Translation of letter to the Comisión Nacional de Valores, Mercado Electrónico Abierto S.A and Bolsas y Mercados Argentinos S.A. dated July 31, 2023.

Re.: Issuer rating for local currency, foreign currency and foreign currency senior secured debt

 MOODY’S LOCAL | ARGENTINA

NON-FINANCIAL COMPANIES 

Argentina’s largest oil and gas producer

Strong competitive position: YPF owns more than 1,600 service stations more than half of the country’s refining capacity with approximately 328,100 barrels per day.

Attractive growth potential of its resources through investment in Vaca Muerta.

High exposure to weak macroeconomic conditions in Argentina and uncertain regulatory environment

High investment needs in a capital-intensive industry.

Exposure to energy commodity price volatility.

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MOODY’S LOCAL | ARGENTINA

NON-FINANCIAL COMPANIES

1Q

2023 (Mar-

2023)

The values presented contain adjustments made by Moody’s Local Argentina and may differ from those reported by the company in its financial statements.

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MOODY’S LOCAL | ARGENTINA

NON-FINANCIAL COMPANIES

  Negotiable Obligations

Date of

issue

Date of

maturity

Amortization of

capital

Payment of

interests    

  ON Class XVI

13 quarterly

installments

    (1° on Feb. 2023)    

  ON Class XVII

7 semi-annual

installments

(1° in Jun. 2026)

  ON Class XVIII

4 annual installments

(1° in Sep. 2030)

  ON Additional Class XIV

  ON Class XIX

  ON Class XX

14 semi-annual

installments

(1° Jan. 2026)

  ON Additional Class XXII

Badlar + 3.0%

Badlar + 3.0%

  ON Class XXIII

  ON Class XXIV

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 MOODY’S LOCAL | ARGENTINA

NON-FINANCIAL COMPANIES

Rating    

current    

Rating    

previous    

Long-term local currency issuer ratings

Additional Class XIV Notes for up to the equivalent of USD 100 million

Class XIX Negotiable Obligations for up to the equivalent of US$ 100 million

Class XX Negotiable Obligations for up to the equivalent of USD 400 million

Class XXIII Negotiable Obligations for up to the equivalent of USD 200 million with maturity in 2025^(*)

Class XXIV Negotiable Obligations for up to the equivalent of USD 200 million with maturity in 2027^(*)

Additional Class XXII notes for up to the equivalent of USD 200 million maturing in 2024^(*)

Long-term foreign currency issuer rating

Class XVII Negotiable Obligations maturing in 2029

Class XVIII Negotiable Obligations maturing in 2033

Long-term foreign currency senior secured debt ratings

Class XVI Negotiable Obligations due 2026

Annual Report and Audited Financial Statements for the fiscal year ended 12/31/2022 and prior years, available at www.argentina.gob.ar/cnv.

Interim Quarterly Financial Statements, available at www.argentina.gob.ar/cnv.

Prospectus of the Negotiable Obligations Program available at www.argentina.gob.ar/cnv.

Information published by the Secretariat of Energy, available at www.argentina.gob.ar/economia/energia.

The following factors of the methodology: Analysis of standard rating factors (Industry Stability, Scale, Business Profile, Profitability and Efficiency, Leverage and Coverage and Financial Policy) and Other Considerations are unchanged from the last full report.

The latest full report was published on 04/18/2023 and is available to the investing public at https://www.moodyslocal.com/country/ar.

AA.ar: Issuers or issues rated AA.ar with very strong credit quality compared to other local issuers.

Moody’s Local Argentina adds “+” and “-” modifiers to each generic rating category ranging from AA to CCC.

Methodology for rating non-financial companies, available at www.argentina.gob.ar/cnv.

This report should not be considered as an advertisement, publicity, dissemination or recommendation to acquire, sell or trade the instruments being rated.

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MOODY’S LOCAL | ARGENTINA

NON-FINANCIAL COMPANIES

2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY’S AND ITS AFFILIATES CONSTITUTE MOODY’S CURRENT VIEWS REGARDING THE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR SIMILAR INSTRUMENTS, AND MOODY’S PUBLISHED MATERIALS, PRODUCTS, SERVICES AND INFORMATION (COLLECTIVELY, THE “PUBLICATIONS”), AND MOODY’S PUBLICATIONS MAY INCLUDE CURRENT VIEWS. MOODY’S DEFINES CREDIT RISK AS THE RISK ARISING FROM AN ENTITY’S INABILITY TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND THE ESTIMATED ECONOMIC LOSSES IN THE EVENT OF DEFAULT OR INABILITY TO MEET SUCH OBLIGATIONS. PLEASE REFER TO MOODY’S APPLICABLE RATING SYMBOLS AND RATING DEFINITIONS FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ENUNCIATED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT REFER TO ANY OTHER RISKS, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”) AND OTHER OPINIONS CONTAINED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE FORECASTS BASED ON A QUANTITATIVE CREDIT RISK MODEL AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, EVALUATIONS AND OTHER OPINIONS ARE NOT AND DO NOT CONSTITUTE OR IMPLY ANY RECOMMENDATION TO BUY, SELL OR HOLD ANY PARTICULAR SECURITY. MOODY’S CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE COMMENTARY ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, EVALUATIONS AND OTHER OPINIONS AND PUBLISHES ITS REPORTS IN THE CONFIDENCE AND WITH THE UNDERSTANDING THAT EACH INVESTOR WILL C O N D U C T , WITH DUE DILIGENCE, ITS OWN RESEARCH AND EVALUATION OF THE INSTRUMENT IT IS CONSIDERING BUYING, HOLDING OR SELLING.

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To the fullest extent permitted by law, MOODY’s and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability in respect o f a n y direct or consequential loss or damage caused to any person or entity, including without limitation, negligence (excluding, however, fraud, wilful misconduct or any other type of liability which, for the sake of clarity, cannot be excluded by law), by MOODY’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, or in respect of any contingency within or beyond the control of any of the foregoing, arising out of or in connection with the information contained herein or the use or inability to use such information.

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Moody’s Investors Service, Inc, a wholly owned subsidiary of Moody’s Corporation (“MCO”), hereby reports that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and notes) and preferred stock rated by Moody’s Investors Service, Inc. have agreed, prior to the assignment of any rating, to pay Moody’s Investors Service, Inc. for its opinion and rating services for a fee ranging from ($1,000 to approximately

5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of the ratings and credit rating assignment processes of Moody’s Investors Service, Inc. Information regarding certain relationships that may exist between directors of MCO and rated entities, and between entities that have been assigned credit ratings by Moody’s Investors Service and have also publicly notified the SEC that they have a greater than 5% ownership interest in MCO, is published annually at www.moodys.com under “Investor Relations - Corporate Governance - Charter Documents - Director and Shareholder Affiliation Policy”.

- Corporate Governance - Constitutive Documents - Policy on Relations between Directors and Shareholders” ].

Applicable to Australia only: Publication in Australia of this document is pursuant to the Australian Financial Services License of MOODY’s subsidiary, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended solely for “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By accessing this document from anywhere within Australia, you represent to MOODY’S that you are a “wholesale customer” or are accessing this document as a representative of a “wholesale customer” and that neither you nor the entity you represent will disclose, directly or indirectly, this document or its contents to “retail customers” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit ratings are opinions on the credit quality of an issuer’s credit commitment and not on the issuer’s equity securities or any other form of instrument available to retail customers.

Applicable to Japan only: Moody’s Japan K.K. (“MJKK”) is a credit rating agency, a subsidiary of Moody’s Group Japan G.K., wholly owned by Moody’s Overseas Holdings Inc. and a wholly owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are non-NRSROs. The credit ratings are assigned by an entity that is not an NRSRO and, consequently, the rated obligation will not be eligible for certain types of treatment under U.S. law. MJKK and MSFJ are credit rating agencies registered with the Financial Services Agency of Japan and their registration numbers are FSA Commissioner (Ratings) Nos. 2 and 3, respectively.

MJKK or MSFJ (as applicable) hereby gives notice that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and securities) and preferred stock rated by MJKK or MSFJ (as applicable) have agreed, prior to the assignment of any credit ratings, to pay MJKK or MSFJ (as applicable) for its credit rating and opinion services for fees ranging from approximately JPY100.000 to approximately JPY550,000,000.

In addition, MJKK and MSFJ have policies and procedures in place to ensure compliance with Japanese regulatory requirements.

LOCAL

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Date: August 1, 2023

/s/ Pedro Kearney