YPF Sociedad Anónima announced offer to exchange: Outstanding 8.500% Senior Notes due 2021 (the "2021 Old Notes"); 8.750% Senior Amortizing Notes due 2024 (the "2024 Old Notes"); 8.500% Senior Amortizing Notes due March 2025 (the "March 2025 Old Notes"); 8.500% Senior Notes due July 2025 (the "July 2025 Old Notes"); 6.950% Senior Notes due 2027 (the "2027 Old Notes"); 8.500% Senior Notes due 2029 (the "2029 Old Notes"); and 7.000% Senior Notes due 2047 (the "2047 Old Notes", and collectively with the 2021 Old Notes, the 2024 Old Notes, the March 2025 Old Notes, the July 2025 Old Notes, the 2027 Old Notes, the 2029 Old Notes and the 2047 Old Notes, the "Old Notes") issued by YPF Sociedad Anónima, for the applicable amount of 8.500% senior secured notes due 2026 (the "Export-Backed New 2026 Notes"); 8.500% senior notes due 2029 (the "New 2029 Notes"); and 7.000% senior notes due 2033 (the "New 2033 Notes", and collectively with the New 2029 Notes and the Export-Backed New 2026 Notes, the "New Notes"), and cash, where applicable, and Solicitation of Consents. The company announced the commencement of (i) its offers to exchange any and all of the Company's outstanding Old Notes for the consideration and (ii) its solicitation of consents (the "Consent Solicitation") to amend or eliminate certain covenants and events of default under the indentures for the Old Notes, each upon the terms and subject to the conditions set forth in the Exchange Offer and Consent Solicitation Memorandum dated January 7, 2021, in the case of Argentine Entity Offerees and Non-Cooperating Jurisdiction Offerees, the letter of transmittal and the proxy form that accompany the Exchange Offer and Consent Solicitation Memorandum as well as the power of attorney in the form contained in the Proxy Form and, together with the Proxy Form. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Exchange Offer and Consent Solicitation Memorandum. The New Notes are being offered for exchange only (i) to holders of Old Notes that are "qualified institutional buyers" as defined in Rule 144A under the Securities Act ("QIBs"), in a private transaction in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof and (ii) outside the United States, to holders of Old Notes who are (A) not "U.S. persons" (as defined in Rule 902 under the Securities Act, "U.S. Persons") and who are not acquiring New Notes for the account or benefit of a U.S. Person, in offshore transactions in reliance on Regulation S under the Securities Act, and (B) Non-U.S. qualified offerees. Only holders of Old Notes who have returned a duly completed Eligibility Letter certifying that they are within one of the categories described in the immediately preceding sentence are authorized to receive and review this Exchange Offer and Consent Solicitation Memorandum and to participate in the Exchange Offers and the Consent Solicitation (such holders, "Eligible Holders"). In addition, Eligible Holders will need to specify in the Eligibility Letter whether they are Argentine Entity Offerees or Non-Cooperating Jurisdiction Offerees (each as defined in the Eligibility Letter). The ability of certain Eligible Holders outside the United States to participate in the Exchange Offers will be subject to the delivery of additional documentation to satisfy Argentine tax regulations. In particular, Argentine Entity Offerees and Non-Cooperating Jurisdiction Offerees who participate in the Exchange Offers are required to complete, sign and submit by email to the Information and Exchange Agent (as define below) the Letter of Transmittal in the form attached as Exhibit 1 to the Exchange Offer and Consent Solicitation Memorandum.