SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of August, 2017

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ☐            No  ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ☐            No  ☒

YPF Sociedád Anonima

TABLE OF CONTENTS

ITEM

1 Translation of Consolidated Results Q2 2017.

YPF S.A.

Consolidated Results

Q2 2017

Consolidated Results Q2 2017

CONTENT

1.	MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q2 2017	3
2.	ANALYSIS OF RESULTS FOR Q2 2017	4
3.	ANALYSIS OF OPERATING RESULTS BY BUSINESS SEGMENT FOR Q2 2017	7
	3.1 UPSTREAM	7
	3.2 DOWNSTREAM	10
	3.3 GAS AND ENERGY	13
	3.4 CENTRAL ADMINISTRATION AND OTHER	14
	3.5 RELATED COMPANIES	14
4.	LIQUIDITY AND SOURCES OF CAPITAL	14
5.	TABLES AND NOTES	16
	5.1 CONSOLIDATED STATEMENT OF INCOME YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES	17
	5.2 CONSOLIDATED BALANCE SHEET YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES	18
	5.3 CONSOLIDATED STATEMENT OF CASH FLOW YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES	19
	5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION	20
	5.5 MAIN FINANCIAL MAGNITUDES IN U.S. DOLLARS	21
	5.6 MAIN PHYSICAL MAGNITUDES	22

2

Consolidated Results Q2 2017

Adjusted EBITDA for Q2 2017 was Ps 16.2 billion, 5.8% lower than Q2 2016.

Q2 2016		Q1 2017		Q2 2017		Var.% Q2 17 / Q2 16			GENERAL	Jan-Jun 2016		Jan-Jun 2017		Var.% 2017 / 2016
	52,759		57,003		60,162		14.0	%	Revenues (Million Ps)		99,693		117,165		17.5	%
	5,318		4,511		3,466		-34.8	%	Operating income (Million Ps)		6,936		7,977		15.0	%
	-753		192		272		136.1	%	Net income (Million Ps)		102		464		354.9	%
	17,181		16,826		16,177		-5.8	%	Adj. EBITDA (Million Ps)		29,674		33,003		11.2	%
	-1.89		0.06		0.54		128.7	%	Earnings per share (Ps per Share)		0.65		0.60		-7.2	%
	14,498		11,950		13,029		-10.1	%	Capital Expenditures (Million Ps)		29,239		24,979		-14.6	%

Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest—Deferred income tax—Income tax—Financial income (losses) gains on liabilities—Financial income gains (losses) on assets—Income on investments in companies + Depreciation of property, plant and equipment + Amortization of intangible assets.

(Amounts are expressed in billions of Argentine pesos, except where indicated)

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q2 2017

• Revenues for Q2 2017 were Ps 60.2 billion, 14.0% higher than Q2 2016.

• Operating income for Q2 2017 was Ps 3.5 billion, 34.8% lower than Q2 2016.

• Net income for Q2 2017 was a gain of Ps 0.3 billion compared to net loss of Ps 0.8 billion recorded for Q2 2016.

• Hydrocarbon production for Q2 2017 was 550.1 Kboed, 4.2% lower than Q2 2016. Crude oil production for Q2 2017 was 218.3 Kbbld, 10.1% lower than Q2 2016. Natural gas production for Q2 2017 was 44.6 Mm3d, 0.5% lower than Q2 2016. NGL production for Q2 2017 was 51.4 Kbbld, 3.7% higher than Q2 2016.

• Refinery processing levels in the Downstream business segment for Q2 2017 were 92.2%, 2.2% higher than Q2 2016.

• Capital expenditures in property, plant and equipment for Q2 2017 were Ps 13.0 billion, 10.1% lower than Ps 14.5 billion in Q2 2016.

• Operating cash flow for Q2 2017 was Ps 13.0 billion, 96.3% higher than Q2 2016.

3

Consolidated Results Q2 2017

2. ANALYSIS OF RESULTS FOR Q2 2017

Revenues for Q2 2017 were Ps 60.2 billion, 14.0% higher than Q2 2016, due primarily to the following factors:

• Gasoline revenues increased Ps 1.9 billion, 17.0% higher than Q2 2016, due to a 7.4% increase in gasoline mix prices and an 8.9% increase in sales volumes, including a 29.9% increase in sales volumes of Infinia gasoline, a premium gasoline product;

• Natural gas revenues increased Ps 1.8 billion, 20.1% higher than Q2 2016, due to a 19.1% increase in prices in Argentine peso terms, as a result of an increase in third party sale prices and the effect of the stimulus program for the surplus injection of natural gas on incremental production (“Gas Plan”), as well as a 0.8% increase in sales volumes;

• Retail natural gas revenues (residential and small business and companies) increased Ps 1.6 billion, 93.5% higher than Q2 2016, due to YPF’s controlled company Metrogas S.A. (“Metrogas”), which recorded a 144.5% increase in prices for a total revenue increase of Ps 1.5 billion, 79.3% higher than Q2 2016, which was partially offset by a 26.7% decrease in sales volumes;

• Asphalt revenues in the Argentine domestic market increased Ps 0.5 billion, 245.7% higher than Q2 2016, due to a 188.4% increase in sales volumes and a 19.9% increase in prices;

• Diesel revenues increased Ps 45 million, 0.2% higher than Q2 2016, due to a 4.5% increase in diesel mix prices, which was partially offset by a 4.1% decrease in sales volumes as a result of lower sales to power generation plants, despite higher sale volumes in the agriculture and transportation markets, and a 23.3% increase in sales volumes of Infinia diesel, a premium diesel product;

• Fuel oil revenues in the Argentine domestic market decreased Ps 1.0 billion, 37.7% lower than Q2 2016, due to a 24.7% decrease in sales volumes to power generation plants and a 17.2% decrease in prices; and

• Export revenues increased Ps 0.7 billion, 17.0% higher than Q2 2016, due primarily to a 48.0% increase in export revenues of jet fuel as a result of increases in prices in Argentine peso terms, as well as a 45.2% increase in exports of petrochemical products in sales volumes and prices, a 157.8% increase in exports of liquefied petroleum gas, and exports of virgin naphtha, which did not record export volumes in Q2 2016. Exports of flour and soybean oil decreased Ps 61 million, 3.5% lower than Q2 2016.

Cost of sales for Q2 2017 was Ps 49.7 billion, 16.0% higher than Q2 2016. This includes a 9.1% increase in production costs and a 32.8% increase in purchases. Cash costs, which include costs of production and purchases but exclude depreciation and amortization, increased by 19.0%. This increase was driven by the following factors:

a) Costs of production:

• Lifting costs increased Ps 1.0 billion, 11.1% higher than Q2 2016, reflecting a 15.5% increase in the unit indicator in Argentine peso terms; which was partially offset by decreased production during the period;

4

Consolidated Results Q2 2017

• Depreciation of property, plant and equipment increased Ps 0.7 billion, 6.6% higher than Q2 2016, due to an increase in the value of assets based on their valuation in U.S. dollars, which is the functional currency of the company, and the commencement of operations at the new Coke unit in the La Plata refinery in Q4 2016;

• Transportation costs increased Ps 0.4 billion, 23.6% higher than Q2 2016, due primarily to increases in Argentine domestic transportation rates;

• Production costs related to refining increased Ps 0.3 billion, 13.4% higher than Q2 2016, due primarily to increased costs for the consumption of materials, spare parts, electricity and other supplies and fuels, reflecting an 11.0% increase in the unit indicator in Argentine peso terms; and

• Royalties increased Ps 79 million, 2.1% higher than Q2 2016. This increase was due to a Ps 218 million increase in royalties for natural gas production as a result of higher wellhead values of these products, partially offset by a Ps 139 million decrease in royalties for crude oil production as a result of lower production and lower wellhead values.

b) Purchases:

• Crude oil purchases from third parties increased Ps 1.5 billion, 46.7% higher than Q2 2016, due to a 54.8% increase in volumes purchased driven by lower production during the period, partially offset by a 5.2% decrease in the purchase price in Argentine peso terms, related to the 2017 crude oil pricing structure in the Argentine domestic market agreed upon between producers and refiners;

• Biofuel purchases increased Ps 1.1 billion, 33.3% higher than Q2 2016, due to higher FAME and ethanol biofuel prices of 12.7% and 21.5%, respectively, a 26.2% increase in volumes purchased of ethanol biofuel and a 6.0% increase in volumes purchased of FAME;

• Natural gas purchases from third parties for resale to the retail market (residential and small business and companies) increased Ps 0.8 billion, 73.6% higher than Q2 2016, due to an 80.5% increase in prices, which was partially offset by a 3.8% decrease in volumes purchased;

• Grain purchases in the agricultural sales segment through the form of barter, which were recorded as purchases for accounting purposes, increased Ps 0.4 billion, 22.0% higher than Q2 2016, due primarily to a 27.6% increase in volumes purchased, which was partially offset by a 4.4% decrease in prices; and

• Fuel imports increased Ps 0.3 billion, 15.3% higher than Q2 2016, due primarily to higher diesel and jet fuel prices of 28.4% and 27.1%, respectively, which was partially offset by a 22.9% decrease in volumes imported of jet fuel.

Administration expenses for Q2 2017 were Ps 2.0 billion, 9.2% higher than Q2 2016. The increase was due primarily to higher personnel expenses and higher IT costs.

Selling expenses for Q2 2017 were Ps 4.2 billion, 13.8% higher than Q2 2016. This increase was driven primarily by increases in transport expenses, due primarily to higher rates paid for Argentine domestic transport of fuels, increases in personnel costs and taxes on bank debits and credits.

5

Consolidated Results Q2 2017

Exploration expenses for Q2 2017 were Ps 0.8 billion, 12.9% higher than Q2 2016.

Other operating results, net, for Q2 2017 was a gain of Ps 22 million, a 98.7% decrease compared to a gain of Ps 1.6 billion for Q2 2016. This decrease was due to a net gain of Ps 1.5 billion from the deconsolidation of Maxus Energy Corporation, Tierra Solutions Inc., Maxus International Energy Company, Maxus (US) Exploration and Gateway Coal Company (collectively, the “Maxus Entities”) in Q2 2016.

Financial results for Q2 2017 were a gain of Ps 0.9 billion compared to a loss of Ps 4.7 billion in Q2 2016. This change was driven primarily by positive foreign exchange effects on net liabilities in Argentine peso terms of Ps 5.0 billion, due to the greater devaluation of the Argentine peso in Q2 2017 compared to Q2 2016. Higher interest expenses of Ps 28 million were also recorded in Q2 2017 due to increased levels of debt in Q2 2017 compared to Q2 2016, which was offset by lower interest rates for debt in Argentine peso terms. In addition, the fair value of investments in financial assets increased Ps. 0.5 billion.

Income tax for Q2 2017 was Ps 4.2 billion compared to Ps 1.6 billion in Q2 2016. This increase was mainly due to higher deferred tax of Ps 2.7 billion, partially offset by a Ps 16 million decrease in current income tax. The higher deferred tax charge is mainly due to the lower difference generated by the revaluation of the book values in relation to the property, plant and equipment tax values maintained in historical Argentine pesos to be deducted from tax as they are depreciated, taking into account the company’s functional currency and the greater devaluation of the Argentine peso recorded in Q2 2017 compared to Q2 2016.

Net income for Q2 2017 was a gain of Ps 0.3 billion, an increase of 136.1% compared to a loss of Ps 0.8 billion in Q2 2016.

Total capital expenditures for property, plant and equipment in Q2 2017 were Ps 13.0 billion, 10.1% lower than Q2 2016.

6

Consolidated Results Q2 2017

3. ANALYSIS OF OPERATING RESULTS BY BUSINESS SEGMENT FOR Q2 2017

3.1 UPSTREAM

Q2 2016		Q1 2017		Q2 2017		Var.% Q2 17 / Q2 16			UPSTREAM	Jan-Jun 2016		Jan-Jun 2017		Var.% 2017 / 2016
	1,716		899		-884		-151.5	%	Operating income (Million Ps)		6,157		15		-99.8	%
	27,839		27,777		26,606		-4.4	%	Revenues (Million Ps)		57,169		54,383		-4.9	%
	242.9		234.0		218.3		-10.1	%	Crude oil production (Kbbld)		245.9		226.1		-8.1	%
	49.6		54.7		51.4		3.7	%	NGL production (Kbbld)		52.9		53.1		0.2	%
	44.8		45.3		44.6		-0.5	%	Gas production (Mm3d)		44.4		44.9		1.2	%
	574.0		573.5		550.1		-4.2	%	Total production (Kboed)		578.1		561.7		-2.8	%
	738		593		833		12.9	%	Exploration costs (Million Ps)		1,192		1,426		19.6	%
	11,409		9,448		9,905		-13.2	%	Capital Expenditures (*) (Million Ps)		23,664		19,353		-18.2	%
	9,734		9,935		10,079		3.5	%	Depreciation (Million Ps)		18,830		20,014		6.3	%
									Realization Prices
	60.7		53.0		52.5		-13.4	%	Crude oil prices in domestic market Period average (USD/bbl)		61.3		52.8		-13.9	%
	4.73		4.96		4.91		3.8	%	Average gas price (USD/Mmbtu)		4.72		4.93		4.4	%

Operating income for the Upstream business segment for Q2 2017 was an operating loss of Ps 0.9 billion, compared to an operating income of Ps 1.7 billion for Q2 2016.

Revenues were Ps 26.6 billion for Q2 2017, 4.4% lower than Q2 2016, due primarily to the following factors:

• Natural gas revenues from sales to third parties increased Ps 1.8 billion, 20.1% higher than Q2 2016, due to a 19.1% increase in prices in Argentine peso terms and a 0.8% increase in sales volumes. All natural gas produced, net of internal consumption, is allocated to the Gas and Energy segment for sale to third parties at an intersegment price that includes the Gas Plan.

• Crude oil revenues decreased Ps 3.1 billion, 16.0% lower than Q2 2016, due to a 4.3% decrease in Argentine peso terms of the transfer price between the business segments, while volumes transferred between business segments and to third parties decreased 10.9% and 64.3%, respectively.

• The price obtained in U.S. dollars for crude oil in the Argentine domestic market for Q2 2017 decreased 13.4% to US$52.50/barrel, due to the 2017 pricing structure agreed to between producers and refiners. The price obtained in U.S. dollars for natural gas was US$4.91/Mmbtu, 3.8% higher than Q2 2016.

7

Consolidated Results Q2 2017

Hydrocarbon production for Q2 2017 was 550.1 Kboed, 4.2% lower than Q2 2016. Crude oil production for Q2 2017 was 218.3 Kbbld, 10.1% lower than Q2 2016, due mainly to heavy rain and snow conditions that affected the province of Chubut, and to a lesser extent the province of Santa Cruz, a labor union dispute during Q2 2017 and, to a lesser extent, the deconsolidation of the Maxus Entities. Natural gas production for Q2 2017 was 44.6 Mm³d, 0.5% lower than Q2 2016. NGL production for Q2 2017 was 51.4 Kbbld, 3.7% higher than Q2 2016.

With respect to development activity, 112 wells were put in production in Q2 2017, including the shale and tight wells mentioned below.

Hydrocarbon production in shale areas, net to YPF for Q2 2017 was 35.3 Kboed, 22.1% higher than Q2 2016, including 16.7 Kbbld of crude oil, 5.7 Kbbld of NGL and 2.8 Mm3d of natural gas. During Q2 2017, 22 wells were put in production targeting the Vaca Muerta formation, for a total of 577 wells, including 8 active drilling rigs and 7 workovers.

With respect to tight gas development, net production in Q2 2017 reached a total of 13.84 Mm3d, of which 87.1% comes from areas operated by YPF. During Q2 2017, 21 new wells were put into production, 8 in Aguada Toledo-Sierra Barrosa, 4 in Rincón del Mangrullo and 9 in Estación Fernandez Oro.

Operating costs (excluding exploration costs) for Q2 2017 were Ps 26.3 billion, 3.8% higher than Q2 2016, mainly due to the following:

• Lifting costs increased Ps 1.0 billion, an 11.1% increase, reflecting a 15.5% increase in the unit indicator in Argentine peso terms, partially offset by the decrease in production discussed above;

• Depreciation of property, plant and equipment increased Ps 0.3 billion, a 3.5% increase, due to an increase in the value of assets based on their valuation in U.S. dollars, which is the functional currency of the company; and

• Royalties increased Ps 79 million, a 2.1% increase, due to an increase in royalties for natural gas production of Ps 218 million as a result of higher wellhead values of these products, partially offset by a decrease in royalties for crude oil production of Ps 139 million as a result of lower production and lower wellhead values.

Exploration expenses for Q2 2017 were Ps 0.8 billion, an increase of 12.9% compared to Ps 0.7 billion for Q2 2016. This change was due primarily to a Ps 69 million increase in negative results from unproductive exploratory wells in Q2 2017 compared to Q2 2016. Total exploration investments increased Ps 52 million, 22.9% higher than Q2 2016.

Unit cash costs in U.S. dollars increased 3.8% to US$21.30/boe for Q2 2017 from US$20.50/boe for Q2 2016, including taxes of US$5.60/boe and US$5.90/boe, respectively. In turn, the average lifting cost for YPF was US$12.80/boe, 4.5% higher than US$12.30/boe for Q2 2016.

CAPEX

Capital expenditures for the Upstream business segment for Q2 2017 were Ps 9.9 billion, 13.2% lower than Q2 2016.

Of these capital expenditures, 71% were invested in drilling and workover activities, 25% in facilities, and the remaining 4% in exploration and other activities in the Upstream business segment.

8

Consolidated Results Q2 2017

In the Neuquina basin area, activities for Q2 2017 were focused on the development of the Loma Campana, Aguada Toledo – Sierra Barrosa (Lajas), Rincón del Mangrullo, El Orejano, La Amarga Chica, Loma La Lata (Sierras Blancas), Cerro Bandera, EFO, Río Neuquén and Chachahuen blocks. Development activities continued at the Cuyana basin, mainly in the Barrancas, La Ventana, Mesa Verde, Ugarteche, Vizcacheras, Cerro Fortunoso, Desfiladero Bayo, Puesto Molina and La Ribera blocks. In the Golfo San Jorge basin, activity was concentrated in the Manantiales Behr and El Trébol-Escalante blocks, while perforation activity commenced in the Lago Fuego block in the Austral basin.

Exploration activities for Q2 2017 covered the Neuquina, Golfo San Jorge and Cuyana basins. In the Neuquina basin, exploratory activity was in the Salinas del Huitrín, Estación Fernandez Oro, Paso de las Bardas and Agua Salada blocks. In the Golfo San Jorge basin, activity focused on the evaluation of deep targets in the Los Perales block. In the Cuyana basin, exploratory activity was performed in the Zampal Norte block.

Outside of Argentina, an exploratory well was drilled in the San Sebastián block located in the Chilean Austral basin.

During Q2 2017, three (one crude oil and two gas) exploratory wells were completed.

9

Consolidated Results Q2 2017

3.2 DOWNSTREAM

Q2 2016		Q1 2017			Q2 2017			Var.% Q2 17 / Q2 16			DOWNSTREAM	Jan-Jun 2016			Jan-Jun 2017			Var.% 2017 / 2016
	3,039		4,364			3,093			1.8	%	Operating income (Million Ps)		2,241			7,457			232.8	%
	41,447		44,180			45,611			10.0	%	Revenues (Million Ps)		77,407			89,791			16.0	%
	4,126		3,952			4,172			1.1	%	Sales of refined products in domestic market (Km3)		8,163			8,124			-0.5	%
	275		419			289			5.1	%	Exportation of refined products (Km3)		767			708			-7.7	%
	207		173			214			3.6	%	Sales of petrochemical products in domestic market (*) (Ktn)		395			387			-1.9	%
	42		44			52			24.1	%	Exportation of petrochemical products (Ktn)		69			96			39.3	%
	288		291			295			2.2	%	Crude oil processed (Kboed)		291			293			0.5	%
	90%		91	%		92	%		2.2	%	Refinery utilization (%)		91	%		92	%		0.7	%
	2,396		1,279			1,935			-19.2	%	Capital Expenditures (Million Ps)		4,030			3,214			-20.2	%
	1,276		1,569			1,621			27.0	%	Depreciation (Million Ps)		2,478			3,190			28.7	%
	676		667			655			-3.1	%	Average domestic market gasoline price (**) (USD/m3)		616			661			7.4	%
	661		644			624			-5.6	%	Average domestic market diesel price (**) (USD/m3)		612			633			3.4	%

(*) Fertilizer sales not included

(**) Includes gross income and net of deductions, commissions and other taxes

Operating income for the Downstream business segment for Q2 2017 was Ps 3.1 billion, 1.8% higher than Q2 2016, compared to Ps 3.0 billion for Q2 2016.

Revenues were Ps 45.6 billion for Q2 2017, 10.0% higher than Q2 2016, due primarily to the following factors:

• Gasoline revenues increased Ps 1.9 billion, 17.0% higher than Q2 2016, due to a 7.4% increase in gasoline mix prices and an 8.9% increase in sales volumes, including a 29.9% increase in sales volumes of Infinia gasoline, a premium gasoline product;

• Asphalt revenues in the Argentine domestic market increased Ps 0.5 billion, 245.7% higher than Q2 2016, due to a 188.4% increase in sales volumes and a 19.9% increase in prices;

• Diesel revenues increased Ps 45 million, 0.2% higher than Q2 2016, due to a 4.5% increase in diesel mix prices, which was partially offset by a 4.1% decrease in sales volumes as a result of lower sales to power generation plants, despite higher sales volumes in the agriculture and transportation markets, and a 23.3% increase in sales volumes of Infinia diesel, a premium diesel product;

10

Consolidated Results Q2 2017

• Fuel oil revenues in the Argentine domestic market decreased Ps 1.0 billion, 37.7% lower than Q2 2016, due to a 24.7% decrease in sales volumes to power generation plants and a 17.2% decrease in prices; and

• Export revenues increased Ps 0.7 billion, 17.6% higher than Q2 2016, due to a 48.0% increase in export revenues of jet fuel as a result of increases in prices in Argentine peso terms, as well as a 45.2% increase in exports of petrochemical products in sales volumes and prices, a 157.8% increase in exports of liquefied petroleum gas, and exports of virgin naphtha, which did not record export volumes in Q2 2016. Exports of flour and soybean oil decreased Ps 61 million, 3.5% lower than Q2 2016.

Cost of sales and operating expenses for Q2 2017 increased Ps 3.5 billion, or 10.0% compared to Q2 2016, due primarily to the following factors:

• Crude oil purchases decreased Ps 1.2 billion, 5.6% lower than Q2 2016, due to a decrease in prices in Argentine peso terms of crude oil purchased of 4.4%, related to the 2017 crude oil pricing structure in the Argentine domestic market agreed upon between producers and refiners, and lower volumes purchased. The volume of crude oil transferred from the Upstream business segment decreased 10.9%, and volumes purchased from third parties increased 54.8%;

• Biofuel purchases increased Ps 1.1 billion, 33.3% higher than Q2 2016, due to higher FAME and ethanol biofuel prices of 12.7% and 21.5%, respectively, a 26.2% increase in volumes purchased of ethanol biofuel and a 6.0% increase in volumes purchased of FAME;

• Fuel imports increased Ps 0.3 billion, 15.3% higher than Q2 2016, due to higher diesel and jet fuel prices of 28.4% and 27.1%, respectively, which was partially offset by a 22.9% decrease in volumes imported of jet fuel;

• Grain purchases in the agricultural sales segment through the form of barter, which were recorded as purchases for accounting purposes, increased Ps 0.4 billion, 22.0% higher than Q2 2016;

• Costs of products sold increased Ps 1.5 billion, 76.0% higher than Q2 2016, due to a reduction in the realizable value of inventory compared to Q2 2016;

• Production costs related to refining increased Ps 0.3 billion, 13.4% higher than Q2 2016, due primarily to increased costs for consumption of materials, parts, electricity, other supplies and fuel. As a result, taking into account the 2.2% increase in volumes processed, unit refining costs in Q2 2017 were 11.0% higher than Q2 2016. Transportation costs related to production (shipping, oil pipelines, and multiproduct pipelines) increased Ps 0.2 billion, 23.0% higher than Q2 2016; and

• Depreciation of property, plant and equipment increased Ps 0.4 billion, 31.0% higher than Q2 2016, resulting from an increase in the value of assets subject to depreciation compared to Q2 2016, taking into account the commencement of operations at the new Coke unit at the La Plata refinery as of Q4 2016 and an increase in asset values, based on their valuation in U.S. dollars, the functional currency of the company.

Selling expenses increased Ps 0.5 billion, 13.9% higher than Q2 2016, due to higher transportation costs related to an increase in Argentine domestic fuel transportation rates, increased advertising and promotional activities and taxes on bank debts and credits.

11

Consolidated Results Q2 2017

The volume of crude oil processed in Q2 2017 was 295 Kbbld, 2.2% higher than Q2 2016. These higher processing levels resulted in a 5.3% increase in gasoline production, partially offset by a 2.6% decrease in diesel production and a 31.4% decrease in fuel oil production. In addition, the company increased its production of jet fuel, liquefied petroleum gas and petroleum coal compared to Q2 2016.

CAPEX

Capital expenditures for the Downstream business segment for Q2 2017 were Ps 1.9 billion, a 19.2% decrease compared to Q2 2016.

Improvements to the Topping III unit in the Luján de Cuyo refinery continued, and it is expected to commence operations in the second half of 2017. Work to improve YPF’s logistical facilities and optimize safety and environmental performance also continued.

12

Consolidated Results Q2 2017

3.3 GAS AND ENERGY

Q2 2016		Q1 2017		Q2 2017		Var.% Q2 17 / Q2 16			GAS & POWER	Jan-Jun 2016		Jan-Jun 2017		Var.% 2017 / 2016
	393		558		1,025		160.8	%	Operating income (Million Ps)		397		1,583		298.7	%
	6,806		13,745		15,749		131.4	%	Revenues (Million Ps)		12,262		29,494		140.5	%
	380		943		992		161.1	%	Capital Expenditures (Million Ps)		837		1,935		131.2	%
	57		65		65		14.0	%	Depreciation (Million Ps)		145		130		-10.3	%

In its 2016 annual Financial Statements, YPF began to report its Gas and Energy business segment, which includes activities related to transportation, distribution and the sale of natural gas to third parties, regasification services for liquefied natural gas (LNG) and electricity generation.

Since 2017, the Gas and Energy Executive Vice-presidency of the company assumed all responsibility for the administration and management of collections related to the Gas Plan. As a result, the Gas and Energy segment began to record revenues derived from the Gas Plan within the segment, to later be transferred to the Upstream segment as an intersegment operation.

Operating income for this business segment in Q2 2017 was Ps 1.0 billion, compared to Ps 0.4 billion in Q2 2016. This increase was due primarily to improved results of regasification services for LNG in Bahía Blanca and Escobar in Argentine peso terms and to the incremental tariff restructuring by YPF’s controlled company Metrogas, which recorded an operating income of Ps 0.6 billion in Q2 2017, compared to Ps 0.2 billion in Q2 2016. YPF also recorded improved operating results of Ps 0.1 billion, 89.0% higher than Q2 2016, from its controlled company YPF Energía Eléctrica S.A.

CAPEX

Capital expenditures for the Gas and Energy business segment for Q2 2017 were Ps 1.0 billion, 161.1% higher than Q2 2016.

In Q2 2017, construction work on the new thermoelectric plants Loma Campana I and Este, located in the basin of the same name, and the new thermoelectric plants, Y-GEN and Y-GEN II, in Loma Campana in the province of Neuquén and El Bracho in the province of Tucumán continued. Progress was also made on the Manantiales Behr wind farm in Comodoro Rivadavia. The Y-GEN and YGEN II projects are the result of a joint venture with General Electric.

It is expected that Loma Campana I, Loma Campana Este and Y-GEN will commence operations in the second half of 2017, and Y-GEN II will commence operations in the first half of 2018. The wind farm will gradually commence operations through the first half of 2018.

13

Consolidated Results Q2 2017

3.4 CENTRAL ADMINISTRATION AND OTHER

This business segment mainly involves corporate costs and other activities that are not reported in any of the previously-mentioned business segments.

Corporate operating income for Q2 2017 was a loss of Ps 0.5 billion, compared to Ps 0.6 billion in Q2 2016. This change was due primarily to the net gain of Ps 1.5 billion from the deconsolidation of the Maxus Entities in Q2 2016. The remaining change was driven primarily by higher personnel expenses and higher IT costs, partially offset by decreases in contingencies for legal proceedings and higher results obtained by YPF’s controlled company, A-Evangelista S.A.

Consolidation adjustments to eliminate results among business segments not transferred to third parties were Ps 0.8 billion for Q2 2017. These adjustments were negative Ps 0.4 billion in Q2 2016. In Q2 2017, there was a decrease in the difference between transfer prices between businesses and the replacement cost of the company’s inventory, as compared to an increase in such difference in Q2 2016.

3.5 RELATED COMPANIES

Results from related companies for Q2 2017 were a gain of Ps 0.1 billion, compared to a gain of Ps 0.2 billion for Q2 2016. This decrease was due primarily to lower results obtained by Profertil, Compañía Mega and Refinor.

4. LIQUIDITY AND SOURCES OF CAPITAL

In Q2 2017, net cash flows provided by operating activities were Ps 13.0 billion, 96.3% higher than Q2 2016. This increase of Ps 6.4 billion was due to an increase in working capital in Q2 2017 and a Ps 0.6 billion lower income tax payment, which was partially offset by a Ps 1.0 billion decrease in adjusted EBITDA. Among the principal reasons for the increase in working capital was the collection of accounts receivable owed to the company, including among others, accounts receivables derived from the stimulus program for the surplus injection of natural gas during Q2 2017 compared to Q2 2016 when no collections were received from this program.

Net cash flows used in investing activities were Ps 12.7 billion for Q2 2017, 11.9% lower than Q2 2016. Investments in fixed and intangible assets were Ps 13.1 billion in Q2 2017, 14.3% lower than Q2 2016.

For Q2 2017, the company’s net cash flows provided by financing activities were Ps 1.3 billion as compared to net cash flows used in financing activities of Ps 2.3 billion in Q2 2016. This change reflects a net increase of Ps 3.5 billion in debt issuance and refinancing of maturing debt and a decrease of Ps 0.2 billion in interest payments for Q2 2017 compared to Q2 2016.

Cash and cash equivalents, together with the company’s investment in Argentine sovereign bonds, including those received to cancel the accounts receivables of the Gas Plan program for the year 2015, which are still kept in the portfolio, were Ps 29.2 billion as of June 30, 2017. This cash position increased at the beginning of July with the new international issuance of U.S.$750 million in debt securities.

At the end of Q2 2017, total debt in U.S. dollars was US$9.7 billion, net debt was US$7.9 billion(1) and the net debt/adjusted EBITDA LTM ratio was 1.98x(2).

The average interest rate for debt denominated in Argentine pesos at the end of Q2 2017 was 22.24%, while the average interest rate for debt denominated in U.S. dollars was 7.83%.

14

Consolidated Results Q2 2017

The following table lists issuances of YPF’s debt securities made during and after Q2 2017:

YPF Note	Amount			Interest Rate			Maturity
Series LII		USD 300 M	(*)		16.5	%		60 months
Series LIII (3Q 2017)		USD 750 M			6.95	%		120 months

(*) Peso Linked

(1) Net Debt: Includes investments in financial assets (government securities) of US$947 million at market value

(2) Net Debt: US$7,925 million/adjusted EBITDA LTM: US$3,993 million = 1.98x

15

Consolidated Results Q2 2017

5. TABLES AND NOTES Q2 2017 Results

Consolidated Results Q2 2017

5.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)

Q2 2016			Q1 2017			Q2 2017			Var.% Q2 17 / Q2 16				Jan-Jun 2016			Jan-Jun 2017			Var.% 2016 / 2017
	52,759			57,003			60,162			14.0	%	Revenues		99,693			117,165			17.5	%
	(42,819	)		(45,798	)		(49,675	)		16.0	%	Costs		(82,950	)		(95,473	)		15.1	%
	9,940			11,205			10,487			5.5	%	Gross profit		16,743			21,692			29.6	%
	(3,699	)		(3,887	)		(4,209	)		13.8	%	Selling expenses		(6,744	)		(8,096	)		20.0	%
	(1,833	)		(1,790	)		(2,001	)		9.2	%	Administration expenses		(3,319	)		(3,791	)		14.2	%
	(738	)		(593	)		(833	)		12.9	%	Exploration expenses		(1,192	)		(1,426	)		19.6	%
	—			—			—			—		Impairment of property, plant and equipment and intangible assets		—			—			—
	1,648			(424	)		22			-98.7	%	Other operating results, net		1,448			(402	)		-127.8	%
	5,318			4,511			3,466			-34.8	%	Operating income (loss)		6,936			7,977			15.0	%
	166			22			92			-44.6	%	Results on investments in companies and joint ventures		263			114			-56.7	%
	1,988			1,612			3,001			51.0	%	Finance Income		11,109			4,613			-58.5	%
	(6,690	)		(8,848	)		(2,720	)		-59.3	%	Finance Cost		(12,170	)		(11,568	)		-4.9	%
	42			75			658			1466.7	%	Other financial results		419			733			74.9	%
	(4,660	)		(7,161	)		939			-120.2	%	Financial results, net		(642	)		(6,222	)		869.2	%
	824			(2,628	)		4,497			445.8	%	Net (loss) profit before income tax		6,557			1,869			-71.5	%
	(1,577	)		2,820			(4,225	)		167.9	%	Income tax		(6,455	)		(1,405	)		-78.2	%
	(753	)		192			272			-136.1	%	Net (loss) profit for the period		102			464			354.9	%
	(10	)		167			60					Net (loss) profits for noncontrolling interest		(151	)		227
	(743	)		25			212			-128.5	%	Net (loss) profit for shareholders of the parent company		253			237			-6.3	%
	(1.89	)		0.06			0.54			-128.5	%	Earnings per share, basic and diluted		0.65			0.60			-7.2	%
	4,309			(3,643	)		9,593			122.6	%	Other comprehensive Income		19,716			5,950			-69.8	%
	3,556			(3,451	)		9,865			177.4	%	Total comprehensive income for the period		19,818			6,414			-67.6	%
	17,181			16,826			16,177			-5.8	%	Adj. EBITDA (*)		29,674			33,003			11.2	%

Note: Information reported in accordance with International Financial Reporting Standards (IFRS), except adjusted EBITDA.

(*) Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest—Deferred income tax—Income tax—Financial income (losses) gains on liabilities—Financial income gains (losses) on assets—Income on investments in companies + Depreciation of properties, plant and equipment + Amortization of intangible assets + Unproductive exploratory drillings.

17

Consolidated Results Q2 2017

5.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Q2 2017 figures unaudited, figures expressed in millions of pesos)

CONSOLIDATED BALANCE SHEETS

(Amounts expressed in million of Argentine pesos )

	12/31/2016			06/30/2017
Noncurrent Assets
Intangible assets		8,114			8,707
Properties, plant and equipment		308,014			320,643
Investments in companies and joint ventures		5,488			5,772
Deferred tax assets, net		564			354
Other receivables		3,909			1,886
Trade receivables		87			94
Investment in financial assets		7,737			7,736
Total Non-current assets		333,913			345,192
Current Assets
Inventories		21,820			24,031
Other receivables		13,456			10,712
Trade receivables		33,645			32,979
Investment in financial assets		7,548			7,966
Cash and equivalents		10,757			13,455
Total current assets		87,226			89,143
Total assets		421,139			434,335
Shareholders’ equity
Shareholders’ contributions		10,403			10,372
Reserves, other comprehensive income and retained earnings		108,352			113,823
Noncontrolling interest		(94	)		133
Total Shareholders’ equity		118,661			124,328
Noncurrent Liabilities
Provisions		47,358			54,181
Deferred tax liabilities		42,465			43,422
Other taxes payable		98			245
Loans		127,568			138,038
Other liabilities		336			355
Accounts payable		2,187			1,594
Total Noncurrent Liabilities		220,012			237,835
Current Liabilities
Provisions		1,994			1,838
Income tax payable		176			137
Other taxes payable		4,440			5,709
Salaries and social security		3,094			2,677
Loans		26,777			22,520
Other liabilities		4,390			1,178
Accounts payable		41,595			38,113
Total Current Liabilities		82,466			72,172
Total Liabilities		302,478			310,007
Total Liabilities and Shareholders’ Equity		421,139			434,335

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

18

—   —   —   —   —   —   —   —   Consolidated Results Q2 2017

5.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)

Q2 2016		Q1 2017			Q2 2017				Jan-Jun 2016			Jan-Jun 2017
								Operating activities
	(753)		192			272		Net income (loss)		102			464
	(166)		(22	)		(92	)	Income (loss) from investments in companies and joint ventures		(263	)		(114	)
	11,225		11,764			11,972		Depreciation of property, plant and equipment		21,759			23,736
	170		181			202		Amortization of intangible assets		323			383
	1,422		869			1,315		Consumpsion of materials and retirement of property, plant and equipment and intagible assets, net of provisions		2,605			2,184
	1,577		(2,820	)		4,225		Income tax charge		6,455			1,405
	1,411		1,671			510		Net increase in provisions		2,503			2,181
	—		—			—		Impairment of property, plant and equipment and intangible assets		—			—
	3,966		6,369			(1,024	)	Interest, exchange differences and other		(700	)		5,345
	17		26			44		Stock compensation plan		57			70
	—		—			—		Changes in assets and liabilities:		—			—
	(6,922)		1,894			(769	)	Trade receivables		(14,888	)		1,125
	117		3,175			(278	)	Other receivables		4,635			2,897
	(1,208)		111			(1,408	)	Inventories		(119	)		(1,297	)
	(2,535)		1,145			(1,156	)	Accounts payable		(1,757	)		(11	)
	311		2,119			(675	)	Other Taxes payable		(449	)		1,444
	368		(651	)		238		Salaries and Social Securities		(51	)		(413	)
	37		(950	)		18		Other liabilities		137			(932	)
	(594)		(273	)		(393	)	Decrease in provisions included in liabilities for payments / utilization		(948	)		(666	)
	520		95			216		Dividends received		520			311
	—		—			—		Insurance charge for loss of profit		607			—
	(821)		(245	)		(234	)	Income tax payments		(1,561	)		(479	)
	6,614		24,650			12,983		Cash flow from operating activities		17,439			37,633
								Investing activities
	(15,299)		(14,574	)		(13,104	)	Acquisitions of property, plant and equipment and Intangible assets		(32,602	)		(27,678	)
	—		(272	)		(65	)	Contributions and acquisitions of interests in companies and joint ventures		—			(337	)
	910		—			—		Collection for sale of financial assets		910			—
	13		(3	)		3		Payments for acquisition of financial assets investments		—			—
	—		8			503		Interest received from financial assets		—			511
	—		—			—		Insurance charge for material damages		355			—
	(14,376)		(14,841	)		(12,663	)	Cash flows from investing activities		(31,337	)		(27,504	)
								Financing activities
	(16,775)		(8,393	)		(6,687	)	Payment of loans		(33,954	)		(15,080	)
	(3,378)		(5,369	)		(3,208	)	Payment of interests		(6,893	)		(8,577	)
	17,863		4,769			11,291		Proceeds from loans		54,466			16,060
	(55)		—			(100	)	Acquisition of own shares		(55	)		(100	)
	—		—			—		Non controling interest contribution		50			—
	(2,345)		(8,993	)		1,296		Cash flows from financing activities		13,614			(7,697	)
	(15)		(149	)		415		Effect of changes in exchange rates on cash and equivalents		938			266
	(148)		—			—		Deconsolidation of subsidiaries		(148	)		—
	(10,270)		667			2,031		Increase (decrease) in Cash and Equivalents		506			2,698
	26,163		10,757			11,424		Cash and equivalents at the beginning of the period		15,387			10,757
	15,893		11,424			13,455		Cash and equivalents at the end of the period		15,893			13,455
	(10,270)		667			2,031		Increase (decrease) in Cash and Equivalents		506			2,698
								COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD
	6,898		5,620			5,438		Cash		6,898			5,438
	8,995		5,804			8,017		Other Financial Assets		8,995			8,017
	15,893		11,424			13,455		TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD		15,893			13,455

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

19

Consolidated Results Q2 2017

5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)

Q2 2017	Upstream		Gas & Power		Downstream		Corporate & Other		Consolidation Adjustments		Total
Revenues		78		14,808		45,406		483		-613		60,162
Revenues from intersegment sales		26,528		941		205		1,791		-29,465		0
Revenues		26,606		15,749		45,611		2,274		-30,078		60,162
Operating Income (loss)		-884		1,025		3,093		-535		767		3,466
Investments in companies		0		53		39		0		0		92
Depreciation of property, plant and equipment		10,079		65		1,621		207		0		11,972
Impairment of property, plant and equipment and intangible assets		0		0		0		0		0		0
Acquisitions of fixed assets		9,905		992		1,935		197		0		13,029
Assets		225,272		37,926		133,136		38,676		-675		434,335
Q2 2016	Upstream		Gas & Power		Downstream		Corporate & Other		Consolidation Adjustments		Total
Revenues		4,625		6,203		41,212		719		0		52,759
Revenues from intersegment sales		23,214		603		235		1,613		-25,665		0
Revenues		27,839		6,806		41,447		2,332		-25,665		52,759
Operating Income (loss)		1,716		393		3,039		605		-435		5,318
Investments in companies		0		94		72		0		0		166
Depreciation of property, plant and equipment		9,734		57		1,276		158		0		11,225
Impairment of property, plant and equipment and intangible assets		0		0		0		0		0		0
Acquisitions of fixed assets		11,394		380		2,396		313		0		14,483
Assets		236,173		25,866		125,536		34,739		-1,175		421,139

20

Consolidated Results Q2 2017

5.5 MAIN FINANCIAL MAGNITUDES IN U.S. DOLLARS

(Unaudited figures)

Million USD	2016 Q2		2017 Q1		2017 Q2		Var Q2 17 / Q2 16			2016 Jan-Jun		2017 Jan-Jun		Var 2017 / 2016
INCOME STATMENT
Revenues		3,720		3,648		3,837		3.1	%		6,971		7,484		7.4	%
Costs of sales		-3,019		-2,931		-3,168		4.9	%		-5,799		-6,098		5.2	%
Gross profit		701		717		669		-4.6	%		1,172		1,386		18.2	%
Other operating expenses, net		-326		-428		936		-387.1	%		-685		507		-174.1	%
Operating income		375		289		221		-41.1	%		487		510		4.6	%
Depreciation and impairment of property, plant &		792		753		764		-3.5	%		1,521		1,516		-0.3	%
equipment and intangible assets															0.0	%
Amortization of intangible assets		12		12		13		7.5	%		23		24		8.3	%
Unproductive exploratory drillings		33		24		34		3.8	%		46		58		25.8	%
Adj. EBITDA		1,212		1,077		1,032		-14.8	%		2,077		2,108		1.5	%
UPSTREAM
Revenues		1,963		1,778		1,697		-13.6	%		3,995		3,474		-13.0	%
Operating income		121		58		-56		-146.6	%		429		1		-99.7	%
Depreciation		686		636		643		-6.4	%		1,316		1,278		-2.9	%
Capital expenditures		805		605		632		-21.5	%		1,653		1,236		-25.2	%
Adj. EBITDA		840		717		621		-26.1	%		1,791		1,338		-25.3	%
DOWNSTREAM
Revenues		2,923		2,828		2,909		-0.5	%		5,414		5,736		5.9	%
Operating income		214		279		197		-8.0	%		159		476		199.6	%
Depreciation		90		100		103		14.9	%		173		204		17.6	%
Capital expenditures		169		82		123		-27.0	%		282		205		-27.3	%
Adj. EBITDA		304		380		301		-1.2	%		332		680		104.7	%
GAS & ENERGY
Revenues		480		880		1,004		109.3	%		854		1,884		120.7	%
Operating income		28		36		65		135.9	%		28		101		264.3	%
Depreciation		4		4		4		3.1	%		10		8		-17.6	%
Capital expenditures		27		60		63		136.1	%		58		124		112.3	%
Adj. EBITDA		32		40		70		119.1	%		38		109		187.0	%
CORPORATE AND OTHER
Operating income		43		-84		-15		-134.5	%		6		-99		-1682.4	%
Capital expenditures		22		18		13		-43.1	%		49		30		-38.3	%
CONSOLIDATION ADJUSTMENTS
Operating income		-31		-19		49		-259.5	%		-135		29		-121.9	%
Average exchange rate for the period		14.18		15.62		15.68					14.31		15.65

NOTE: The calculation of the main financial figures in U.S. dollars is derived from the calculation of the financial results expressed in Argentine pesos using the average exchange rate for each period.

21

Consolidated Results Q2 2017

5.6 MAIN PHYSICAL MAGNITUDES

(Unaudited figures)

Major physical magnitudes

	2016											2017
	Unit	Q1		Q2		Q3		Q4		Cum. 2016		Q1		Q2		Cum. 2017
Production
Crude oil production	Kbbl		22,656		22,102		22,735		22,051		89,544		21,058		19,867		40,925
NGL production	Kbbl		5,124		4,512		4,608		4,987		19,230		4,923		4,680		9,603
Gas production	Mm3		4,008		4,074		4,127		4,099		16,308		4,076		4,056		8,132
Total production	Kboe		52,986		52,237		53,299		52,816		211,338		51,618		50,055		101,673
Henry Hub	USD/Mbtu		2.09		1.95		2.81		2.98		2.46		3.32		3.18		3.25
Brent	USD/Bbl		37.88		45.56		45.79		49.19		43.56		53.68		49.67		51.6
Sales
Sales of petroleum products
Domestic market
Gasoline	Km3		1,283		1,119		1,178		1,248		4,828		1,297		1,220		2,516
Diesel	Km3		1,855		2,038		1,955		1,955		7,803		1,792		1,954		3,746
Jet fuel and kerosene	Km3		130		107		135		139		510		134		117		251
Fuel Oil	Km3		354		350		376		189		1,269		220		264		484
LPG	Km3		153		242		273		171		839		152		241		393
Others (*)	Km3		263		270		340		342		1,214		357		377		733
Total domestic market	Km3		4,037		4,126		4,257		4,043		16,463		3,952		4,172		8,124
Export market
Petrochemical naphtha	Km3		0		0		15		86		100		57		23		81
Jet fuel and kerosene	Km3		121		117		130		138		507		135		123		258
LPG	Km3		117		17		40		128		302		115		39		154
Bunker (Diesel and Fuel Oil)	Km3		149		116		93		87		445		83		74		157
Others (*)	Km3		105		24		26		59		214		28		29		58
Total export market	Km3		493		275		303		498		1,568		419		289		707
Total sales of petroleum products	Km3		4,529		4,401		4,560		4,540		18,031		4,371		4,461		8,831
Sales of petrochemical products
Domestic market
Fertilizers	Ktn		24		40		91		114		269		35		39		74
Methanol	Ktn		55		82		105		85		327		57		84		141
Others	Ktn		133		125		122		144		524		116		130		246
Total domestic market	Ktn		212		247		318		343		1,120		208		254		462
Export market
Methanol	Ktn		2		1		2		2		7		1		2		3
Others	Ktn		25		41		78		51		195		42		51		93
Total export market	Ktn		27		42		80		53		202		43		52		95
Total sales of petrochemical products	Ktn		239		289		398		396		1,322		251		306		557
Sales of other products
Grain, flours and oils
Domestic market	Ktn		9		27		7		11		54		21		37		58
Export market	Ktn		169		311		256		151		887		159		291		450
Total Grain, flours and oils	Ktn		178		338		263		162		941		180		328		508
Main products imported
Gasolines and Jet Fuel	Km3		50		65		52		3		171		3		40		43
Diesel	Km3		145		239		306		45		736		152		230		382

(*) Principally includes sales of oil and lubricant bases, grease, asphalt and residual carbon, among others.

22

Consolidated Results Q2 2017

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, 2016 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.

The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Investor Relations

E-mail: inversoresypf@ypf.com

Website: inversores.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 1215

Fax: 54 11 5441 2113

23

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	YPF Sociedad Anónima
Date: August 8, 2017	By:	/s/ Diego Celaá
	Name:	Diego Celaá
	Title:	Market Relations Officer