holder thereof without compensation or cost to such Eligible Holder, and will remain outstanding.
The complete terms and conditions of
the Exchange Offer are described in the Exchange Offer Memorandum, copies of which may be obtained from Morrow Sodali International LLC, trading as Sodali & Co, the information and exchange agent for the Exchange Offer by telephone at +1
203 658 9457 (Stamford) or +44 20 4513 6933 (London), in writing at 333 Ludlow Street, South Tower, 5th Floor Stamford, CT 06902, United States, by email to YPF@investor.sodali.com, or are available for download via the website
https://projects.sodali.com/YPFexchange.
YPF has engaged BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan
Securities LLC and Santander US Capital Markets LLC to act as the dealer managers (the “Dealer Managers”) and Balanz Capital Valores S.A.U., Banco Santander Argentina S.A. and Banco de Galicia y Buenos Aires S.A.U., as local dealer
managers (the “Local Dealer Managers”) in connection with the Exchange Offer. Questions regarding the terms of the Exchange Offer may be directed to BofA Securities, Inc. by telephone at +1 (888) 292 0070 (U.S. toll free) or +1
(646) 855-8988 (collect), Citigroup Global Markets Inc. by telephone at +1 (800) 558-3745 (U.S. toll free) or +1 (212) 723-6106
(collect), J.P. Morgan Securities LLC by telephone at +1 (866) 846-2874 (U.S. toll free) or + (212) 834-7279 (collect) and Santander US Capital Markets LLC by telephone
at +1 (855) 404 3636 (U.S. toll free) or +1 (212) 940 1442 (collect).
None of YPF, the Dealer Managers, the Local Dealer Managers,
Sodali & Co or the trustee for the Old Notes, or any of their respective affiliates, is making any recommendation as to whether Holders should or should not tender any Old Notes in response to the Exchange Offer or expressing any opinion as
to whether the terms of the Exchange Offer are fair to any holder. Holders must make their own decision as to whether to tender any of their Old Notes and, if so, the principal amount of Old Notes to tender. Please refer to the Exchange Offer
Memorandum for a description of the offer terms, conditions, disclaimers and other information applicable to the Exchange Offer.