PRESS RELEASE

YPF: Consolidated Results; Full Year 2016 and Q4 2016

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Friday, March 10, 2017

YPF: Consolidated Results; Full Year 2016and Q4 2016

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1.MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR FULL YEAR 2016Revenues for 2016were Ps 210.1billion, 34.6% higher than 2015.Operatingincome for 2016,before asset impairment charges,was Ps 10.7billion, 44.1% lower than 2015,while adjustedEBITDA for 2016was Ps 58.2billion, 22.4% higher than 2015.

Operating cash flow was Ps 49.2billion for 2016, 18.8% higherthan the Ps 41.4billion reported for 2015.

Total investments in fixed assetswerePs62.8billion, 2.7% higher than2015.

Hydrocarbon production for 2016was 577.4 Kbped, 0.1% higher than 2015. Crude oil production for 2016 was 244.7Kbbld for 2016, 2.0% lower than 2015. Natural gas productionfor 2016was 44.6Mm3d, 0.9% higher than 2015.

Average crude oil processed for 2016was294Kbbld, 1.8% lower than 2015. The refinery utilization average for 2016was 92%, 1.8%lower than 2015.In 2016, proved reserves (P1) decreased 9.2% from 1,226 Mboe in 2015 to 1,113 Mboe in 2016.The reserve replacement ratio was 46%.Hydrocarbon reserves increased98Mboe,of which22Mbbl corresponds to liquids and 76Mboe corresponds to natural gas.

Consolidated Results Full Year 2016and Q4 201642.ANALYSIS OF RESULTS FOR FULL YEAR 2016AND Q4 20162.1 CUMULATIVE RESULTS Revenues for 2016were Ps 210.1billion, 34.6%higher than2015, due primarily to the following factors:Natural gas revenues increased Ps 14.4billion, 65.5%higher than 2015,due to a 67.8%increase in prices in Argentine peso terms, due toan increase in third party sale pricesas well as the effect of the stimulus program for the surplus injection of natural gas on incremental production, which was partially offset by a 1.4% decrease in sales volumes;

Diesel revenues increased Ps 14.3 billion, 25.2%higher than 2015, due to a30.5% increase in the company's diesel product mixprices, which was partially offset by a4.1% decrease in sales volumes, despite a 8.3% increase in sales volumes of Infinia diesel, a premium diesel product;

Gasoline revenuesincreased Ps 11.3billion, 32.3%higher than 2015,due to a 34.1% increase in the company's gasoline product mixprices, which was partially offset by a1.3% decrease in sales volumes, despite a 1.1% increase in sales volumes of Infinia gasoline, a premium gasoline product;

Retail natural gas revenues fromthe company'sMetrogasS.A. ("Metrogas")subsidiary(residential and small businessand companies),increased Ps 2.9 billion, 78.0%higher than 2015, due to a 60.1% increase in pricesand an 11.2% increase in sales volumes;

Fuel oil revenuesin the Argentine domestic market increased Ps 2.6billion, 36.6%higher than 2015,due toa54.5% increase in prices, which was partially offset by a 11.6% decrease in sales volumes;

Export revenuesincreased Ps 4.1billion, 33.0%higher than 2015, due toa38.8% increase in exports of flour, grains and oil, a 29.0% increase in exports of jet fuel, and a 37.2% increase in exports of petrochemical products, all due to increasesin prices in Argentine peso terms, which was partially offset by lowersalesvolumes;and

Partially offsetting the effect of the increases discussed above, wasPs2.0 billion recorded in 2015due tothe Crude Oil Production Stimulus Program, which was discontinued as of 2016.Cost of sales for2016werePs 177.3billion, 48.3% higher than2015.

This includes a 48.5% increasein production costs and a 43.9% increasein purchases. Cash costs, which includeproductioncosts and purchasesbut excludedepreciation and amortization, increased 41.4%.This increase was driven by the following factors:

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