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Disclaimer
Safe harbor statement under the US Private Securities Litigation Reform Act of 1995. This document
contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation
Reform Act of 1995.
These forward-looking statements may include statements regarding the intent,
belief, plans, current expectations or objectives as of the date hereof of YPF and its
management, including statements with respect to trends affecting YPF’s future financial condition, financial, operating, reserve replacement and
other ratios, results of operations, business strategy, geographic concentration, business
concentration, production and marketed volumes and reserves, as well as YPF’s plans,
expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities,
ownership interests, divestments, cost savings and dividend payout policies. These forward-looking
statements may also include assumptions regarding future economic and other conditions, such as
the future price of petroleum and petroleum products, refining and marketing margins and exchange rates.
These statements are not guarantees of future performance, prices, margins, exchange rates or other
events and are subject to material risks, uncertainties, changes in circumstances and other
factors that may be beyond YPF’s control or may be difficult to predict.
YPF’s actual future financial condition, financial, operating, reserve replacement and other
ratios, results of operations, business strategy, geographic concentration, business
concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects,
exploration activities, ownership interests, divestments, cost savings and dividend payout policies,
as well as actual future economic and other conditions, such as the future price of petroleum
and petroleum products, refining margins and exchange rates, could differ materially from those expressed or implied
in any such forward-looking statements. Important factors that could cause such differences
include, but are not limited to fluctuations in the price of petroleum and petroleum products,
supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves
estimates, success in partnering with third parties, loss of market share, industry competition,
environmental risks, physical risks, the risks of doing business in developing countries,
legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions,
political risks, wars and acts of terrorism, natural disasters, project delays or advancements and
lack of approvals, as well as those factors described in the filings made by YPF and its
affiliates before the Comisión Nacional de Valores in Argentina and with the U.S. Securities and Exchange Commission, in
particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5.
Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F
for the fiscal year ended December 31, 2013 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking
statements included in this document may not occur.
Except as required by law, YPF does not undertake to publicly update or revise these
forward-looking statements even if experience or future changes make it clear that the
projected performance, conditions or events expressed or implied therein will not be realized.
These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United
States or elsewhere. |