YPF YPF Sociedad Anonima

The purpose of this letter is to comply with the requirements of Article 23 of Chapter VI of the Merval Listing Regulations.

In this regard, and further to the information provided to the market in the Relevant Information dated February 23, 2017 in relation to the same subject, please be informed that YPF S.A. ("YPF") and O&G Developments Ltd. S.A. ("O&G", and together with YPF, the "Parties"), an affiliate of Shell Compañía de Petróleo S.A., executed the assignment agreement on such date through which YPF will assign 50% of its concession in the Bajada de Añelo area to O&G (the "Assignment Agreement"), with the aim of jointly developing hydrocarbons in the Bajada de Añelo area in the province of Neuquén (please see attached map).

The Assignment Agreement provides for the joint development of a two-stage work program (the "Work Program") with a combined investment of USD305.8 million plus VAT. During the first phase of the Work Program, which will have a maximum duration of 30 months, O&G will contribute a total of USD222.6 million plus VAT and YPF will contribute USD7.4 million plus VAT. The remaining USD75.8 million plus VAT will be contributed by O&G during the second phase of the Work Program.  O&G will be the operator of the area and YPF will assign a 50% participating interest in the concession to O&G. Such participation will be assigned as a guaranty in favor of YPF until O&G complies with all of its obligations under the Assignment Agreement.

Once the conditions precedent for the effectiveness of the Assignment Agreement have been fulfilled, which must occur prior to July 26, 2017, the Work Program will begin and certain complementary agreements will be executed.  The conditions precedent relate principally to the authorization by the Executive Power of the Province of Neuquén of the proposed participation assignment pursuant to the Assignment Agreement.

Once the first phase of the Work Program has been completed, O&G will have the option to leave such Work Program by returning its participation in the concession and paying for liabilities accrued up until its exit date.

After all of the commitments made by the Parties in the Work Program stage have been fulfilled, each Party will contribute 50% of the budget for the development of the area as provided in the Joint Operating Agreement (which will be executed when the conditions precedent are fulfilled).