Obbligazione YPX 0% ( USP989MJBH35 ) in USD

Emittente YPX
Prezzo di mercato 100 USD  ⇌ 
Paese  Argentina
Codice isin  USP989MJBH35 ( in USD )
Tasso d'interesse 0%
Scadenza 07/07/2020 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione YPF USP989MJBH35 in USD 0%, scaduta


Importo minimo 10 000 USD
Importo totale 750 000 000 USD
Cusip P989MJBH3
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata YPF è la principale compagnia petrolifera e gasifera dell'Argentina, operante in esplorazione, produzione, raffinazione e commercializzazione di idrocarburi.

The Obbligazione issued by YPX ( Argentina ) , in USD, with the ISIN code USP989MJBH35, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 07/07/2020







PRICING SUPPLEMENT
(TO OFFERING MEMORANDUM DATED MARCH 17, 2016)
YPF Sociedad Anónima
(incorporated in the Republic of Argentina)
U.S.$750,000,000 Argentine Peso-Linked Floating Rate Notes due 2020
Payments of principal, interest, additional amounts and any other amounts in respect of the Notes will be made in U.S. dollars, in amounts determined based on the Argentine Peso equivalent
(based on an initial exchange rate of Pesos 14.9969 to U.S.$1.00) of the aggregate principal amount of the Notes then outstanding.
Principal Amount: U.S.$ 750,000,000
Issue Price: 100.000 % of the principal amount
Issue Date:
July 7, 2016
Gross Proceeds to Company: U.S.$ 750,000,000
Specified Currency: U.S. dollars
Interest Rate: The initial interest rate on the Notes for the first Interest Rate Period (as defined below) will be equal to the Badlar Basis (as defined below), as determined on the first Interest
Determination Date, which will be June 30, 2016, plus 4.00 % per annum, subject to a minimum interest rate of 18% per annum (the "Minimum Rate"). Thereafter, subject to the Minimum
Rate, the interest rate on the Notes for any Interest Rate Period will be equal to the Badlar Basis, as determined on the applicable Interest Determination Date (as defined below), plus 4.00 %
per annum. The interest rate on the Notes will be reset quarterly for the following Interest Rate Period on each Interest Reset Date (as defined below).
Principal Payment: Principal on the U.S.$ 750,000,000 Argentine Peso-Linked Floating Rate Notes due 2020 (the "Notes") will be payable on July 7, 2020. The Notes will not be Subject to
Optional Redemption, other than in the event of certain developments affecting taxation, in which case we may redeem all, but not less than all, of the Notes. If we undergo a change of
control, we may be required to make an offer to purchase the Notes.
Interest Payment: Interest on the Notes will be payable quarterly in arrears on January 7, April 7, July 7 and October 7 of each year, commencing on October 7, 2016.
Status and Ranking: The Notes will constitute obligaciones negociables simples no convertibles en acciones under Argentine law. The Notes will constitute our unconditional and
unsubordinated general obligations and will rank at least pari passu in priority of payment with all of our present and future unsubordinated and unsecured obligations.
Listing: Application has been made to have the Notes listed on the Luxembourg Stock Exchange for trading on the Euro MTF market and listed on the Mercado Abierto Electrónico S.A. (the
"MAE"). There can be no assurance that these applications will be accepted.
Minimum Denominations: U.S.$10,000 and integral multiples of U.S.$1,000 in excess thereof. Form: Global Notes (Rule 144A and Regulation S)
CUSIP Numbers:
Rule 144A: 984245 AN0
Regulation S: P989MJ BH3
ISIN Numbers:
Rule 144A: US984245AN03
Regulation S: USP989MJBH35
Settlement: The Depository Trust Company and its direct and indirect participants, including Euroclear S.A./N.V. and Clearstream Banking, société anonyme.
This Pricing Supplement is supplementary to, and should be read together with, the accompanying Offering Memorandum (including our Annual Report on Form 20-F for the year ended
December 31, 2015, which attaches our Audited Consolidated Financial Statements as of December 31, 2015) and our Form 6-K for the month of May 2016 furnished to the Securities and
Exchange Commission (the "SEC") on May 18, 2016 (which attaches our Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2016). This Pricing Supplement
together with the Offering Memorandum and the attached Form 6-K constitute a prospectus for the purpose of the Luxembourg law dated July 10, 2005 on Prospectuses for Securities, as
amended.
Investing in the Notes involves significant risks. See "Risk Factors" on page S-75 of this Pricing Supplement and on page I-6 of the Offering Memorandum and see "Item 3. Key
Information--Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2015 included therein.
We have not registered, and will not register, the Notes under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. The Notes may be offered only in
transactions that are exempt from registration under the Securities Act and the securities laws of other jurisdictions. Accordingly, the Notes are being offered and sold only (1) in the United
States to qualified institutional buyers, as defined in Rule 144A under the Securities Act, and (2) outside the United States to non-U.S. persons in reliance on Regulation S under the Securities
Act. For a description of certain restrictions on resale and transfer of the Notes, see "Transfer Restrictions" in the Offering Memorandum and "Plan of Distribution" in this Pricing Supplement.
The Notes are being offered pursuant to an exemption from the requirement to publish a prospectus under Directive 2003/71/EC (as amended and supplemented from time to time, the
"Prospectus Directive"), of the European Union, and this Pricing Supplement has not been approved by a competent authority within the meaning of the Prospectus Directive.
Joint Bookrunners and Joint Lead Managers
BBVA
Santander
The date of this Pricing Supplement is June 30, 2016.
CPAM: 9769475.1


TABLE OF CONTENTS
Pricing Supplement
Page
Terms and Conditions of the Notes ..........................................................................................................
S-iv
Additional Terms and Conditions of the Notes .......................................................................................
S-1
Additional Recent Developments .............................................................................................................
S-74
Risk Factors ...............................................................................................................................................
S-75
Update of Legal Proceedings ....................................................................................................................
S-77
Update of Regulatory Framework ...........................................................................................................
S-80
Exchange Rates ..........................................................................................................................................
S-82
Use of Proceeds ..........................................................................................................................................
S-83
Capitalization.............................................................................................................................................
S-84
Plan of Distribution ...................................................................................................................................
S-85
Transfer Restrictions.................................................................................................................................
S-94
Listing and General Information .............................................................................................................
S-96
Offering Memorandum
Introduction to Offering Memorandum ..................................................................................................
iii
Where You Can Find More Information.................................................................................................
iii
Cautionary Statement About Forward Looking Statements .................................................................
iv
Presentation of Financial Information.....................................................................................................
iv
Anti-Money Laundering Regulations ......................................................................................................
v
Exchange Rates ..........................................................................................................................................
viii
Foreign Exchange Regulations .................................................................................................................
ix
Part I: Information Relating To Our Global Medium Term Note Program
Summary of the Program .........................................................................................................................
I-2
Risk Factors ...............................................................................................................................................
I-6
Use of Proceeds ..........................................................................................................................................
I-9
Description of the Notes ............................................................................................................................
I-10
Clearing and Settlement............................................................................................................................
I-34
Transfer Restrictions.................................................................................................................................
I-38
Taxation......................................................................................................................................................
I-40
Certain ERISA Considerations ................................................................................................................
I-52
Enforceability of Civil Liabilities .............................................................................................................
I-53
Plan of Distribution ...................................................................................................................................
I-54
Legal Matters .............................................................................................................................................
I-57
Part II: Additional Information Relating to YPF Sociedad Anónima
Annual Report on Form 20-F for the year ended December 31, 2015, filed with the SEC on March
17, 2016 .......................................................................................................................................................
II-1
Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2106 as
furnished to the SEC on Form 6-K on May 18, 2016..............................................................................
II-2
S-i
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This Pricing Supplement relates to our U.S.$750,000,000 Argentine Peso-Linked Floating Rate Notes due
2020, Series L (the "Notes"), which are a series of notes to be issued under our Global Medium-Term Note Program
in an aggregate principal amount at any time outstanding not to exceed U.S.$10,000,000,000 or the equivalent
amount in other currencies (the "Program"). This Pricing Supplement is supplemental to, and should be read
together with, the accompanying Offering Memorandum (including our Annual Report on Form 20-F for the year
ended December 31, 2015 (the "2015 20-F"), which attaches our Audited Consolidated Financial Statements as of
December 31, 2015 and our Form 6-K for the month of May 2016, furnished to the SEC on May 18, 2016, which
attaches our Unaudited Condensed Interim Consolidated Financial Statements as of and for the three months ended
March 31, 2016 (the "March 2016 6-K"). To the extent that information contained in this Pricing Supplement is not
consistent with the Offering Memorandum, this Pricing Supplement will be deemed to supersede the Offering
Memorandum with respect to the Notes. Unless otherwise defined herein, capitalized terms used in this Pricing
Supplement shall have the meanings given to them in the Offering Memorandum. In this Pricing Supplement, we
use the terms "YPF," the "Company," "we," "our" and "us" to refer to YPF Sociedad Anónima and its controlled
companies; "YPF Sociedad Anónima" and "YPF S.A." refer to YPF Sociedad Anónima alone.
The creation of the Program was approved by resolution of our shareholders at a meeting held on January
8, 2008 and by resolution of our Board of Directors approved on February 6, 2008. The size of the Program was
most recently increased to U.S.$10,000,000,000 by resolution of our shareholders at a meeting held on April 29,
2016 and by resolution of our Board of Directors dated May 10, 2016.
The issuance of the Notes and the subdelegation of powers for certain of the Company's officers was
approved by our Board of Directors at a meeting held on May 10, 2016.
The offering of the Notes was authorized by resolution of the Comisión Nacional de Valores (the
Argentinean National Securities Commission or the "CNV") dated June 29, 2016. This authorization means
only that the applicable information requirements have been met. The CNV has not rendered any opinion in
respect of the accuracy of the information contained in this Pricing Supplement or the Offering
Memorandum. We are responsible for the information contained in this Pricing Supplement or the Offering
Memorandum. The information in this Pricing Supplement or the Offering Memorandum is based on
information provided by us and other sources we believe to be reliable and is accurate only as of the date of
this Pricing Supplement, regardless of the time of delivery of this Pricing Supplement and the Offering
Memorandum or when any sale of the Notes occurs. This Pricing Supplement and the Offering
Memorandum may be used only for the purposes for which they have been published.
We are a stock corporation (sociedad anónima) incorporated under the laws of Argentina and the liability
of our shareholders is limited to their subscribed and paid-in capital under Argentine General Corporations Law No.
19,550, as amended (the "Argentine Corporations Law"). Prospective purchasers acknowledge and agree that
neither our shareholders, nor our affiliates or subsidiaries, will be liable for any obligation under the Notes.
We have not, and the initial purchasers have not, authorized anyone to provide you with any other
information, and we and the initial purchasers take no responsibility for any other information than anyone else may
provide you. We are not, and the initial purchasers are not, making an offer of these securities in any jurisdiction
where the offer is not permitted. You should not assume that the information contained in this Pricing Supplement
is accurate as of any date other than the date of this Pricing Supplement.
In making your decision whether to invest in the Notes, you must rely on your own examination of us and
the terms of the offering, including the merits and risks involved. You should not construe the contents of this
Pricing Supplement or the Offering Memorandum as legal, business, financial or tax advice. You should consult
your own advisors as needed to make your investment decision and to determine whether you are legally permitted
to purchase the securities under applicable legal investment or similar laws or regulations. You should be aware that
you may be required to bear the financial risks of an investment in the Notes for an indefinite period of time.
The Notes will constitute obligaciones negociables simples no convertibles en acciones under the
Argentine Negotiable Obligations Law No. 23,576, as amended by Argentine Law No. 23,962 (the "Negotiable
Obligations Law"), will be entitled to the benefits set forth therein and subject to the procedural requirements
established therein and in Law No. 26,831 and the applicable CNV resolutions.
S-ii
CPAM: 9769475.1


The offer of the Notes shall be conducted by means of an offering that qualifies as a public offering under
Argentine law and the regulations of the CNV. In order to comply with those regulations, the placement of the
Notes in Argentina will be done through a book-building process, in accordance with applicable CNV rules. See
"Plan of Distribution­Argentina­Placement Efforts."
The initial purchasers make no representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this Offering Memorandum. Nothing contained in this Pricing
Supplement or the accompanying Offering Memorandum is, or shall be relied upon as, a promise or representation
by the initial purchasers as to the past or future. The initial purchasers assume no responsibility for the accuracy or
completeness of any such information.
The initial purchasers participating in this offering may engage in transactions that stabilize, maintain or
otherwise affect the price of the Notes, including over-allotment, stabilizing and short-covering transactions in the
Notes, and the imposition of a penalty bid during and after this offering of the Notes. Such stabilization, if
commenced, may be discontinued at any time. For a description of these activities, see "Plan of Distribution."
The modifications or replacements of certain items in the accompanying Offering Memorandum included
in this Pricing Supplement do not affect respective rights of holders of other series of notes issued under the
Program.
S-iii
CPAM: 9769475.1


TERMS AND CONDITIONS OF THE NOTES
The following items describe the particular terms and conditions that relate to the Notes and should be
read together with the "Description of the Notes" in the Offering Memorandum, which sets forth certain material
terms of the Notes not set forth in this Pricing Supplement.
Issuer
YPF Sociedad Anónima.
Series No.
Series L under the Issuer's U.S.$10,000,000,000 Global Medium-Term
Note Program.
Title of the Notes
Argentine Peso-Linked Floating Rate Notes due 2020.
The Notes are being offered as debt securities under a supplemental
indenture.
Principal Amount of the Notes
U.S.$750,000,000
Notes Issue Price
100.000 % of the principal amount.
Notes Issue Date
July 7, 2016 (the "Issue Date").
Specified Currency of Settlement and
U.S. dollars or as otherwise described in "Use of Proceeds."
Payments
The Calculation Agent will convert Peso amounts payable in respect of
principal and interest to U.S. dollars on the relevant Exchange Rate
Calculation Date (as defined below) at the Settlement Rate (as defined
below).
Initial Exchange Rate
Pesos 14.9969 (the average of the Pesos/ U.S.$ FX Rate published by the
Argentine Central Bank (the "Central Bank"), through the
Communication "A" 3,500 on the three Business Days (as defined in the
Offering Memorandum) prior to June 30, 2016, on its website (which at
the date hereof, is located at
http://www.bcra.gob.ar/Estadisticas/estprv010001.asp?descri=20&fecha=
Fecha_Ref&campo=Tip_Camb_Ref), as calculated by the Calculation
Agent).
Exchange Rate Calculation Date
The second Business Day preceding each scheduled interest or principal
payment date or any other date on which principal or interest shall
become payable as a result of an acceleration of the maturity of the Notes
or otherwise.
Settlement Rate
The average of the Peso/U.S. Dollar exchange rate published by the
Central Bank through the Communication "A" 3,500 (as amended by any
successive regulation) on the three Business Days prior to the relevant
Exchange Rate Calculation Date, as calculated by the Calculation Agent.
If the exchange rate published by the Central Bank through the
Communication "A" 3,500 (or any successor regulation) is not available,
the Settlement Rate will be the average of the Peso/U.S. Dollar exchange
selling rate quoted, on the relevant Exchange Rate Calculation Date, to
the Calculation Agent, by the three private banks in Argentina with the
largest volume of FX transactions published by the Central Bank on its
website (which at the date hereof, is located at
http://www.bcra.gob.ar/Pdfs/Estadisticas/Ranking.xls ).
S-iv
CPAM: 9769475.1


Peso Principal Amount
Ps.11,247,675,000 (amount in Pesos equal to the Principal Amount
multiplied by the Initial Exchange Rate).
Stated Maturity
July 7, 2020.
Interest Rate
The initial interest rate on the Notes for the first Interest Rate Period (as
defined below) will be equal to the Badlar Basis (as defined below), as
determined on the first Interest Determination Date (as defined below),
June 30, 2016, plus 4.00 % per annum, subject to a minimum interest rate
of 18% per annum (the "Minimum Rate"). Thereafter, subject to the
Minimum Rate, the interest rate on the Notes for any Interest Rate Period
will be equal to the Badlar Basis, as determined on the applicable Interest
Determination Date, plus 4.00 % per annum. The interest rate on the
Notes will be reset quarterly for the following Interest Rate Period on
each Interest Reset Date (as defined below). Each interest payment will
be calculated by the Calculation Agent based on the outstanding Peso
Principal Amount on the Exchange Rate Calculation Date, and will be
converted into U.S. dollars using the Settlement Rate on the relevant
Exchange Rate Calculation Date.
Badlar Basis
The Badlar Basis for any Interest Rate Period will be the simple
arithmetic mean of the interest rate for fixed-term deposits of more than
Ps.1,000,000 for a period of between 30 and 35 days for private banks in
Argentina published by the Central Bank on its website (which at the date
hereof, is located at
http://www.bcra.gov.ar/Estadisticas/estprv010001.asp?descri=18&fecha=
Fecha_Ref&campo=Bad_pri_pes) (the "Badlar Private Interest Rate"),
on each of the three Business Days preceding the relevant Interest
Determination Date (each such period, an "Interest Determination
Period"). The "Interest Determination Date" will be the second Business
Day preceding the relevant Interest Reset Date; provided that the Interest
Determination Date for the first Interest Rate Period will be June 30,
2016.
If the Badlar Private Interest Rate ceases to be provided by the Central
Bank on any relevant day in an Interest Determination Period, the
Calculation Agent shall calculate the Badlar Basis by reference to: (i) the
replacement rate of the Badlar Private Investment Rate as reported by the
Central Bank for such day or (ii) if no replacement rate referred to in (i)
above is reported by the Central Bank, the Calculation Agent will
calculate the Badlar Basis considering the average rates reported for
fixed-term deposits of more than Ps.1,000,000 for a period of between 30
days and 35 days of the five largest private banks in Argentina for such
day. In order to select the five largest private banks, the Calculation
Agent will use the latest report available on available deposits published
by the Central Bank.
Interest Payment Dates
Interest on the Notes will be payable quarterly in arrears on January 7,
April 7, July 7 and October 7 of each year, commencing October 7, 2016
(each, an "Interest Payment Date").
Regular Record Dates
The 10th calendar day preceding an Interest Payment Date.
Interest Reset Dates
January 7, April 7, July 7 and October 7 of each year, commencing
October 7, 2016 (each, an "Interest Reset Date").
S-v
CPAM: 9769475.1


Interest Rate Periods
The period beginning on, and including, an Interest Payment Date and
ending on, but excluding, the next succeeding Interest Payment Date
(each, an "Interest Rate Period"); provided that the first Interest Rate
Period will begin on, and include, July 7, 2016 and will end on, but
exclude, October 7, 2016.
Day Count Basis
Based on the actual number of days in the year and the actual number of
days elapsed.
Indenture
The Indenture dated October 3, 2013, among us, U.S. Bank National
Association and First Trust of New York, N.A, Permanent
Representation Office in Argentina (the "Base Indenture") as amended
and supplemented from time to time and as further supplemented by the
Eighth Supplemental Indenture to be dated July 7, 2016 (the Base
Indenture as supplemented by the Eighth Supplemental Indenture, the
"Indenture").
Status and Ranking
The Notes will constitute obligaciones negociables simples no
convertibles en acciones under Argentine law. The Notes will constitute
our unconditional and unsubordinated general obligations and will rank
at least pari passu in priority of payment with all of our present and
future unsubordinated and unsecured obligations.
Redemption for Taxation Reasons
We may redeem the Notes, in whole but not in part, at a price equal to
100% of the principal amount plus accrued and unpaid interest and any
Additional Amounts (as defined in the Offering Memorandum) upon the
occurrence of specified Argentine tax events. See "Description of the
Notes--Redemption and Repurchase--Redemption for taxation reasons"
in the accompanying Offering Memorandum.
Optional Redemption
The Notes will not be subject to Optional Redemption (as defined in the
Offering Memorandum).
Redemption Price at Maturity Date
At the maturity date, the redemption price will be 100% of the principal
amount plus accrued and unpaid interest.
Change of Control Offer
Upon the occurrence of a Change of Control (as defined below), each
holder of Notes will have the right to require us to redeem all or a portion
of such holder's Notes at a redemption price equal to 101% of the
outstanding principal amount thereof plus accrued and unpaid interest
thereon, if any, to the date of purchase. See "Additional Terms and
Conditions of the Notes--Change of Control Offer" below.
Covenants
The Indenture will, among other things, limit our ability and the ability of
our subsidiaries to:

incur additional indebtedness and guarantee indebtedness;

pay dividends or make other distributions or repurchase or redeem
our capital stock;

prepay, redeem or repurchase certain debt;

make loans and investments;
S-vi
CPAM: 9769475.1



sell, transfer or otherwise dispose of assets;

incur or permit to exist certain liens;

enter into transactions with affiliates; and

consolidate, amalgamate, merge or sell all or substantially all of our
assets.
These covenants will be subject to a number of important exceptions and
qualifications. See "Additional Terms and Conditions of the Notes"
below.
Events of Default
Upon the occurrence of an event of default, the Notes may, and in certain
cases shall, become immediately due and payable. See "Description of
the Notes--Events of Default" in the accompanying Offering
Memorandum.
Withholding Taxes; Additional
We will make our payments in respect of Notes without withholding or
Amounts
deduction for any Taxes imposed by Argentina, or any political
subdivision or any taxing authority thereof. In the event that such
withholdings or deductions are required by law, we will, subject to
certain exceptions, pay such Additional Amounts as are necessary to
ensure that the holders receive the same amount as the holders would
otherwise have received in respect of payments on the Notes in the
absence of such withholdings or deductions.
Additional Notes
In the future, we may issue additional Notes from time to time and
without notice to or the consent of holders of the Notes; provided that
such additional Notes have the same terms and conditions in all respects
as the Notes described herein (except for the Issue Date, the Issue Price
and the first Interest Payment Date); provided, that additional notes will
not bear the same CUSIP number as the Notes, unless such additional
notes are part of the same "issue" or issued in a "qualified reopening" for
U.S. federal income tax purposes or such additional notes and the Notes
are issued with no more than a de minimis amount of original issue
discount for U.S. federal income tax purposes. In that case, any such
additional Notes will constitute a single series and will be fully fungible
with the Notes offered hereby.
Use of Proceeds
We will use the net proceeds from the sale of the Notes in accordance
with the requirements established by Article 36 of the Negotiable
Obligations Law, for the purposes set forth in "Use of Proceeds."
Transfer Restrictions
We have not registered, and will not register, the Notes under the
Securities Act, and the Notes may not be transferred except in
compliance with the transfer restrictions set forth in "Transfer
Restrictions" in the accompanying Offering Memorandum and this
Pricing Supplement and "Plan of Distribution" in this Pricing
Supplement.
Form and Denomination of the Notes
Notes will be represented by one or more Global Notes without interest
coupons, registered in the name of The Depository Trust Company
("DTC") or its nominee. The Notes will be issued in minimum
denominations of U.S.$10,000 and integral multiples of U.S.$1,000 in
S-vii
CPAM: 9769475.1


excess thereof.
International Rating
The Notes are expected to be rated "B3" by Moody's and "B" by Fitch.
A security rating is not a recommendation to buy, sell or hold securities
and may be subject to revision or withdrawal at any time by the assigning
Rating Agency without notice.
Listing and Trading
The Notes are a new issue and there is no current trading market for the
Notes. Application has been made to have the Notes listed on the
Luxembourg Stock Exchange for trading on the Euro MTF market and
listed on the MAE. The initial purchasers are not obligated to make a
market in the Notes, and any market making with respect to the Notes
may be discontinued without notice. Accordingly, there can be no
assurance as to the maintenance or liquidity of any market for the Notes.
Settlement
The Notes will be delivered in book-entry form through the facilities of
DTC and its direct and indirect participants, including Euroclear
S.A./N.V., Clearstream Banking, société anonyme and Caja de Valores
S.A.
CUSIP Number
Rule 144A: 984245 AN0
Reg S: P989MJ BH3
ISIN Number
Rule 144A: US984245AN03
Reg S: USP989MJBH35
Common Code
Rule 144A: 144557573
Reg S: 144321685
Governing Law
New York State law; provided that all matters relating to the due
authorization, execution, issuance and delivery of the Notes by us, and
matters relating to the legal requirements necessary in order for the Notes
to qualify as obligaciones negociables under Argentine law, will be
governed by the Negotiable Obligations Law together with the Argentine
Corporations Law and other applicable Argentine laws and regulations.
Trustee, Co-Registrar, Principal Paying
U.S. Bank National Association
Agent and Transfer Agent
Registrar, Paying Agent, Transfer
Banco Santander Río S.A.
Agent and Calculation Agent
Representative of the Trustee in
First Trust of New York N.A., Permanent Representation Office in
Argentina
Argentina
Luxembourg Listing Agent, Paying
Banque Internationale à Luxembourg S.A.
Agent and Transfer Agent
Risk Factors
See "Risk Factors" on page S-75 of this Pricing Supplement and on page
I-6 of the Offering Memorandum and see "Item 3. Key Information--
Risk Factors" in the 2015 20-F included herein for a discussion of certain
risks that you should consider prior to making an investment in the
Notes.
S-viii
CPAM: 9769475.1


ADDITIONAL TERMS AND CONDITIONS OF THE NOTES
The following is a description of certain additional terms and conditions of the Notes. This description
supplements, and should be read in conjunction with, the description of the terms and conditions of notes described
under "Description of the Notes" set forth in the accompanying Offering Memorandum. See "Description of the
Notes" beginning on page I-9 of the accompanying Offering Memorandum. All references, to "we," "us," "our"
and "our company" set forth in the "Description of the Notes" in the accompanying Offering Memorandum shall
mean YPF Sociedad Anónima, unless the context suggests otherwise. The terms and conditions of the Notes differ
from the general description of the terms and conditions of the notes described in the accompanying Offering
Memorandum. To the extent that the following description of additional terms and conditions of the Notes is
inconsistent with that set forth in the accompanying Offering Memorandum, the following description supersedes
that in the accompanying Offering Memorandum.
Interest
Interest on the Notes will be calculated by the Calculation Agent based on the Peso Principal Amount of
the Notes outstanding and will be payable quarterly in arrears on January 7, April 7, July 7 and October 7 of each
year, commencing on October 7, 2016.
The initial interest rate on the Notes for the first Interest Rate Period (as defined below) will be equal to the
Badlar Basis (as defined below), as determined on the first Interest Determination Date (as defined below), which
will be June 30, 2016, plus 4.00 % per annum, subject to a minimum interest rate of 18% per annum (the "Minimum
Rate"). Thereafter, subject to the Minimum Rate, the interest rate on the Notes for any Interest Rate Period will be
equal to the Badlar Basis, as determined on the applicable Interest Determination Date, plus 4.00 % per annum. The
interest rate on the Notes will be reset quarterly for the following Interest Rate Period on each Interest Reset Date
(as defined below). The regular record dates for the Notes will be the 10th calendar day preceding each Interest
Payment Date (as defined below), whether or not a business day. Interest on the Notes will be calculated on the
basis of the actual number of days in the year and the actual number of days elapsed. Each interest payment will be
calculated by the Calculation Agent based on the outstanding Peso Principal Amount on the Exchange Rate
Calculation Date (as defined below), and will be converted into U.S. dollars using the Settlement Rate (as defined
below) on the relevant Exchange Rate Calculation Date.
We have initially appointed Banco Santander Río S.A. to serve as Calculation Agent. Each determination
of the Calculation Agent will, in the absence of manifest error, be conclusive for all purposes and binding on us and
the Holders.
Badlar Basis will be determined by the Calculation Agent in accordance with the following provisions:
"Badlar Basis", with respect to any Interest Rate Period, means the simple arithmetic mean of the interest
rate for fixed-term deposits of more than Ps.1,000,000 for a period of between 30 and 35 days (tasa de interés para
depósitos a plazo fijo de más de pesos un millon ­ BADLAR promedio bancos privados) for private banks in
Argentina published by the Argentine Central Bank (the "Central Bank") on its website (which at the date hereof, is
located at
http://www.bcra.gov.ar/Estadisticas/estprv010001.asp?descri=18&fecha=Fecha_Ref&campo=Bad_pri_pes) (the
"Badlar Private Interest Rate") on each day during the Interest Determination Period (as defined below). If the
Badlar Private Interest Rate ceases to be provided by the Central Bank on any relevant day in an Interest
Determination Period, the Calculation Agent shall calculate the Badlar Basis by reference to: (i) the replacement rate
of the Badlar Private Interest Rate as reported by the Central Bank for such day or (ii) if no replacement rate referred
to in (i) above is reported by the Central Bank, the Calculation Agent will calculate the Badlar Basis considering the
average rates reported for fixed-term deposits of more than Ps.1,000,000 for a period of between 30 days and 35
days of the five largest private banks in Argentina for such day. In order to select the five largest private banks, the
Calculation Agent will use the latest report available on available deposits published by the Central Bank.
"Interest Determination Date" means the second Business Day preceding the relevant Interest Reset Date;
provided that the first Interest Determination Date will be June 30, 2016.
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CPAM: 9769475.1