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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 of YPF and its management, including statements with respect
to 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 future crude oil and other
prices, 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 and
other factors which 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 future crude oil and other
prices, 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, oil, gas and other price fluctuations, 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 with the 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 US 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 otherwise. |