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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950103-08-002842.txt : 20081117
<SEC-HEADER>0000950103-08-002842.hdr.sgml : 20081117
<ACCEPTANCE-DATETIME>20081117172212
ACCESSION NUMBER:		0000950103-08-002842
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081117
FILED AS OF DATE:		20081117
DATE AS OF CHANGE:		20081117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YPF SOCIEDAD ANONIMA
		CENTRAL INDEX KEY:			0000904851
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				521612271
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		081196366

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES 1364 AR
		STATE:			C1
		BUSINESS PHONE:		5413267265

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp11891_6k.htm
<TEXT>
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6-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif">SECURITIES
AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif">Washington,
D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif">Report
of Foreign Issuer</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif">Pursuant
to Rule 13a-16 or 15d-16 of</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif">the
Securities Exchange Act of 1934<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><br></font></font>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">For the
month of November, 2008</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Commission
File Number: 001-12102</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman, serif">YPF
Sociedad An&#243;nima</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Av.
Pte. R.S. Pe&#241;a 777 &#8211; 8th Floor</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1354
Buenos Aires, Argentina</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(Address
of principal executive office)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Indicate
by check mark whether the registrant files or will file</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">annual
reports under cover of Form 20-F or Form 40-F:</font></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="50%">
            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Form
      20-F</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
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                </div>
              </td>
              <td valign="top" width="12%">
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      40-F</font></div>
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              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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by check mark if the registrant is submitting the Form 6-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">in paper
as permitted by Regulation S-T Rule 101(b)(1):</font></div>
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              <td valign="top" width="12%">
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              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="12%">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">X</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
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by check mark if the registrant is submitting the Form 6-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">in paper
as permitted by Regulation S-T Rule 101(b)(7):</font></div>
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            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Yes</font></div>
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              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">No</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">X</font></div>
                </div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
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by check mark whether by furnishing the information</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -12pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">contained
in this Form, the Registrant is also thereby furnishing the information to the
Commission</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -12pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</font></div>
      <div align="center">
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            <tr>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Yes</font></div>
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              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">No</font></div>
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              <td valign="top" width="6%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">X</font></div>
                </div>
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            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">If &#8220;Yes&#8221;
is marked, indicate below the file number assigned to the
registrant</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">in
connection with Rule 12g3-2(b): <font style="DISPLAY: inline; TEXT-DECORATION: underline">N/A</font></font></div>
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        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">This Form
6-K is incorporated by reference into the registration statement on Form F-3/A
of YPF Sociedad An&#243;nima filed with the Securities and Exchange Commission on
March 10, 2008 (File No. 333-149313).</font></div><br></div>
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      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
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        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman, serif">YPF
Sociedad An&#243;nima</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">TABLE OF
CONTENTS</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
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            <tr>
              <td valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Item</font></div>
                </div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="middle" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="middle" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="middle" width="92%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="7%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="92%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Financial
      statements as of September 30, 2008 and Comparative Information, Limited
      Review Report on Interim Period Financial Statements and Statutory Audit
      Committee&#8217;s Report</font></div>
                  </div>
                </div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        <div id="HDR">
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Item
1</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left">&#160;</div>
    </div>
    <div align="center">
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          <tr>
            <td align="left" valign="top" width="49%">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 14pt"><img src="logo.jpg" alt=""></font></font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 14pt">SOCIEDAD
      ANONIMA</font></font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Financial
      Statements as of September 30, 2008</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">and
      Comparative Information</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Limited Review
      Report on Interim Period</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Financial
      Statements</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Statutory
      Audit Committee's Report</font></div>
            </td>
          </tr>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 156.8pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the report originally issued in Spanish, except for the omission of certain
disclosures related to formal legal requirements for reporting in Argentina and
the addition of the last paragraph &#8211; See Note 13 to the primary financial
statements</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Arial">Limited Review
Report on Interim</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Arial">Period Financial
Statements</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">To
the Board of Directors of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Av.
Pte. Roque S&#225;enz Pe&#241;a 777</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Buenos Aires
City</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Identification
      of financial statements subject to limited
  review</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
have reviewed the balance sheet of YPF SOCIEDAD ANONIMA (an Argentine
Corporation) as of September 30, 2008 and the related statements of income,
changes in shareholders' equity and cash flows for the nine-month period then
ended. We have also reviewed the consolidated balance sheet of YPF SOCIEDAD
ANONIMA and its controlled and jointly controlled companies as September 30,
2008, and the related consolidated statements of income and cash flows for the
nine-month period then ended, which are presented as supplemental information in
Schedule&#160;I. These financial statements are the responsibility of the
Company's Management.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Scope
      of our work</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">We
conducted our review in accordance with generally accepted auditing standards in
Argentina for a review of interim period financial statements. A review consists
principally of applying analytical procedures to financial data and making
inquiries of persons responsible for accounting and financial matters. A review
is substantially less in scope than an audit of financial statements, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an
opinion.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Limited
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            </td>
          </tr>
      </table>
    </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Based on our review,
we are not aware of any material modifications that should be made to the
financial statements of YPF SOCIEDAD ANONIMA referred to in the first paragraph
for them to be in conformity with generally accepted accounting principles in
Argentina.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In
relation to the financial statements as of December 31, 2007 and September 30,
2007, which are presented for comparative purposes, we issued our unqualified
auditors' report dated March 7, 2008, and our unqualified limited review report
on interim period financial statements dated November 6, 2007,
respectively.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Certain accounting
practices of YPF SOCIEDAD ANONIMA used in preparing the accompanying financial
statements conform to generally accepted accounting principles in Argentina, but
do not conform to generally accepted accounting principles in the United States
of America (see Note 13 to the accompanying financial statements).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Buenos Aires City,
Argentina</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">November 6,
2008</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Deloitte &amp; Co.
S.R.L.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Ricardo C.
Ruiz</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Partner</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font>2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FINANCIAL
STATEMENTS AS OF SEPTEMBER 30, 2008 AND COMPARATIVE INFORMATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Page</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="85%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Cover</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Consolidated balance sheets</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Consolidated statements of income</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Consolidated statements of cash flows</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160; </font>Notes
      to consolidated financial statements</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Exhibits to consolidated financial statements</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160; </font>Balance
      sheets</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">18</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Statements of income</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Statements of changes in shareholders' equity</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Statements of cash flows</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">21</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160; </font>Notes
      to financial statements</font></div>
            </td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">49</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="85%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-FAMILY: symbol, serif">-&#160;
      </font>Ratification of lithographed signatures</font></div>
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            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">55</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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SOCIEDAD ANONIMA</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Avenida Presidente
Roque S&#225;enz Pe&#241;a 777 &#8211; Ciudad Aut&#243;mona de Buenos Aires, Argentina</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FISCAL
YEARS NUMBER 32 AND 31</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">BEGINNING
ON JANUARY 1, 2008 AND 2007</font></div>
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STATEMENTS AS OF SEPTEMBER 30, 2008 AND COMPARATIVE INFORMATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Principal business
of the Company: exploration, development and production of oil and natural gas
and other minerals and refining, transportation, marketing and distribution of
oil and petroleum products and petroleum derivatives, including petrochemicals,
chemicals and non-fossil fuels, biofuels, and their components, generation of
electric power from hydrocarbons, rendering telecommunications services, as well
as the production, industrialization, processing, marketing, preparation
services, transportation and storage of grains and its derivatives.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Date of registration
with the Public Commerce Register: June 2, 1977.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Duration of the
Company: through June 15, 2093.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Last amendment to
the bylaws: April 24, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Optional Statutory
Regime related to Compulsory Tender Offer provided by Decree No.&#160;677/2001
art. 24: not incorporated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Capital
structure as of September 30, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(expressed in
Argentine pesos)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="85%" style="PADDING-BOTTOM: 2px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Subscribed,
      paid-in and authorized for stock exchange listing</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(Note 4 to
      primary</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">financial
      statements)</font></div>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="85%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
            </td>
            <td nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" width="9%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" nowrap valign="top" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font size="+0">-&#160;&#160; </font></font></td>
            <td align="left" valign="bottom" width="85%" style="PADDING-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shares of
      Common Stock, Argentine pesos 10 par value,</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1 vote per
      share</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,933,127,930</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Schedule
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1
of 3</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -19.95pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CONSOLIDATED
BALANCE SHEETS AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos &#8211; Note 1 to the primary financial
statements)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 are unaudited)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current
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            </td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">146</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">196</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments
      (Note 2.a)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">818</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">655</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade
      receivables (Note 2.b)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,808</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,235</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other
      receivables (Note 2.c)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,550</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,361</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Inventories
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            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,385</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,573</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total current
      assets</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10,707</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent
      assets</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade
      receivables (Note 2.b)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">25</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">32</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other
      receivables (Note 2.c)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">879</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">809</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments
      (Note 2.a)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">830</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">799</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Fixed assets
      (Note 2.e)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,505</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">25,434</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Intangible
      assets</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      noncurrent assets</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">28,246</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">27,082</font></td>
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          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
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            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,953</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,102</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current
      Liabilities</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="white">
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,598</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net advances
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reserves</font></div>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">551</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">466</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total current
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            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent
      Liabilities</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,186</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Loans (Note
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            </td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Salaries and
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">21</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reserves</font></div>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
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              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,042</font></td>
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          <tr bgcolor="white">
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Shareholder&#8217;s
      Equity</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      liabilities and shareholder&#8217;s equity</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22,645</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,060</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,953</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,102</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Notes 1 to 4 and the
accompanying exhibits A and H to Schedule I and the primary financial statements
of YPF, are an integral part of and should be read in conjunction with these
statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Schedule
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2
of 3</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -14.35pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CONSOLIDATED
STATEMENTS OF INCOME</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FOR
THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos, except for per share amounts in Argentine pesos
&#8211; Note 1 to the primary financial statements)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
      sales</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,204</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20,869</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost of
      sales</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(17,695</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(13,917</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross
      profit</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,509</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,952</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Administrative
      expenses (Exhibit H)</font></div>
            </td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(561</font></td>
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            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Selling
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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          <tr bgcolor="white">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Operating
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,643</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,494</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income on
      long-term investments</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">82</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other expense,
      net (Note 2.h)</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(313</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(171</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Financial
      income (expense), net and holding gains:</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gains on
      assets</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Interests</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">104</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">259</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exchange
      differences</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">78</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Holding gains
      on inventories</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">390</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">313</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(Losses) gains
      on liabilities</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Interests</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(328</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(216</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exchange
      differences</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(57</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reversal of
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            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,675</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,829</font></td>
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          <tr bgcolor="white">
            <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income
      tax</font></div>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,287</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
      income</font></div>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,388</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,980</font></td>
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          <tr bgcolor="white">
            <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Earnings
      per share</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.61</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.58</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Notes 1 to 4 and the
accompanying exhibits A and H to Schedule I and the primary financial statements
of YPF, are an integral part of and should be read in conjunction with these
statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Schedule
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3
of 3</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -13.65pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CONSOLIDATED
STATEMENTS OF CASH FLOWS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FOR
THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos &#8211; Note 1 to the primary financial
statements)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash
      Flows from Operating Activities</font></div>
            </td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
      income</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,388</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,980</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Adjustment to
      reconcile net income to net cash flows provided by operating
      activities:</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income on
      long-term investments</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(82</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(38</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends from
      long-term investments</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">51</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">52</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reversal of
      impairment of other current assets</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Depreciation
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">608</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">158</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increased in
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">99</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income
      tax</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,287</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,849</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income tax
      payments</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,795</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,654</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase in
      reserves</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">662</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">570</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Changes in
      assets and liabilities:</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade
      receivables</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(566</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(644</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other
      receivables</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,743</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">904</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Inventories</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(812</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(797</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts
      payable</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">816</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">200</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Salaries and
      social security</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(42</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes
      payable</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(315</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(101</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net advances
      from crude oil purchases</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(10</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(69</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Decrease in
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(493</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,631</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,076</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments
      (non cash and equivalents)</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(13</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net cash flows
      used in investing activities</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,622</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,089</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash
      flows used in Financing Activities</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Payments of
      loans</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(3,100</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,413</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Proceeds from
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            </td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,748</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,026</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Dividends
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            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(6,789</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,360</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net cash flows
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            </td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4,141</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,747</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase
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            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash and
      equivalents at the beginning of year</font></div>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash and
      equivalents at the end of period</font></div>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
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            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Increase
      (decrease) in Cash and Equivalents</font></div>
            </td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">116</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(694</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">For supplemental
information on cash and equivalents, see Note 2.a.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes (85)
      and (98) corresponding to interest payments for the nine-month periods
      ended September 30, 2008 and 2007,
respectively.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Notes 1 to 4 and the
accompanying exhibits A and H to Schedule I and the primary financial statements
of YPF, are an integral part of and should be read in conjunction with these
statements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Schedule
I</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -16.45pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FOR
THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2008 AND COMPARATIVE
INFORMATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos &#8211; Note 1 to the primary financial statements,
except where otherwise indicated)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CONSOLIDATED
      FINANCIAL STATEMENTS</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Under General
Resolution No.&#160;368 from the Argentine Securities Commission (&#8220;CNV&#8221;),
YPF&#160;Sociedad An&#243;nima (the &#8220;Company&#8221; or &#8220;YPF&#8221;) discloses its consolidated
financial statements, included in Schedule I, preceding its primary financial
statements. Consolidated financial statements are supplemental information and
should be read in conjunction with the primary financial
statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Consolidation
      policies</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Following the
methodology established by Technical Resolution No.&#160;21 of the Argentine
Federation of Professional Councils in Economic Sciences (&#8220;F.A.C.P.C.E.&#8221;), the
Company has consolidated its balance sheets and the related statements of income
and cash flows as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 18pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investments
      and income (loss) related to controlled companies in which YPF has the
      number of votes necessary to control corporate decisions are substituted
      for such companies&#8217; assets, liabilities, net revenues, cost and expenses,
      which are aggregated to the Company&#8217;s proportionate share in their assets,
      liabilities, net revenues, cost and expenses, considering intercompany
      profits, transactions, balances and other
      consolidation&#160;&#160;adjustments.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 18pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investments
      and income (loss) related to companies in which YPF holds joint control
      are consolidated line by line on the basis of the Company&#8217;s proportionate
      share in their assets, liabilities, net revenues, cost and expenses,
      considering intercompany profits, transactions, balances and other
      consolidations adjustments.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investments in
companies under control and joint control are detailed in Exhibit C to the
primary financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Financial
      statements used for consolidation:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The consolidated
financial statements are based upon the latest available financial statements of
those companies in which YPF holds control or joint control, taking into
consideration, if applicable, significant subsequent events and transactions,
available management information and transactions between YPF and the related
companies which could have produced changes to their shareholder&#8217;s
equity.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c)</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Valuation
      criteria:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In addition to the
valuation criteria disclosed in the notes to YPF primary financial statements,
the following additional valuation criteria have been applied in the preparation
of the consolidated financial statements:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fixed
assets</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Properties on
foreign unproved reserves have been valued at cost and translated into pesos as
detailed in Note 2.d to the primary financial statements. Capitalized costs
related to unproved properties are reviewed periodically by Management to ensure
the carrying value does not exceed their estimated recoverable
value.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Salaries
and Social Security &#8211; Pension Plans and other Postretirement and Postemployment
benefits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of December 31,
2007, YPF&#160;Holdings&#160;Inc., which has operations in the United States of
America, had three trustee defined- benefit pension plans and other
postretirement and postemployment benefits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">During March 2008,
YPF Holdings Inc. entered into certain contracts with Prudential Insurance
Company (&#8220;Prudential&#8221;) to settle the liability associated with two
defined-benefit pension plans, paying a premium amount of US$ 115 million.
Prudential assumed the liabilities under these pension plans as of March 20,
2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The funding policy
related to the remaining pension plan is to contribute amounts to the plan
sufficient to meet the minimum funding requirements under governmental
regulations, plus such additional amounts as Management may determine to be
appropriate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF Holdings Inc.
provides certain health care and life insurance benefits for eligible retired
employees, and also certain insurance, and other postemployment benefits for
eligible individuals in case employment is terminated by YPF Holdings Inc.
before their normal retirement. YPF Holdings Inc. accrues the estimated cost of
retiree benefit payments during employees&#8217; active service periods. Employees
become eligible for these benefits if they meet minimum age and years of service
requirements. YPF Holdings Inc. accounts for benefits provided when the minimum
service period is met, payment of the benefit is probable and the amount of the
benefit can be reasonably estimated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The benefits related
to the mentioned plans were valued at net present value and accrued based on the
years of active service of employees. The net liability for defined benefits and
postretirement plans is disclosed as non current liabilities in the &#8220;Salaries
and social security&#8221; account and is the amount resulting from the sum of: the
present value of the obligation, net of the fair value of the plan assets (if
funded) and net of the unrecognized actuarial losses generated since December
31, 2003. The unrecognized actuarial losses and gains are recognized as expense
during the expected average remaining work of the employees participating in the
plans and the life expectancy of the retired employees. The Company updates the
actuarial assumptions at the end of each year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF Holdings Inc.
also has a noncontributory supplemental retirement plan for executive officers
and other selected key employees. Other postretirement and postemployment
benefits are recorded as claims are incurred.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, the unrecognized actuarial losses amount to 20 and are associated with one
pension plan and other postretirement and postemployment benefits effective as
of that date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Recognition
of revenues and costs of construction activities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revenues and costs
related to construction activities are accounted by the percentage of completion
method. When adjustment in contract values or estimated costs are determined,
any change from prior estimates is reflected in earnings in the current period.
Anticipated losses on contracts in progress are expensed as soon as they become
evident.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">ANALYSIS
      OF THE MAIN ACCOUNTS OF THE CONSOLIDATED FINANCIAL
    STATEMENTS</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Details regarding
the significant accounts included in the accompanying consolidated financial
statements are as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Consolidated
Balance Sheets as of September 30, 2008 and December 31, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">a)&#160;&#160;&#160;
      Investments:</font></div>
            </td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="7" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
            </td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="6" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="56%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Short-term
      investments and government securities</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">818</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">162</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">655</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">168</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="56%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Long-term
      investments</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">891</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          </tr>
          <tr bgcolor="#d5eaea">
            <td align="left" valign="bottom" width="56%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for
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            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(223</font></td>
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(206</font></td>
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          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">818</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">830</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">655</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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months.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td style="WIDTH: 15.4pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In addition to
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      creditors terminated the refinancing agreement celebrated on December 7,
      2005, executing the option contemplated in the mentioned
      agreement.</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 16.1pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(3)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Corresponds to
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      guarantees given to government
agencies.</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">b)&#160;&#160;&#160;
      Trade receivables:</font></div>
            </td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="6" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="6" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="56%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts
      receivable</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,739</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">25</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,142</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">32</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Related
      parties</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">487</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">533</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="#d5eaea">
            <td valign="bottom" width="56%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,226</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">25</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,675</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">32</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for
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            </td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(418</font></td>
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            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(440</font></td>
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            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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          <tr bgcolor="#d5eaea">
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      </font></td>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px">
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              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax credits
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">60</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">97</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Prepaid
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">131</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">76</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">111</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">60</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Concessions
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">17</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">53</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">17</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">79</font></td>
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            <tr bgcolor="white">
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Related
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">970</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Loans to
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">88</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">90</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Advances to
      suppliers</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">135</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">132</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From joint
      ventures and other agreements</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">134</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">62</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Miscellaneous</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">434</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">98</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">438</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">98</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,682</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">930</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,483</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">859</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for
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              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(132</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(122</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="56%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for
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              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(51</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)</font></div>
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              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In addition to
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        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">d)&#160;&#160;&#160;
      Inventories:</font></div>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Refined
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,096</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,612</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Crude oil and
      natural gas</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">924</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">646</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Products in
      process</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">44</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Raw materials,
      packaging materials and others</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">321</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">269</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,385</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,573</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">e)&#160;&#160;&#160;
      Fixed assets:</font></div>
              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net book value
      of fixed assets (Exhibit A)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,552</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">25,481</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for
      unproductive exploratory drilling</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(3</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(3</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for
      obsolescence of material and equipment</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(44</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(44</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">f)&#160;&#160;&#160;
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Hydrocarbon
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">395</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,316</font></td>
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            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Related
      parties</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">228</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">140</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From joint
      ventures and other agreements</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">356</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">373</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Environmental
      liabilities</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">109</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">351</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">137</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">166</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Miscellaneous</font></div>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">159</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">40</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">163</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">39</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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          <div id="GLFTR" style="WIDTH: 100%" align="left">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">8</font></div>
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        <div id="HDR">
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      <div align="left">
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              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">g)&#160;&#160;&#160;
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Principal
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent</font></div>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Negotiable
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">9.13
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">%</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">328</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">204</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">14</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">523</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="34%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Related
      parties</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">4.77
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">%</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2009-2010</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">84</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">470</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other bank
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              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">3.37
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              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
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              <td valign="bottom" width="34%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">674</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">471</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">523</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 20.299pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Annual fixed
      interest rate as of September 30,
2008.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Consolidated
Statements of Income as of September 30, 2008 and 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income
      (Expense)</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">h)&#160;&#160;&#160;
      Other expense, net:</font></div>
              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reserve for
      pending lawsuits and other claims</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(76</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(140</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Environmental
      remediation</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(282</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(113</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Miscellaneous</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">45</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">82</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(313</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(171</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">3.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">COMMITMENTS
      AND CONTINGENCIES IN CONTROLLED
COMPANIES</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Laws and regulations
relating to health and environmental quality in the United States of America
affect nearly all the operations of YPF Holdings Inc. These laws and regulations
set various standards regulating certain aspects of health and environmental
quality, provide for penalties and other liabilities for the violation of such
standards and establish in certain circumstances remedial
obligations.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF Holdings Inc.
believes that its policies and procedures in the area of pollution control,
product safety and occupational health are adequate to prevent unreasonable risk
of environmental and other damage, and of resulting financial liability, in
connection with its business. Some risk of environmental and other damage is,
however, inherent in particular operations of YPF Holdings Inc. and, as
discussed below, Maxus Energy Corporation (&#8220;Maxus&#8221;) and Tierra Solutions Inc.
(&#8220;Tierra&#8221;) (both controlled by YPF Holdings Inc.) could have certain potential
liabilities associated with operations of Maxus&#8217; former chemical subsidiary. YPF
Holdings Inc. cannot predict what environmental legislation or regulations will
be enacted in the future or how existing or future laws or regulations will be
administered or enforced. Compliance with more stringent law regulations, as
well as more vigorous enforcement policies of the regulatory agencies, could in
the future require material expenditures by YPF Holdings Inc. for the
installation and operation of systems and equipment for remedial measures,
possible dredging requirements and in certain other respects. Also, certain laws
allow for recovery of natural resource damages from responsible parties and
ordering the implementation of interim remedies to abate an imminent and
substantial endangerment to the environment. Potential expenditures for any such
actions cannot be reasonably estimated.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In the following
discussion, references to YPF Holdings Inc. include, as appropriate and solely
for the purpose of this information, references to Maxus and
Tierra.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In connection with
the sale of Maxus&#8217; former chemical subsidiary, Diamond Shamrock Chemicals
Company (&#8220;Chemicals&#8221;) to Occidental Petroleum Corporation (&#8220;Occidental&#8221;) in
1986, Maxus agreed to indemnify Chemicals and Occidental from and against
certain liabilities relating to the business or activities of Chemicals prior to
the selling date, September 4, 1986 (&#8220;the selling date&#8221;), including
environmental liabilities relating to chemical plants and waste disposal sites
used by Chemicals prior to the selling date.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, reserves for the environmental contingencies and other claims totaled
approximately 581. YPF Holdings Inc.&#8217;s Management believes it has adequately
reserved for all environmental contingencies, which are probable and can be
reasonably estimated as such time; however, changes in circumstances, including
new information or new&#160;&#160;requirements of governmental entities, could
result in changes, including additions, to such reserves in the future. The most
significant contingencies are described in the following
paragraphs:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Newark, New Jersey.</font> A consent
decree, previously agreed upon by the U.S. Environmental Protection Agency
(&#8220;EPA&#8221;), the New Jersey Department of Environmental Protection and Energy
(&#8220;DEP&#8221;) and Occidental, as successor to Chemicals, was entered in 1990 by the
United States District Court of New Jersey and requires implementation of a
remedial action plan at Chemical&#8217;s former Newark, New Jersey agricultural
chemicals plant. The approved remedy has been completed and paid for by Tierra.
This project is in the operation and maintenance phase. YPF Holdings Inc. has
reserved approximately 47 as of September 30, 2008, in connection with such
activities.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Passaic River, New Jersey.</font>
Studies have indicated that sediments of the Newark Bay watershed, including the
Passaic River adjacent to the former Newark plant, are contaminated with
hazardous chemicals from many sources. These studies suggest that older and more
contaminated sediments located adjacent to the former Newark plant generally are
buried under more recent sediments deposits. Maxus, forced to act on behalf of
Occidental, negotiated an agreement with the EPA under which Tierra has
conducted further testing and studies near the plant site. While some work
remains in a pending state, these studies were substantially completed in
2005.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In
addition:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">YPF Holdings
      Inc. has been conducting similar studies under their own auspices for
      several years.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">The EPA and
      other agencies are addressing the lower Passaic River in a joint federal,
      state, local and private sector cooperative effort designated as the Lower
      Passaic River Restoration Project (&#8220;PRRP&#8221;). Tierra, along with other
      entities, participated in an initial remedial investigation and
      feasibility study (&#8220;RIFS&#8221;) in connection with the PRRP. The parties are
      discussing the possibility of further work with the EPA. The entities have
      agreed the allocations of costs associated with the RIFS, based on a
      number of considerations.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: symbol, serif">-</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">In 2003, the
      DEP issued Directive No. 1 to Occidental and Maxus and certain of their
      respective related entities as well as other third parties. Directive No.
      1 seeks to address natural resource damages allegedly resulting from
      almost 200 years of historic industrial and commercial development of the
      lower 17 miles of the Passaic River and a part of its watershed. Directive
      No. 1 asserts that the named entities are jointly and severally liable for
      the alleged natural resource damages without regard to fault. The DEP has
      asserted jurisdiction in this matter even though all or part of the lower
      Passaic River has been designated as a Superfund site and is a subject of
      the PRRP. Directive No. 1 calls for the following actions: interim
      compensatory restoration, injury identification, injury quantification and
      value determination. Maxus and Tierra responded to Directive No. 1 setting
      forth good faith defenses. Settlement discussions between the DEP and the
      named entities have been hold, however, no agreement has been reached or
      is assured.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: symbol, serif">-</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">In 2004, the
      EPA and Occidental entered into an administrative order on consent (the
      &#8220;AOC&#8221;) pursuant to which Tierra (on behalf of Occidental) has agreed to
      conduct testing and studies to characterize contaminated sediment and
      biota in the Newark bay. The initial field work on this study, which
      includes testing in the Newark Bay, has been substantially completed.
      Discussions with the EPA regarding additional work that might be required
      are underway. EPA has notified other companies in relation to the
      contamination of the Newark Bay. Additionally, Tierra, acting on behalf of
      Occidental, is performing a separate RIFS to characterize sediment
      contamination and evaluate remediations, if necessary, in certain portions
      of the Hackensack River, the Arthur Kill River, and the Kill van Kull
      River. Tierra has reached an agreement with five of these parties to share
      and contribute toward Newark Bay study costs, and is continuing to
      negotiate with other involved
parties.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt;" face="Symbol, serif"><font style="DISPLAY: inline; FONT-SIZE: 8pt">-</font></font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                    </div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In December 2005, the DEP issued a directive to Tierra,
      Maxus and Occidental directing said parties to pay the State of New
      Jersey&#8217;s cost of developing a Source Control Dredge Plan focused on
      allegedly dioxin &#8211; contaminated sediment in the lower six&#8211;mile portion of
      the Passaic River. The development of this plan is estimated by the DEP to
      cost approximately US$ 2 million. This directive was issued even though
      this portion of the lower Passaic River is a subject of the PRRP. The DEP
      has advised the recipients that (a) it is engaged in discussions with the
      EPA regarding the subject matter of the directive, and (b) they are not
      required to respond to the directive until otherwise notified.
      Additionally, in December 2005, the DEP sued YPF Holdings Inc., Tierra,
      Maxus and other several companies, besides to Occidental, in connection
      with the dioxin contamination allegedly emanating from Chemicals&#8217; former
      Newark plant and contaminating the lower portion of the Passaic River,
      Newark Bay, other nearby waterways and surrounding areas. The DEP seeks
      remediation of natural resources damaged and punitive damages and other
      matters. The defendants have made responsive pleadings and filings. The
      Court has recently denied motions to dismiss by Occidental Chemical
      Corporation, Tierra and Maxus. The DEP filed its Second Amended Complaint
      in April 2008. YPF filed a motion to dismiss for lack of personal
      jurisdiction. The motion mentioned above was denied in September, 2008,
      and the denial was confirmed by the Court of Appeal. Notwithstanding, the
      Court denied to plaintiffs' motion to bar third party practice and allowed
      defendants to file third-party complaints. Therefore, all of those
      companies which have contributed in polluting the area could receive a
      citation.</font></div>
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        </div>
      </div>
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      <div align="center">
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">In June 2007,
      EPA released a draft Focused Feasibility Study (the &#8220;FFS&#8221;) that outlines
      several alternatives for remedial action in the lower eight miles of the
      Passaic River. These alternatives range from no action, which would result
      in comparatively little cost, to extensive dredging and capping, which
      according to the draft FFS, EPA estimated could cost from US$ 0.9 billion
      to US$ 2.3 billion and are all described by EPA as involving proven
      technologies that could be carried out in the near term, without extensive
      research. Tierra, in conjunction with the other parties of the PRRP group,
      submitted comments on the legal and technical defects of the draft FFS to
      EPA, as did other interested parties. In light of these comments, EPA
      decided to initiate his review and informed that a revised remedy proposal
      will not be forthcoming any earlier than
  mid-2009.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: symbol, serif">-</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">In August
      2007, the National Oceanic Atmospheric Administration (&#8220;NOAA&#8221;) sent a
      letter to the parties of the PRRP group, including Tierra and Occidental,
      requesting that the group enters into an agreement to conduct a
      cooperative assessment of natural resources damages in the Passaic River
      and Newark Bay. The PRRP group has declined to do so at this time, citing
      concerns with matters such as the FFS being revised by EPA as described
      above. Tierra together with several other members, has entered into
      discussions concerning possible studies to be undertaken. In January 2008,
      the NOAA sent a letter to YPF S.A., YPF Holdings Inc., CLH Holdings Inc.
      and other entities, designating them as potentially responsible party
      (&#8220;PRP&#8221;). Such letters have been responded appropriately, rejecting the
      designation as PRP.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: symbol, serif">-</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">In June 2008,
      the EPA, Occidental, and Tierra entered into an AOC, pursuant to which
      Tierra (on behalf of Occidental) will undertake a removal action of
      sediment from the Passaic River in the vicinity of the former Diamond
      Alkali facility. This action will result in the removal of approximately
      200,000 cubic yards of sediment, which will be carried out in two
      different phases. The first phase, which will encompass the removal of
      40,000 cubic yards, is scheduled for completion within 30 months, from the
      effective date of the AOC (June 2008). The second phase involves the
      removal of approximately 160,000 cubic yards of sediment. This second
      phase will start once the first one is completed. As of September 30,
      2008, the due date of this phase is not estimated. During the removal
      action, contaminants not produced by the former Diamond plant, such as
      PCBs and mercury, will necessarily be removed along with dioxin. Although
      having recognized the estimated costs related to all works mentioned
      above, YPF Holdings and its subsidiaries may seek cost recovery from the
      parties responsible for such contamination, provided contaminants&#8217; origins
      were not from the Diamond Alkali plant. However, as of September 30, 2008,
      it is not possible to make any predictions regarding the likelihood of
      success or the funds potentially recoverable in a cost-recovery
      action.</font></div>
              </td>
            </tr>
        </table>
      </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, there are approximately 270 reserved in connection with the foregoing
matters related to the Passaic River and surrounding area, comprising the
estimated costs for studies, the YPF Holdings Inc.&#8217;s best estimate of the cash
flows it could incur in connection with remediation activities considering the
studies performed by Tierra, the estimated costs related to the agreement, and
in addition certain other matters related to Passaic River and the Newark Bay.
However, it is possible that other works, including interim remedial measures,
may be ordered. In addition, the development of new information on the
imposition of natural resource damages, or remedial actions differing from the
scenarios that YPF Holdings Inc. has evaluated could result in additional costs
to the amount currently reserved.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Hudson County, New Jersey.</font>
Until 1972, Chemicals operated a chromite ore processing plant at Kearny, New
Jersey (&#8220;Kearny <font style="DISPLAY: inline; FONT-STYLE: italic">Plant</font>&#8221;). According to the
DEP, wastes from these ore processing operations were used as fill material at a
number of sites in and near Hudson County. The DEP and Occidental, as successor
to Chemicals, signed an administrative consent order with the DEP in 1990 for
investigation and remediation work at certain chromite ore residue sites in
Kearny and Secaucus, New Jersey.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Tierra, on behalf of
Occidental, is presently performing the work and funding Occidental&#8217;s share of
the cost of investigation and remediation of these sites and is providing
financial assurance in the amount of US$&#160;20 million for performance of the
work. The ultimate cost of remediation is uncertain. Tierra submitted its
remedial investigation reports to the DEP in 2001, and the DEP continues to
review the report.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, in May
2005, the DEP took two actions in connection with the chrome sites in Hudson and
Essex Counties. First, the DEP issued a directive to Maxus, Occidental and two
other chromium manufacturers directing them to arrange for the cleanup of
chromite ore residue at three sites in New Jersey City and the conduct of a
study by paying the DEP a total of US$&#160;20 million. While YPF Holdings Inc.
believes that Maxus is improperly named and there is little or no evidence that
Chemicals&#8217; chromite ore residue was sent to any of these sites, the DEP claims
these companies are jointly and severally liable without regard to fault.
Second, the State of New Jersey filed a lawsuit against Occidental and two other
entities in state court in Hudson County seeking, among other things, cleanup of
various sites where chromite ore residue is allegedly located, recovery of past
costs incurred by the state at such sites (including in excess of
US$&#160;2&#160;million allegedly spent for investigations and studies) and,
with respect to certain costs at 18 sites, treble damages. The DEP claims that
the defendants are jointly and severally liable, without regard to fault, for
much of the damages alleged. In February 2008, the parties reached a conceptual
agreement on a possible settlement that remains subject to further agreement on
terms and conditions. As a result YPF Holdings Inc. has reserved 22 (which are
included in the amount of 97 disclosed in the following
paragraphs).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In November 2005,
several environmental groups sent a notice of intent to sue the owners of the
properties adjacent to the former Kearny Plant (the &#8220;Adjacent Property&#8221;),
including among others Tierra, under the Resource Conservation and Recovery Act.
The stated purpose of the lawsuit, if filed, would be to require the noticed
parties to carry out measures to abate alleged endangerments to health and the
environment emanating from the Adjacent Property. The parties have entered into
an agreement that addresses the concerns of the environmental groups, and these
groups have agreed, at least for now, not to file suit.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Pursuant to a
request of the DEP, in the second half of 2006, Tierra and other parties tested
the sediments in a portion of the Hackensack River near the former Kearny Plant.
Whether additional work will be required, is expected to be determined once the
results of this testing have been analyzed.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In March 2008, the
DEP approved an interim response action workplan for work to be performed at the
Kearny Plant by Tierra and the Adjacent Property by Tierra in conjunction with
other parties. As a result YPF Holdings Inc. has reserved 24 (which are included
in the amount of 97 disclosed in the following paragraphs).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, there are approximately 97 reserved in connection with the foregoing
chrome-related matters. The study of the levels of chromium in New Jersey has
not been finalized, and the DEP is still reviewing the proposed action levels.
The cost of addressing these chrome-related matters could increase depending
upon the final soil action levels, the DEP&#8217;s response to Tierra&#8217;s reports and
other developments.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Painesville, Ohio.</font> In
connection with the operation until 1976 of one chromite ore processing plant
(&#8220;Chrome Plant&#8221;), from Chemicals, the Ohio Environmental Protection Agency
(&#8220;OEPA&#8221;) ordered to conduct a RIFS at the former Painesville&#8217;s Plant area.
Tierra has agreed to participate in the RIFS as required by the OEPA. Tierra
submitted the remedial investigation report to the OEPA, which report was
finalized in 2003. Tierra is submitting required feasibility reports separately.
In addition, the OEPA has approved certain work, including the remediation of
specific sites within the former Painesville Works area and work associated with
the development plans discussed below (the &#8220;Remediation Work&#8221;). The Remediation
Work has begun. As the OEPA approves additional projects for the site of the
former Painesville Works, additional amounts may need to be
reserved.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Over ten years ago,
the former Painesville Works site was proposed for listing on the national
Priority List under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended (&#8220;CERCLA&#8221;); however, the EPA has stated that
the site will not be listed so long as it is satisfactorily addressed pursuant
to the Director&#8217;s Order and OEPA&#8217;s programs. As of the date of issuance of these
financial statements, the site has not been listed. YPF Holdings Inc. has
reserved a total of 16 as of September 30, 2008 for its estimated share of the
cost to perform the RIFS, the remediation work and other operation and
maintenance activities at this site. The scope and nature of any further
investigation or remediation that may be required cannot be determined at this
time; however, as the RIFS progresses, YPF Holdings Inc. will continuously
assess the condition of the Painesville&#8217;s plants works site and make any
required changes, including additions, to its reserve as may be
necessary.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Third Party Sites</font>. Pursuant
to settlement agreements with the Port of Houston Authority and other parties,
Tierra and Maxus are participating (on behalf of Chemicals) in the remediation
of property required Chemicals&#8217; former Greens Bayou facility where DDT and
certain other chemicals were manufactured. As of September 30, 2008, YPF
Holdings Inc. has reserved 53 for its estimated share of future remediation
activities associated with the Greens Bayou facility. Additionally, negotiations
have been initiated in connection with claims for natural resources damages. The
amount of natural resources damages and the party&#8217;s obligations in respect
thereof are unknown at the present time.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In June 2005, the
EPA designated Maxus as a PRP at the Milwaukee Solvay Coke &amp; Gas site in
Milwaukee, Wisconsin. The basis for this designation is Maxus alleged status as
the successor to Pickands Mather &amp; Co. and Milwaukee Solvay Coke Co.,
companies that the EPA has asserted are former owners or operators of such site.
Preliminarily works in connection with the RIFS of this site commenced in the
second half of 2006. YPF Holdings Inc. has reserved 1 as of September 30, 2008
for its estimated share of the costs of the RIFS. YPF Holdings Inc. lacks
sufficient information to determine additional exposure or costs, if any; it
might have in respect of this site.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Maxus has agreed to
defend Occidental, as successor to Chemicals, in respect of the Malone Services
Company Superfund site in Galveston County, Texas. This site is a former waste
disposal site where Chemicals is alleged to have sent waste products prior to
September 1986. It is the subject of enforcement activities by the EPA. Although
Occidental is one of many PRPs that have been identified and have agreed to an
AOC, Tierra (which is handling this matter on behalf of Maxus) presently
believes the degree of Occidental&#8217;s alleged involvement as successor to
Chemicals is relatively small.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Chemicals has also
been designated as a PRP with respect to a number of third party sites where
hazardous substances from Chemicals&#8217; plant operations allegedly were disposed or
have come to be located. At several of these, Chemicals has no known exposure.
Although PRPs are typically jointly and severally liable for the cost of
investigations, cleanups and other response costs, each has the right of
contribution from other PRPs and, as a practical matter, cost sharing by PRPs is
usually effected by agreement among them. As of September 30, 2008, YPF Holdings
Inc. has reserved 7 in connection with its estimated share of costs related to
certain sites and the ultimate cost of other sites cannot be estimated at this
time.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Black Lung Benefits Act
Liabilities</font>. The Black Lung Benefits Act provides monetary and medical
benefits to miners disabled with a lung disease, and also provides benefits to
the dependents of deceased miners if black lung disease caused or contributed to
the miner&#8217;s death. As a result of the operations of its coal-mining
subsidiaries, YPF Holdings Inc. is required to provide insurance of this benefit
to former employees and their dependents. As of September 30, 2008, YPF Holdings
Inc. has reserved 30 in connection with its estimate of these
obligations.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Legal Proceedings.</font> In 2001,
the Texas State Controller assessed Maxus approximately US$&#160;1 million in
Texas state sales taxes for the period of September 1, 1995 through December 31,
1998, plus penalty and interest. In August 2004, the administrative law judge
issued a decision affirming approximately US$&#160;1 million of such assessment,
plus penalty and interest. YPF Holdings Inc. believes the decision is erroneous,
but has paid the revised tax assessment, penalty and interest (a total of
approximately US$&#160;2 million under protest). Maxus filed a suit in Texas
state court in December 2004 challenging the administrative decision. The matter
will be reviewed by a trial de novo in the court action.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In 2002, Occidental
sued Maxus and Tierra in state court in Dallas, Texas seeking a declaration that
Maxus and Tierra have the obligation under the agreement pursuant to which Maxus
sold Chemicals to Occidental to defend and indemnify Occidental from and against
certain historical obligations of Chemicals, including claims related to &#8220;Agent
Orange&#8221; and vinyl chloride monomer, notwithstanding the fact that said agreement
contains a 12-year cut-off for defense and indemnity obligations with respect to
most litigation. Tierra was dismissed as a party, and the matter was tried in
May 2006. The trial court decided that the 12-year cut-off period did not apply
and entered judgment against Maxus. This decision was affirmed by the Court of
Appeals in February 2008. Maxus has petitioned the Supreme Court of Texas for
review. This lawsuit was denied. This decision will require Maxus to accept
responsibility of various matters which it has refused indemnification since
1998 which could result in the incurrence of costs in addition to YPF Holdings
Inc.&#8217;s current reserves for this matter. Maxus believes that its current
reserves according to the available information to the date of the financial
statements are adequate for these costs. As of September 30, 2008 YPF Holdings
Inc. has reserved 46 in respect to this matter.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In March 2005, Maxus
agreed to defend Occidental, as successor to Chemicals, in respect of an action
seeking the contribution of costs incurred in connection with the remediation of
the Turtle Bayou waste disposal site in Liberty County, Texas. The plaintiffs
alleged that certain wastes attributable to Chemicals found their way to the
Turtle Bayou site. Trial for this matter was bifurcated, and in the liability
phase Occidental and other parties were found severally, and not jointly, liable
for waste products disposed of at this site. Trial in the allocation phase of
this matter was completed in the second quarter of 2007, and the court has
entered a decision setting Occidental&#8217;s liability at 15.96% of those costs
incurred by one of the plaintiffs. Occidental&#8217;s motion has been filed with the
court. That decision was appealed, and the parties are awaiting the court&#8217;s
decision. As of September 30, 2008, YPF Holdings Inc. has reserved 11 in respect
of this matter.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF Holdings Inc.,
including its subsidiaries, is a party to various other lawsuits, the outcomes
of which are not expected to have a material adverse effect on YPF&#8217;s financial
condition. YPF Holdings Inc. reserves legal contingences that are probable and
can be reasonably estimated.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF Holdings Inc.
has entered into various operating agreements and capital commitments associated
with the exploration and development of its oil and gas properties which are not
material except those for the &#8220;Neptune Prospect&#8221;. On March 16, 2008, the Company
was notified that a structural anomaly was identified in at least one of the
pontoons of the Neptune Platform. As of the date of the issuance of these
financial statements, remediation activities are completed, and production has
started gradually since July 2008. Total commitments related to the development
of the Neptune Prospect amounted to US$&#160;34 million.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div align="center">
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CONSOLIDATED
      BUSINESS SEGMENT INFORMATION</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company
organizes its business into four segments which comprise: the exploration and
production, including contractual purchases of natural gas and crude oil
purchases arising from service contracts and concession obligations, as well as
crude oil intersegment sales, natural gas and its derivatives sales and electric
power generation (&#8220;Exploration and Production&#8221;)<font style="DISPLAY: inline; FONT-FAMILY: Arial">;</font> the refining, transport,
purchase and marketing of crude oil to unrelated parties and refined products
(&#8220;Refining and Marketing&#8221;)<font style="DISPLAY: inline; FONT-FAMILY: Arial">;</font> the petrochemical
operations (&#8220;Chemical&#8221;)<font style="DISPLAY: inline; FONT-FAMILY: Arial">;</font> and other activities, not
falling into these categories, are classified under &#8220;Corporate and Other&#8221;; which
principally includes corporate administration costs and assets, construction
activities and environmental remediation activities related to YPF Holdings Inc.
discontinued operations (Note 3).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Operating income
(loss) and assets for each segment have been determined after intersegment
adjustments.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Exploration
      and Production</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Refining
      and Marketing</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Chemical</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Corporate</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">and
      Other</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Consolidation
      Adjustments</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Nine&#8211;month
      period ended</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">September
      30, 2008</font></div>
              </td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">737</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,334</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,071</font></td>
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              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
      intersegment sales</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9,024</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">920</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">858</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">392</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(11,194</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
      sales</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,892</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,886</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(125</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="34%">
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
      intersegment sales</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9,770</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">599</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">262</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net
      sales</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12,575</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,454</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">361</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(12,036</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20,869</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Operating
      income (loss)</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,550</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,008</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">379</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(480</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">37</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,494</font></td>
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              <td align="left" valign="bottom" width="34%">
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      long&#8211;term investments</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">25</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">13</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Depreciation</font></div>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">281</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="34%">
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">79</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">170</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Year
      ended December 31, 2007</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Assets</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,893</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,199</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,220</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,421</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(631</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">38,102</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Export sales, net of
withholdings taxes, for the nine&#8211;month periods ended September 30, 2008 and 2007
were 5,711 and 6,176 respectively. Export sales were mainly to the United States
of America, Brazil and Chile.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">15</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Schedule
I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
A</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CONSOLIDATED
BALANCE SHEET AS OF SEPTEMBER 30, 2008 AND COMPARATIVE INFORMATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FIXED
ASSETS EVOLUTION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos &#8211; Note 1 to the primary financial
statements)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Cost</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Main
      account</font></div>
              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Amounts
      at beginning</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">of
      year</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Translation</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">net
      effect <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Increases</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">147</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">263</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(282</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">128</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="45%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Furniture,
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              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">622</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">118</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">744</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="45%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Selling
      equipment</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,406</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">44</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,451</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
      property</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">377</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">106</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(16</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">467</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="45%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2008</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">73,060</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(4</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4,982</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(668</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">77,370</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="45%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2007</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">61,939</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">11</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4,076</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">5,011</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="22" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
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              <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">2,791</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Selling
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">351</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">363</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">350</font></td>
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              <td valign="bottom" width="20%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
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              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">298</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(8</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">10</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">%</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">10</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">79</font></td>
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              <td valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">26,552</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2007</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">39,377</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4,071</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)(6)</font></font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3,105</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">46,553</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">24,484</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">25,481</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes&#160;&#160;2
      and 99 of net book value charged to fixed assets allowances for the
      nine-month periods ended September 30, 2008 and 2007,
      respectively.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 351
      corresponding to the future cost of hydrocarbon wells abandonment
      obligations for the nine-month period ended September 30,
      2008.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(3)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 724 ,
      901 and 851 of mineral property as of September 30, 2008 and 2007 and
      December 31, 2007, respectively.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(4)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Depreciation
      has been calculated according to the unit of production
      method.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(5)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes the
      net effect of the exchange differences arising from the translation of
      fixed assets net book values at beginning of the year in foreign
      companies.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(6)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 5,291
      of cost and 4,094 of accumulated depreciation corresponding to oil and gas
      exploration and producing areas, which were disclosed as held for sale as
      of December 31, 2006.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">16</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Schedule
I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
H</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA AND CONTROLLED AND JOINTLY CONTROLLED COMPANIES</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CONSOLIDATED
STATEMENTS OF INCOME</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FOR
THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">EXPENSES
INCURRED</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos &#8211; Note 1 to the primary financial
statements)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Production</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">costs</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Administrative</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">expenses</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Selling</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">expenses</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Salaries and
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Fees and
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">254</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">347</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">245</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">20</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">14</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Taxes, charges
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">19</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">287</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">394</font></td>
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            <tr bgcolor="#d5eaea">
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">125</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">96</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Fuel, gas,
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">986</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">54</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">41</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">8</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,089</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">631</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2008</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">11,411</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">707</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,724</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">435</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">14,277</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2007</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">9,499</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">561</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,541</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">356</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">11,957</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">17</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">BALANCE
SHEETS AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos&#160;&#160;- Note 1)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 are unaudited)</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current
      Assets</font></div>
              </td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">45</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">120</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments
      (Note 3.a)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">486</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">242</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade
      receivables (Note 3.b)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,731</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,148</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other
      receivables (Note 3.c)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,325</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,937</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Inventories
      (Note 3.d)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,955</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,284</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total current
      assets</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9,542</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10,731</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent
      Assets</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Trade
      receivables (Note 3.b)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">25</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">31</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other
      receivables (Note 3.c)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,248</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">788</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Investments
      (Note 3.a)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,474</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,718</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Fixed assets
      (Note 3.e)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">24,595</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">23,585</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      noncurrent assets</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">28,342</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">27,122</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      assets</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">37,884</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">37,853</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Loans (Note
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">167</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,293</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net advance
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reserves
      (Exhibit E)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">356</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">323</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total current
      liabilities</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent
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              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Accounts
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Loans (Note
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">523</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Taxes
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reserves
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      liabilities</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,239</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">11,793</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Shareholders</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-FAMILY: arial">'</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> Equity </font>(per
      corresponding statements)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22,645</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26,060</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      liabilities and shareholders<font style="DISPLAY: inline; FONT-FAMILY: arial">'</font>
equity</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">37,884</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">37,853</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Notes 1 to 13 and
the accompanying exhibits A, C, E, F, G, and H and Schedule I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.35pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">are an integral part
of these statements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.35pt" align="center">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">18</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">STATEMENTS
OF INCOME</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FOR
THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos &#8211;except for per share amounts in Argentine pesos
- - Note 1)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net sales
      (Note 3.h)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">24,325</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19,448</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost of sales
      (Exhibit F)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(16,757</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(13,215</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gross
      profit</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7,568</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,233</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Administrative
      expenses (Exhibit H)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(604</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(487</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Selling
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              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,632</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,458</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      expenses (Exhibit H)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(419</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(332</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Operating
      income</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,913</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,956</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income on
      long&#8211;term investments</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other expense
      net (Note 3.i)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">272</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">273</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Financial
      income, net and holding gains:</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(27</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(76</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Gains on
      assets</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Interests</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">94</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">257</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exchange
      differences</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">76</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">90</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Holding gains
      on inventories</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">355</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">302</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(Losses) gains
      on liabilities</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Interests</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(313</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(205</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exchange
      differences</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(56</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reversal of
      impairment of other current assets (Note 2.j)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Earnings per share </font>(Note
      1)</font></div>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.58</font></td>
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            </tr>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Notes 1 to 13 and
the accompanying exhibits A, C, E, F, G, and H and Schedule I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">are an integral part
of these statements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">19</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">STATEMENTS
OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FOR
THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos except for per share amounts in Argentine pesos &#8211;
Note 1)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Shareholders&#8217;
      Contributions</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Subscribed</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">capital</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Adjustment
      to</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Contributions</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Issuance</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Premiums</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Balances
      at the beginning of year</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3,933</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">7,281</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">640</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">11,854</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">As decided by
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Balances
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">640</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">11,854</font></td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Legal</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Reserve</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Deferred</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Earnings
      (losses)</font></div>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Reserve
      for</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Future</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Dividends</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Unappropriated</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Retained</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Earnings</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Equity</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Shareholders&#8217;</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Equity</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Balances
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">As decided by
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">- Cash
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(10</font></td>
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              <td valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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the accompanying exhibits A, C, E, F, G, and H and Schedule I</font></div>
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of these statements.</font></div>
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      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">20</font></div>
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        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
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inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
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case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
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SOCIEDAD ANONIMA</font></div>
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OF CASH FLOWS</font></div>
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THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND 2007</font></div>
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statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -8.95pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -6.6pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Cash
      Flows from Operating Activities</font></div>
              </td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Net
      income</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">3,388</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2,980</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Adjustment
      to reconcile net income to net cash flows provided by operating
      activities:</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Income
      on long-term investments</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(272</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(273</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Dividends
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">514</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">424</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Reversal
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(69</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Depreciation
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">3,193</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">3,024</font></td>
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            </tr>
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              <td align="left" valign="bottom" width="78%">
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">481</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Increase
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">99</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Income
      tax</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">1,998</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">1,630</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Income
      tax payments</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(1,579</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(1,435</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Increase
      in reserves</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">379</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">567</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Changes
      in assets and liabilities:</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(577</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(592</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Other
      receivables</font></div>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">1,148</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">566</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Inventories</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(671</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(750</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Accounts
      payable</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">927</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">270</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Salaries
      and social security</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">11</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(17</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Taxes
      payable</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(231</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(96</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Net
      advances from crude oil purchases</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(10</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(69</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Decrease
      in reserves</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(371</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(359</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Interest,
      exchange differences and others</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">162</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">96</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
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              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="78%">
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Capital
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(45</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Capital
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">309</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Investments
      (non cash equivalents)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">3</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Net
      cash flows used in investing activities</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(4,023</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
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              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Cash
      Flows used in Financing Activities</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Payment
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(2,740</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(1,340</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Proceeds
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">5,232</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">868</font></td>
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              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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            <tr bgcolor="white">
              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Net
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              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" valign="bottom" width="78%">
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">638</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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              <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
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              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">172</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(525</font></td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial, sans-serif">For
supplemental information on cash and equivalents, see Note 3.a.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes (73)
      and (93) corresponding to interest payments for the nine-month periods
      ended September 30, 2008 and 2007,
respectively.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Notes 1 to 13 and
the accompanying exhibits A, C, E, F, G and H and Schedule I</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">are an integral part
of these statements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">21</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">NOTES
TO FINANCIAL STATEMENTS</font></div>
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THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2008 AND COMPARATIVE
INFORMATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos, except where otherwise indicated &#8211; Note
1)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">1.</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">SIGNIFICANT
      ACCOUNTING POLICIES</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The financial
statements of YPF Sociedad An&#243;nima have been prepared in accordance with
generally accepted accounting principles in Argentina and the regulations of the
CNV.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The financial
statements for the nine-month periods ended September 30, 2008 and 2007 are
unaudited, but reflect all adjustments which, in the opinion of the Management,
are necessary to present the financial statements for such periods on a
consistent basis with the audited annual financial statements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Presentation
of financial statements in constant Argentine pesos</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The financial
statements reflect the effect of changes in the purchasing power of money by the
application of the method for restatement in constant Argentine pesos set forth
in Technical Resolution No. 6 of the F.A.C.P.C.E. and taking into consideration
General Resolution No. 441 of the CNV, which established the discontinuation of
the restatement of financial statements in constant Argentine pesos as from
March 1, 2003.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Cash
and equivalents</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In the statements of
cash flows, the Company considers cash and all highly liquid investments with an
original maturity of less than three months to be cash and
equivalents.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Revenue
recognition criteria</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revenue is
recognized on sales of crude oil, refined products and natural gas, in each
case, when title and risks are transferred to the customer.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Joint
ventures and other agreements</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company&#8217;s
interests in oil and gas related joint ventures and other agreements involved in
oil and gas exploration and production, have been consolidated line by line on
the basis of the Company&#8217;s proportional share in their assets, liabilities,
revenues, costs and expenses (Note 6).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Production
concession and exploration permits</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">According to
Argentine Law No. 24,145 issued in November 1992, YPF&#8217;s areas were converted
into production concession and exploration permits under Law No. 17,319, which
has been currently amended by Law No. 26,197. Pursuant to these laws, the
hydrocarbon reservoirs located in Argentine onshore territories and offshore
continental shelf, belong to national or provincial governments, depending on
the location. Exploration permits may have a term of up to 17 years and
production concessions have a term of 25 years, which may be extended for an
additional ten&#8211;year term (Note 9.c).</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">22</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Fair
value of financial instruments and concentration of credit risk</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The carrying value
of cash, current investments and trade receivables approximates its fair value
due to the short maturity of these instruments. Furthermore, the fair value of
loans receivable, which has been estimated based on current interest rates
offered to the Company at the end of each period or year, for investments with
the same remaining maturity, approximates its carrying value. As of September
30, 2008 and December 31, 2007 the fair value of loans payable estimated based
on market prices or current interest rates at the end of the period or year
amounted to 3,326 and 866, respectively.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Financial
instruments that potentially expose the Company to concentration of credit risk
consist primarily of cash, current investments, accounts receivable and other
receivables. The Company invest cash excess primarily in high liquid investments
in financial institutions both in Argentina and abroad with strong credit rating
and providing credit to foreign related parties. In the normal course of
business, the Company provides credit based on ongoing credit evaluations to its
customers and certain related parties. Additionally, the Company accounts for
credit losses based on specific information of its clients. Credit risk on trade
receivables is limited, as a result of the Company&#8217;s large customer
base.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, YPF does not hold derivative financial instruments.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Use
of estimates</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The preparation of
financial statements in conformity with generally accepted accounting principles
requires Management to make estimates and assumptions that affect reported
assets, liabilities, revenues and expenses and disclosure of contingencies.
Future results could differ from the estimates made by Management.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Arial">Earnings
per share</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Earnings per share
have been calculated based on the 393,312,793 shares outstanding during
the</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">nine-month periods
ended as of September 30, 2008 and 2007.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="center">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2.</font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">VALUATION
      CRITERIA</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The principal
valuation criteria used in the preparation of the financial statements are as
follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">a)</font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cash:</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>
                </div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amounts in
      Argentine pesos have been stated at face
value.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>
                </div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Amounts in
      foreign currencies have been valued at the relevant exchange rates as of
      the end of each period or year, as applicable. Exchange differences have
      been credited (charged) to current
income.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">b)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current
      investments, trade and other receivables and
  payables:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div align="center">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div>
                  </div>
                </td>
                <td style="WIDTH: 18pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                </td>
                <td>
                  <div align="justify">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amounts in
      Argentine pesos have been stated at face value, which includes accrued
      interest through the end of each period or year, if applicable. Mutual
      funds have been valued at fair value as of the end of each period or year.
      When generally accepted accounting principles require the valuation of
      receivables or payables at their discounted value, that value does not
      differ significantly from their face
  value.</font></div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div align="center">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">
                    <div>
                    </div>
                  </td>
                  <td style="WIDTH: 18pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                  </td>
                  <td>
                    <div align="justify">
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Amounts in
      foreign currency have been valued at face value at the relevant exchange
      rates in effect as of the end of each period or year, including accrued
      interest, if applicable. Exchange differences have been credited (charged)
      to current income. Mutual funds have been valued at fair value at the
      relevant exchange rate in effect as of the end of each period or year.
      Investments in government securities have been valued at their fair value
      as of the end of each period or year. Additional information on assets and
      liabilities denominated in foreign currency is disclosed in Exhibit
      G.</font></div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">If applicable,
allowances have been made to reduce receivables to their estimated realizable
value.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">23</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c)</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Inventories:</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div>
                  </div>
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-</font></font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Refined
      products, products in process, crude oil and natural gas have been valued
      at replacement cost as of the end of each period or
      year.</font></div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>
                </div>
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-</font></font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Raw materials
      and packaging materials have been valued at cost, which does not differ
      significantly from its replacement cost as of the end of each period or
      year.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Valuation of
inventories does not exceed their estimated realizable value.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">d)</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Noncurrent
      investments:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">These include the
Company's investments in companies under control, joint control or significant
influence and holdings in other companies. These investments are detailed in
Exhibit C and have been valued using the equity method, except for holdings in
other companies, which have been valued at its acquisition cost remeasured as
detailed in Note&#160;1.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investments in
Gasoducto del Pac&#237;fico (Argentina)&#160;S.A., Gasoducto del Pac&#237;fico
(Cayman)&#160;Ltd. and Oleoducto Trasandino (Chile)&#160;S.A., where less than
20% direct or indirect interest is held, are accounted by the equity method
since YPF exercises significant influence over these companies in making
operation and financial decisions based on its representation on the Boards of
Directors and/or the significant transactions between YPF and such
companies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">If applicable,
allowances have been made to reduce investments to their estimated recoverable
value. The main factors for the recognized impairment were the devaluation of
the Argentine peso, certain events of debt default and the de-dollarization and
freezing of utility rates.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Foreign subsidiaries
are defined as integrated companies when carry out their operations as an
extension of the parent company&#8217;s operations or as non-integrated companies when
they collect cash and other monetary items, incur expenses, generate income and
are financed principally through their own resources. Assets and liabilities of
non-integrated foreign subsidiaries are translated into Argentine pesos at the
exchange rate prevailing as of the end of each period or year. Income statements
are translated using the relevant exchange rate at the date of each transaction.
Exchange differences arising from the translation process are included as a
component of shareholder&#8217;s equity in the account &#8220;Deferred Earnings (losses)&#8221;,
which are maintained until the sale or complete or partial reimbursement of
capital of the related investment occurs. Assets, liabilities and income
statements of integrated foreign subsidiaries are translated at the relevant
exchange rate at the date of each transaction. Exchange differences arising from
the translation process are credited (charged) to the income statement in the
account &#8220;Gains on assets - Exchange differences&#8221;.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Holdings in
preferred shares have been valued as defined in the respective
bylaws.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Investments in
companies with negative shareholders&#8217; equity were disclosed in the &#8220;Accounts
payable&#8221; account in the balance sheet provided that the Company has the
intention to provide the corresponding financial support.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">If necessary,
adjustments have been made to conform the accounting principles used by
controlled, jointly controlled or under significant influence companies to those
of the Company. Main adjustments are related to the application of the general
accepted accounting principles in Argentina to foreign related companies&#8217;
financial statements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The investments in
companies under control, joint control or significant influence, have been
valued based upon the latest available financial statements of these companies
as of the end of each period or year, taking into consideration, if applicable,
significant subsequent events and transactions, available management information
and transactions between YPF and the related companies which have produced
changes on their shareholders&#8217; equity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">24</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company includes
supplemental consolidated financial statements to the primary financial
statements (Schedule I).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As from the
effective date of Law No. 25,063, dividends, either in cash or in kind, that the
Company receives from investments in other companies and which are in excess of
the accumulated taxable income that these companies carry upon distribution
shall be subject to a 35% income tax withholding as a sole and final payment.
YPF has not recorded any charge for this tax since it has estimated that
dividends from earnings recorded by the equity method would not be subject to
such tax.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">e)</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fixed
      assets:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fixed assets have
been valued at acquisition cost remeasured as detailed in Note&#160;1, less
related accumulated depreciation. Depreciation rates, representative of the
useful life assigned, applicable to each class of asset, are disclosed in
Exhibit A. For those assets whose construction requires an extended period of
time, financial costs corresponding to third parties&#8217; financing have been
capitalized during the assets&#8217; construction period.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Oil
and gas producing activities</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company
      follows the &#8220;successful effort&#8221; method of accounting for its oil and gas
      exploration and production operations. Accordingly, exploratory costs,
      excluding the costs of exploratory wells, have been charged to expense as
      incurred. Costs of drilling exploratory wells, including stratigraphic
      test wells, have been capitalized pending determination as to whether the
      wells have found proved reserves that justify commercial development. If
      such reserves were not found, the mentioned costs are charged to expense.
      Occasionally, an exploratory well may be determined to have found oil and
      gas reserves, but classification of those reserves as proved cannot be
      made when drilling is completed. In those cases, the cost of drilling the
      exploratory well shall continue to be capitalized if the well has found a
      sufficient quantity of reserves to justify its completion as a producing
      well and the enterprise is making sufficient progress assessing the
      reserves and the economic and operating viability of the project. If any
      of the mentioned conditions is not met, cost of drilling exploratory wells
      is charged to expense. As of December 31, 2007, the Company had only one
      exploratory well under assessment with a capitalization period greater
      than one year after the completion of the drilling. As of the date of the
      issuance of those financial statements, the Company was carrying out
      certain studies to assess the feasibility of the project and the economic
      viability of the well. As of March 31, 2008, the Company determined that
      the project was not viable, and charged to expense the capitalized amount
      (approximately 43). As of the issuance date of these financial statements,
      the Company does not maintain any exploratory well in evaluation for a
      period exceeding one year.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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                <td style="WIDTH: 18pt">
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                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Intangible
      drilling costs applicable to productive wells and to developmental dry
      holes, as well as tangible equipment costs related to the development of
      oil and gas reserves, have been
capitalized.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                  <td style="WIDTH: 18pt">
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                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
      capitalized costs related to producing activities have been depreciated by
      field on the unit-of-production basis by applying the ratio of produced
      oil and gas to estimate recoverable proved and developed oil and gas
      reserves.</font></div>
                  </td>
                </tr>
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          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                    <td style="WIDTH: 18pt">
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                    </td>
                    <td align="left">
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
      capitalized costs related to acquisitions of properties with proved
      reserves have been depreciated by field on the unit-of-production basis by
      applying the ratio of produced oil and gas to proved oil and gas
      reserves.</font></div>
                    </td>
                  </tr>
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            </div>
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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                  <td align="left">
                    <div align="justify">
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Revisions of
      crude oil and natural gas proved reserves are considered prospectively in
      the calculation of depreciation. Revisions in estimates of reserves are
      performed at least once a year. Additionally, estimates of reserves are
      audited by independent petroleum engineers on a three-year rotation
      plan.</font></div>
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                  </td>
                </tr>
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          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
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                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">25</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top">
                      <td style="WIDTH: 18pt">
                        <div>
                        </div>
                      </td>
                      <td align="right" style="WIDTH: 18pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                      </td>
                      <td align="left">
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Costs related
      to hydrocarbon wells abandonment obligations are capitalized along with
      the related assets, and are depreciated using the unit-of-production
      method. As compensation, a liability is recognized for this concept at the
      estimated value of the discounted payable amounts. Revisions of the
      payable amounts are performed upon consideration of the current costs
      incurred in abandonment obligations on a field-by-field basis or other
      external available information if abandonment obligations were not
      performed. Due to the number of wells in operation and/or not abandoned
      and likewise the complexities with respect to different geographic areas
      where the wells are located, the current costs incurred in plugging are
      used for estimating the plugging costs of the wells pending abandonment.
      Current costs incurred are the best source of information in order to make
      the best estimate of asset retirement
  obligations.</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Other
fixed assets</font></div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                  <tr valign="top">
                    <td style="WIDTH: 18pt">
                      <div>
                      </div>
                    </td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                    </td>
                    <td align="left">
                      <div align="justify">
                        <div align="justify">
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company's
      other fixed assets are depreciated using the straight-line method, with
      depreciation rates based on the estimated useful life of each class of
      property.</font></div>
                        </div>
                      </div>
                    </td>
                  </tr>
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            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Fixed assets&#8217;
maintenance and repairs have been charged to expense as incurred.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Major inspections of
refineries necessary to continue to operate the related assets are capitalized
and depreciated using the straight-line method over the period of operation to
next major inspection.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Renewals and
betterments that materially extend the useful life and/or increase the
productive capacity of properties are capitalized. As fixed assets are retired,
the related cost and accumulated depreciation are eliminated from the balance
sheet.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company
capitalizes the costs incurred in limiting, neutralizing or preventing
environmental pollution only in those cases in which at least one of the
following conditions is met: (a) the expenditure improves the safety or
efficiency of an operating plant (or other productive asset); (b) the
expenditure prevents or limits environmental pollution at operating facilities;
or (c) the expenditures are incurred to prepare assets for sale and do not raise
the assets' carrying value above their estimated recoverable value.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The carrying value
of the fixed asset of each business segment, as defined in Note 4 to the
consolidated financial statements, does not exceed their estimated recoverable
value.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">f)</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Taxes,
      withholdings and royalties:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Income
tax and tax on minimum presumed income</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company
recognizes the income tax applying the liability method, which considers the
effect of the temporary differences between the financial and tax basis of
assets and liabilities and the tax loss carryforwards and other tax credits,
which may be used to offset future taxable income, at the current statutory rate
of 35%.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In deferred income
tax computations, the difference between the book value of fixed assets
remeasured into constant Argentine pesos and their corresponding historical cost
used for tax purposes is a temporary difference to be considered in deferred
income tax computations. However, generally accepted accounting principles in
Argentina allow the option to disclose the mentioned effect in a note to the
financial statements. The Company adopted this latter criterion (Note
3.j).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, the
Company calculates tax on minimum presumed income applying the current 1% tax
rate to taxable assets as of the end of each year. This tax complements income
tax. The Company's tax liability will coincide with the higher between the
determination of tax on minimum presumed income and the Company's tax liability
related to income tax, calculated applying the current 35% income tax rate to
taxable income for the year. However, if the tax on minimum presumed income
exceeds income tax during one tax year, such excess may be computed as
prepayment of any income tax excess over the tax on minimum presumed income that
may be generated in the next ten years.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div id="GLFTR" style="WIDTH: 100%" align="left">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">26</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company expects
that the amount to be determined as income tax for the current year will be
higher than tax on minimum presumed income; consequently, the Company has not
recorded any charge for this latter tax.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Royalties
and withholding systems for hydrocarbon exports</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">A 12% royalty is
payable on the estimated value at the wellhead of crude oil production and the
commercialized natural gas volumes. The estimated value is calculated based upon
the approximate sale price of the crude oil and gas produced, less the costs of
transportation and storage. Notwithstanding, in January 2008, and in absence of
agreements between companies about market prices for crude oil buying and
selling operations as the result of the issuance of a new crude oil export
withholding system, the Secretariat of Energy issued the Directive No.1,
providing certain guidelines to calculate the royalties of crude
oil.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of the date of
the issuance of these financial statements, the Company has considered agreed
prices in the market for some qualities of crude oil and has used these agreed
prices to estimate royalty expense, in accordance to Law No.17,319 and its
amendments. However, considering certain interpretations some of these agreed
prices could differ from those established in the Directive No.1. Management
considers that if the Directive No.1 were applied in a manner different from the
Company&#8217;s interpretation, the effects of its application would not have a
significant effect in the financial statements as of September 30,
2008.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Royalty expense is
accounted for as a production cost.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Law No. 25,561 on
Public Emergency and Exchange System Reform, issued in January 2002, established
duties for hydrocarbon exports for a five-year period. In January 2007, Law No.
26,217 extended this export withholding system for an additional five-year
period and also established specifically that this regime is also applicable to
exports from &#8220;Tierra del Fuego&#8221; province, which were previously exempted. Up to
March 2008, Resolution No. 534/2006 of the Ministry of Economy and Production
(&#8220;MEP&#8221;) was in force, which, as from July 25, 2006, had raised the natural gas
withholding rate from 20% to 45% and had established the natural gas import
price from Bolivia as the basis for its determination. Resolution No. 532/2004
(in force until November, 2007) had settled the withholding rate for crude oil
between 25% and 45% in function of the West Texas Intermediate (&#8220;WTI&#8221;) price,
and between 5% and 25% for other refined products. On November 16, 2007, the MEP
published Resolution No. 394/2007, modifying the withholding regime on exports
of crude oil and other refined products. The new regime provides reference
prices and floor prices which in conjunction with the WTI determine the export
rate for each product. For crude oil, when the WTI exceeds the reference price
of US$ 60.9 per barrel, the producer is allowed to collect a floor price of US$
42 per barrel, depending on the quality of the crude oil sold, with the
remainder being withheld by the Argentine Government. When the WTI is under the
reference price but over US$ 45 per barrel, a 45% withholding rate should be
applied. If such price is under US$ 45 per barrel, the Government will have to
determine the export rate within a term of 90 business days. In March 2008,
Resolution N&#176; 127/2008 of the MEP increased the gas export withholding rate to
100% of the highest price from any natural gas import contract (the Company is
negotiating with its export clients the effect of the above mentioned increase
and the transfer of a significant part of these incremental costs to them). This
resolution has also established a variable withholding system applicable to
liquefied petroleum gas, similar to the one established by the Resolution N&#176;
394/2007. As of September 30, 2008, the crude oil withholding rate determined
according to Resolutions N&#176; 394/2007 and N&#176; 127/2008 of MEP, also currently
applies to diesel, gasoline products and other refined products. In addition,
the procedure above mentioned also applies to fuel oil, petrochemical gasoline,
lubricants and liquefied petroleum gas (including propane, butane and blends)
and other refined products, considering different reference and floor prices
disclosed in the mentioned resolutions.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Hydrocarbon export
expense is charged to the &#8220;Net sales&#8221; account of the statement of
income.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">27</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">g)</font></div>
                </td>
                <td align="left">
                  <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Allowances
      and reserves:</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                      <tr valign="top">
                        <td style="WIDTH: 18pt">
                          <div>
                          </div>
                        </td>
                        <td align="right" style="WIDTH: 18pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                        </td>
                        <td align="left">
                          <div align="justify">
                            <div align="justify">
                              <div align="justify">
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Allowances:
      amounts have been provided in order to reduce the valuation of trade
      receivables, other receivables, noncurrent investments and fixed assets
      based on the analysis of doubtful accounts and on the estimated
      recoverable value of these
  assets.</font></div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                              <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                                  <tr valign="top">
                                    <td style="WIDTH: 18pt">
                                      <div>
                                      </div>
                                    </td>
                                    <td align="right" style="WIDTH: 18pt">
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                                    </td>
                                    <td align="left">
                                      <div align="justify">
                                        <div align="justify">
                                          <div align="justify">
                                            <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Reserves for
      losses: amounts have been provided for various contingencies which are
      probable and can be reasonably estimated, based on Management's
      expectations and in consultation with legal counsels. Reserves for losses
      are required to be accounted for at the discounted value as of the end of
      each year or period, however, as their face does not differ significantly
      from discounted values, they are recorded at face
      value.</font></div>
                                          </div>
                                        </div>
                                      </div>
                                    </td>
                                  </tr>
                              </table>
                            </div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The activity in the
allowances and reserves accounts is set forth in Exhibit E.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">h)</font></div>
                </td>
                <td align="left">
                  <div align="justify">
                    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Environmental
      liabilities:</font></div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Environmental
liabilities are recorded when environmental assessments and/or remediation are
probable and can be reasonably estimated. Such estimates are based on either
detailed feasibility studies of remediation approach and cost for individual
sites or on the Company's estimate of costs to be incurred based on historical
experience and available information based on the stage of assessment and/or
remediation of each site. As additional information becomes available regarding
each site or as costs and environmental standards change, the Company revises
its estimate of liabilities to be incurred in environmental assessment and/or
remediation matters.</font></div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font size="+0">&#160;</font>

        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">i)</font></div>
                </td>
                <td align="left">
                  <div align="justify">
                    <div align="justify">
                      <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Shareholders'
      equity accounts:</font></div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">These accounts have
been remeasured in Argentine pesos as detailed in Note&#160;1, except for
&#8220;Subscribed Capital&#8221; account, which is stated at its historical value. The
adjustment required to state this account in constant Argentine pesos is
disclosed in the &#8220;Adjustment to Contributions&#8221; account.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The account
&#8220;Deferred Earnings (losses)&#8221; includes the exchange differences generated by the
translation into pesos of the investments in foreign companies defined as
non-integrated subsidiaries.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">j)</font></div>
                </td>
                <td align="left">
                  <div align="justify">
                    <div align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Statements
      of income
accounts:</font></div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The amounts included
in the income statement accounts have been recorded by applying the following
criteria:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div>
                  </div>
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                </td>
                <td align="left">
                  <div align="justify">
                    <div align="justify">
                      <div align="justify">
                        <div align="justify">
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Accounts which accumulate monetary
      transactions at their face
      value.</font></font></div>
                        </div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                      <tr valign="top">
                        <td style="WIDTH: 18pt">
                          <div>
                          </div>
                        </td>
                        <td align="right" style="WIDTH: 18pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                        </td>
                        <td align="left">
                          <div align="justify">
                            <div align="justify">
                              <div align="justify">
                                <div align="justify">
                                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Cost of sales has been calculated
      by computing units sold in each month at the replacement cost of that
      month.</font></font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                              <tr valign="top">
                                <td style="WIDTH: 18pt">
                                  <div>
                                  </div>
                                </td>
                                <td align="right" style="WIDTH: 18pt">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                                </td>
                                <td align="left">
                                  <div align="justify">
                                    <div align="justify">
                                      <div align="justify">
                                        <div align="justify">
                                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Depreciation of non</font><font style="DISPLAY: inline; COLOR: #000000">-</font><font style="DISPLAY: inline; COLOR: #000000">monetary assets, valued at
      acquisition cost, has been recorded based on the </font><font style="DISPLAY: inline; COLOR: #000000">remeasured</font><font style="DISPLAY: inline; COLOR: #000000"> cost of such assets</font> as
      detailed in Note&#160;1<font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </td>
                              </tr>
                          </table>
                        </div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                                      <tr valign="top">
                                        <td style="WIDTH: 18pt">
                                          <div>
                                          </div>
                                        </td>
                                        <td align="right" style="WIDTH: 18pt">
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                                        </td>
                                        <td align="left">
                                          <div align="justify">
                                            <div align="justify">
                                              <div align="justify">
                                                <div align="justify">
                                                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Holding gains (losses) on
      inventories valued at replacement cost have been included in the &#8220;Holding
      gains</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">on inventories&#8221;
      account</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
                                                </div>
                                              </div>
                                            </div>
                                          </div>
                                        </td>
                                      </tr>
                                  </table>
                                </div>
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                                              <tr valign="top">
                                                <td style="WIDTH: 18pt">
                                                  <div>
                                                  </div>
                                                </td>
                                                <td align="right" style="WIDTH: 18pt">
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                                                </td>
                                                <td align="left">
                                                  <div align="justify">
                                                    <div align="justify">
                                                      <div align="justify">
                                                        <div align="justify">
                                                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Income (Loss) on long-term
      investments in which control, joint control or significant influence is
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      differences&#8221;.</font></font></div>
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                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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                                                        <td style="WIDTH: 18pt">
                                                          <div>
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                                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">-&#160;</font></font></div>
                                                        </td>
                                                        <td align="left">
                                                          <div align="justify">
                                                            <div align="justify">
                                                              <div align="justify">
                                                                <div align="justify">
                                                                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">The "Reversal of impai</font><font style="DISPLAY: inline; COLOR: #000000">rment</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">of other current ass</font><font style="DISPLAY: inline; COLOR: #000000">ets&#8221; account for the nine-month
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                                                                </div>
                                                              </div>
                                                            </div>
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                                                        </td>
                                                      </tr>
                                                  </table>
                                                </div>
                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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                                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                                                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                                        <div id="FTR">
                                                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                                                          </div>
                                                        </div>
                                                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                                                          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">28</font></div>
                                                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                                            <hr style="COLOR: black" noshade size="2">
                                                          </div>
                                                        </div>
                                                        <div id="HDR">
                                                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                                                          </div>
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                                                      </div>
                                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                                                        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                                                            <tr valign="top">
                                                              <td align="right" style="WIDTH: 18pt">
                                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">3.</font></font></div>
                                                              </td>
                                                              <td align="left">
                                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">ANALYSIS OF THE MAIN ACCOUNTS OF
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      STATEMENTS</font></font></div>
                                                              </td>
                                                            </tr>
                                                        </table>
                                                      </div>
                                                    </div>
                                                  </div>
                                                </div>
                                              </div>
                                            </div>
                                          </div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
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in accompanying financial statements are as follows:</font></font></div>
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2007</font></font></div>
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              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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      investments (Exhibit C)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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            </tr>
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      E)</font></div>
              </td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(25</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(25</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
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              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">486</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2,474</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">242</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2,718</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 16.1pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 485
      and 238 as of September 30, 2008 and December 31, 2007, respectively, with
      an original maturity of less than three
months.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">b)</font><font style="DISPLAY: inline; COLOR: #000000">Trade
      receivables:</font></font></div>
              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2008</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2007</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Current</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Noncurrent</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Current</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Noncurrent</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Accounts
      receivables</font></font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">3,481</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(2)</font></font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">25</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2,882</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">31</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Related parties (Note
      7)</font></font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">662</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">699</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">4,143</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(1)</font></font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">25</font></font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">31</font></font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 16.1pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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              </td>
              <td style="WIDTH: 18pt">
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              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 283
      in litigation, 356 of less than three months past due, 537 in excess of
      three months past due, 2,927 due within three months and 40 due after
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            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 16.1pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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                <td style="WIDTH: 18pt">
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                <td><font size="2" style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes
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      Substitution Program (ESP).</font></td>
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        <div>&#160;</div>
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      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">c)&#160;&#160;&#160; </font><font style="DISPLAY: inline; COLOR: #000000">Other
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              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2008</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2007</font></font></div>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Current</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Noncurrent</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Current</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Noncurrent</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred
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              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">485</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">508</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="56%">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax credit and
      export rebates</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">664</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="56%">
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From joint
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(109</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="56%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Allowance for
      valuation of other receivables to their estimated realizable value
      (Exhibit E)</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(50</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">-</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(49</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
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              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2,325</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">1,248</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">4,937</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">788</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 16.099pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 52 of
      less than three months past due, 221 in excess of three months past due
      and 2,160 due as follows: 1,716 from one to three months, 89 from three to
      six months, 89 from six to nine months and 266 from nine to twelve
      months.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 16.099pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 18pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)</font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 904
      due from one to two years, 159 due from two to three years and 235 due
      after three years.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 16.099pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
                  </td>
                  <td style="WIDTH: 18pt">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(3)</font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">As of
      September 30, 2008, includes 803 with Repsol International Finance B.V.
      that accrues variable interest at annual rate of LIBO plus 0.2% and 568
      with Maxus (U.S.) Exploration Company which accrues variable interest at
      annual rate of LIBO plus 3%. As of December 31, 2007, includes 1,427 with
      Repsol International Finance B.V., 1,102 with Repsol YPF Brasil S.A. and
      867 with YPF Holdings Inc.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div>&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">29</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div>&#160;</div>
        </div>
      </div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">d)&#160;&#160;&#160; </font><font style="DISPLAY: inline; COLOR: #000000">Inventories:</font></font></div>
              </td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr>
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="78%">
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              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
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              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">44</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Raw materials and packaging
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">160</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">163</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,955</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,284</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
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      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">e)&#160;&#160;&#160; </font><font style="DISPLAY: inline; COLOR: #000000">Fixed
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="6" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2008</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2007</font></font></div>
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              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Net book value of fixed assets
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">23,632</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Allowance for unproductive
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(3</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(3</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
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              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Allowance for obsolescence of
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(44</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">(44</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">)</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">f)&#160;&#160;&#160; </font><font style="DISPLAY: inline; COLOR: #000000">Accounts
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              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Investment in controlled company &#8211;
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">From joint ventures and other
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Environmental liabilities (Note
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">109</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">351</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">137</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">166</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Miscellaneous</font></font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">80</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">39</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">5</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">38</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">5,242</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(1)</font></font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">3,163</font></font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">5,115</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2,519</font></font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>
                </div>
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 4,837
      due within three months, 140 due from three to six months and 265 due
      after six months.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div>
                  </div>
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)&#160;</font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 697
      due from one to two years and 2,466 due after two
  years.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">g)&#160;&#160;&#160;
      <font style="DISPLAY: inline; COLOR: #000000">Loans</font></font></div>
              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Interest</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Rates <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Principal
      Maturity</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Noncurrent</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Noncurrent</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Negotiable
      Obligations <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" colspan="2" valign="bottom" width="1%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9.13 -
      10.00%</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">328</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">204</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">523</font></td>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" colspan="2" valign="bottom" width="1%">
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              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">84</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">470</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Other bank
      loans and other creditors</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" colspan="2" valign="bottom" width="1%">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.37 -
      19.00%</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" colspan="2" valign="bottom" width="1%">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008-2009</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,225</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">274</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="34%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,637</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">674</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">288</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">523</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div>
                  </div>
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;</font></div>
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              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">
                    <div>
                    </div>
                  </td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)&#160;</font></div>
                  </td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Disclosed net
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      repurchased through open market transactions as of September 30, 2008 and
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                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">30</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The maturities of
the Company&#8217;s current and Noncurrent loans, as of September 30, 2008, are as
follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="41%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 1 to
      3</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">months</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 3 to
      6</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">months</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 6 to
      9</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">months</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 9 to
      12</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">months</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="41%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current
      loans</font></div>
              </td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,010</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">767</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">580</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">280</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,637</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="53%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 1 to
      2</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">years</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 2 to
      3</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">years</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Over</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;5
      years</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="53%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="53%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent
      loans</font></div>
              </td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">313</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">157</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">204</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.05pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">674</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Details regarding
the Negotiable Obligations of the Company are as follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" width="16%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">M.T.N.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Program</font></div>
              </td>
              <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="16%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Issuance</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="9%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Fixed
      Interest</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Rates</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Principal</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Maturity</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="42%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Book
      Value</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td colspan="4" valign="bottom" width="34%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(in
      millions)</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="6" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="6" valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Year</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td valign="bottom" width="10%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Principal</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">value</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Noncurrent</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Noncurrent</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$
      1,000</font></div>
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              <td valign="bottom" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1998</font></div>
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              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="10%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$
      100</font></div>
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              </td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="11%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2028</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">204</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">205</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="12%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$
      1,000</font></div>
              </td>
              <td valign="bottom" width="11%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1999</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="10%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$
      225</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" colspan="2" valign="bottom" width="9%">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9.13%</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="11%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2009</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">320</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">318</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="10%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="11%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">328</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">204</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">523</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In connection with
the issuance of the Negotiable Obligations, the Company has agreed for itself
and its controlled companies to certain covenants, including among others, to
pay all liabilities at their maturity and not to create other encumbrances that
exceed 15% of total consolidated assets. If the Company does not comply with any
covenant, the trustee or the holders of not less than 25% in aggregate principal
amount of&#160;&#160;each outstanding Negotiable Obligations may declare the
principal and accrued interest immediately due and payable.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Financial debt
contains customary covenants for contracts of this nature, including negative
pledge, material adverse change and cross&#8211;default clauses. Almost all of YPF&#8217;s
total outstanding debt is subject to cross&#8211;default provisions, which may be
triggered if an event of default occurs with respect to the payment of principal
or interest on indebtedness equal to or exceeding US$ 20 million.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Shareholder&#8217;s
meeting held on January 8, 2008, approved a Notes Program for an amount up to
US$ 1,000 million. The proceeds of this offering shall be used exclusively to
invest in fixed assets and working capital in Argentina.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Statements
of Income as of September 30, 2008 and 2007</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income
      (Expense)</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">h)&#160;&#160;&#160; </font><font style="DISPLAY: inline; COLOR: #000000">Net sales:</font></font></div>
              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Sales</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">27,433</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">20,291</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Turnover
      tax</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(570</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(373</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">i)&#160;&#160;&#160; </font><font style="DISPLAY: inline; COLOR: #000000">Other expense,
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Reserve for
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              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(70</font></td>
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              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="78%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Miscellaneous</font></div>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">43</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">64</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(27</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(76</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">31</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income
      (Expense)</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -54pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">j)&#160;&#160;&#160; </font><font style="DISPLAY: inline; COLOR: #000000">Income tax</font></font></div>
              </td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-LEFT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current income
      tax</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,975</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,613</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-LEFT: 0pt; PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred
      income tax</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(23</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(17</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,998</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,630</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The reconciliation
of pre-tax income at the statutory tax rate, to the income tax as disclosed in
the income statements for the nine-month periods ended September 30, 2008 and
2007 is as follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net income
      before income tax</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,386</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,610</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Statutory tax
      rate</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">35</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">35</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">%</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Statutory tax
      rate applied to net income before income tax</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,885</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,614</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Effect of the
      restatement into constant Argentine pesos</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(177</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(200</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income on
      long&#8211;term investments</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">95</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">96</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax free
      income&#8211;Law No. 19,640 (Tierra del Fuego)</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">17</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">64</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Miscellaneous</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(48</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">24</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Income
      tax</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,998</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(1,630</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The breakdown of the
net deferred tax assets as of September 30, 2008 and December 31, 2007, is as
follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred tax
      assets</font></div>
              </td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Non deductible
      allowances and reserves</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">775</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">732</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tax loss and
      other tax credits</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">42</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">79</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Miscellaneous</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total deferred
      tax assets</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">836</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">830</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred tax
      liabilities</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Fixed
      assets</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(338</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(309</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Miscellaneous</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(13</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(13</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total deferred
      tax liabilities</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(351</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(322</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Net deferred
      tax assets</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">485</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">508</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As explained in Note
2.f, the difference between the book value of fixed assets remeasured into
constant Argentine pesos and their corresponding historical cost used for tax
purposes, at the current tax rate, is a deferred tax liability of 1,164 and
1,341 as of September 30, 2008 and December 31, 2007, respectively. Had this
deferred tax liability been recorded, the amount charged to income for the
nine-month periods ended September 30, 2008 and 2007 would have been 177 and
200, respectively. The Company estimates that the difference will be reversed as
follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>
      quarter 2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2009 -
      2010</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2011</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Thereafter</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="right" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" width="56%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Deferred
      income tax</font></div>
              </td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">70</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">391</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">703</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,164</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">32</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">4.</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">CAPITAL
      STOCK</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company's
subscribed capital, as of September 30, 2008, is 3,933 and is represented by
393,312,793 shares of common stock and divided into four classes of shares (A,
B, C and D), with a par value of Argentine pesos 10 and one vote per share.
These shares are fully subscribed, paid-in and authorized for stock exchange
listing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, Repsol YPF S.A. (&#8220;Repsol YPF&#8221;) controls the Company, directly and
indirectly, through a 84.14% shareholding while Petersen Energ&#237;a S.A. (&#8220;PESA&#8221;)
exercises significant influence through a 14.90% shareholding. On February 21,
2008, Repsol YPF entered into a shares sale and purchase agreement with PESA
pursuant to which Repsol YPF sold to PESA shares of YPF representing 14,90% of
YPF's capital stock for US$ 2,235 million (the "Transaction"). Simultaneously
with the execution of the Transaction, Repsol YPF granted certain affiliates of
PESA an option to purchase from Repsol YPF up to an additional 10.10% of YPF's
outstanding capital stock within four years after consummation of the
Transaction. In May, 2008, Petersen Energ&#237;a Inversora S.A. (&#8220;PEISA&#8221;), one of the
beneficiaries above mentioned option, exercised its right to purchase shares
representing 0.1% of YPF&#8217;s capital stock, which will be formalized upon the
fulfillment of certain requirements, including the closing of a tender offer in
accordance with YPF&#8217;s bylaws. Being the tender offer issued by PEISA and the
offer period expired on October 20, 2008, approximately 0.11718% of the
Company&#8217;s capital stock have been tendered. The tender offer procedures will
finish upon the fulfillment of certain requirements. Additionally, Repsol YPF
and PESA have signed a shareholders' agreement, in connection with the
Transaction, establishing among other things, the adoption of a dividend policy
under which YPF will distribute 90% of the annual net income as
dividends.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, on
February 29, 2008, Repsol YPF has started an offering process for the sale of
shares representing 20% of the capital stock of the Company (the "Offering").
The effective date of the Offering will be subject, among other conditions, to
the authorization of the regulatory agencies of the Argentine and United States
markets in which YPF&#8217;s shares quote, based and considering current conditions
and regulations of the financial markets.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Repsol YPF's legal
address is Paseo de la Castellana 278, 28046 Madrid, Spain. Repsol YPF's
principal business is the exploration, development and production of crude oil
and natural gas, transportation of petroleum products, liquefied petroleum gas
and natural gas, petroleum refining, production of a wide range of
petrochemicals and marketing of petroleum products, petroleum derivatives,
petrochemicals, liquefied petroleum gas and natural gas.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, there are 3,764 Class A shares outstanding. So long as any Class A share
remains outstanding, the affirmative vote of Argentine Government is required
for: 1) mergers, 2) acquisitions of more than 50% of the Company's shares in an
agreed or hostile bid, 3) transfers of all the Company's production and
exploration rights, 4) the voluntary dissolution of YPF or 5) change of
corporate and/or tax address outside the Argentine Republic. Items 3) and 4)
will also require prior approval by the Argentine Congress.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 24px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">5.</font></div>
              </td>
              <td width="1107">
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">RESTRICTED
      ASSETS AND GUARANTEES GIVEN</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, YPF has signed guarantees in relation to the financing activities of
Pluspetrol Energy S.A., Central Dock Sud S.A. and Inversora Dock Sud S.A. in an
amount of approximately US$ 17 million, US$ 21 million and 5, respectively. The
corresponding loans have final maturity in 2011, 2013 and 2009,
respectively.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">33</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">6.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">PARTICIPATION
      IN JOINT VENTURES AND OTHER
AGREEMENTS</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, the main exploration and production joint ventures and other agreements in
which the Company participates are the following:</font><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" width="42%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Name
      and Location</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="15%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Ownership</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Interest</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="20%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Operator</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="20%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Activity</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Acambuco</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Salta</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22.50%</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Pan American
      Energy LLC</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td nowrap valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Aguada
      Pichana</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Neuqu&#233;n</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">27.27%</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total Austral
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Aguarag&#252;e</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Salta</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">30.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tecpetrol
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">CAM-2/A
      SUR</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Tierra
      del Fuego</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Enap Sipetrol
      Argentina S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Campamento
      Central / Ca&#241;ad&#243;n Perdido</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Chubut</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">YPF
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Consorcio
      CNQ7/A</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">La
      Pampa and Mendoza</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Petro Andina
      Resources Ltd. Sucursal Argentina</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">El
      Tordillo</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Chubut</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12.20%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tecpetrol
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">La Tapera y
      Puesto Quiroga</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Chubut</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12.20%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tecpetrol
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Llancanelo</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Mendoza</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">51.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">YPF
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Magallanes</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Santa
      Cruz, Tierra del Fuego and National Continental Shelf</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Enap Sipetrol
      Argentina S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Palmar
      Largo</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Formosa
      and Salta</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">30.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Pluspetrol
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Puesto
      Hern&#225;ndez</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Neuqu&#233;n
      and Mendoza</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">61.55%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Petrobras
      Energia S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Ramos</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Salta</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;&#160;&#160;
      15.00% <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Pluspetrol
      Energy S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">San
      Roque</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Neuqu&#233;n</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">34.11%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total Austral
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Tierra del
      Fuego</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Tierra
      del Fuego</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">30.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" nowrap valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Petrolera L.F.
      Company S.R.L.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Yacimiento La
      Ventana &#8211; R&#237;o Tunuy&#225;n</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Mendoza</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">60.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">YPF
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td align="left" valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Zampal
      Oeste</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: arial">Mendoza</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">70.00%</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">YPF
      S.A.</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Exploration
      and production</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 17pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(1)</font></div>
              </td>
              <td width="1035">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Additionally,
      YPF has a 27% indirect ownership interest through Pluspetrol Energy
      S.A.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The assets and
liabilities as of September 30, 2008 and December 31, 2007 and production costs
of the joint ventures and other agreements for the nine&#8211;month periods ended
September 30, 2008 and 2007 included in the financial statements are as
follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current
      assets</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">300</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">186</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent
      assets</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,437</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,097</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      assets</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,737</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,283</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Current
      liabilities</font></div>
              </td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">460</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">472</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Noncurrent
      liabilities</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">411</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">360</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="#d5eaea">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Total
      liabilities</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">871</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">832</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr bgcolor="white">
              <td valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Production
      costs</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,238</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,034</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">34</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Participation in
joint ventures and other agreements have been calculated based upon the latest
available financial statements as of the end of each period or year, taking into
account significant subsequent events and transactions as well as available
management information.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">7.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">BALANCES
      AND TRANSACTIONS WITH RELATED
PARTIES</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The principal
outstanding balances as of September 30, 2008 and December 31, 2007 from
transactions with related parties companies are as follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="22" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="10" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Trade
      receivables</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
      receivables</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Accounts
      payable</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Loans</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Trade
      receivables</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
      receivables</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Accounts</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">payable</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Current</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Noncurrent</font></div>
              </td>
              <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">84</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">470</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">281</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">2,545</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">86</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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      </font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">662</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">918</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">497</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">470</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">84</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">470</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">699</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3,426</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: #000000 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">277</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company
maintains purchase, sale and financing transactions with related parties. The
principal purchase, sale and financing transactions with these companies for the
nine-month periods ended September 30, 2008 and 2007 include the
following:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" width="19%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="18" valign="bottom" width="43%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="14" valign="bottom" width="34%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td valign="bottom" width="19%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Sales</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Purchases
      and services</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Loans
      (granted) collected</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Loans
      obtained (paid)</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Interest</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">gains
      (losses)</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Sales</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Purchases
      and services</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Loans
      (granted) collected</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Interest</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">gains
      (losses)</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Controlled
      companies:</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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          <div id="GLFTR" style="WIDTH: 100%" align="left">
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="left">
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            <tr>
              <td valign="bottom" width="19%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">gains
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Sales</font></div>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Interest</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">gains
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              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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            <tr>
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              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td colspan="2" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Controlled by
      YPF Holdings Inc., with a 100% shareholding over its capital
      stock.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div align="center">
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            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">8.</font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">SOCIAL
      AND OTHER EMPLOYEE BENEFITS</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a)</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Performance
      Bonus Programs:</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">These programs cover
certain YPF and its controlled companies' personnel. These bonuses are based on
compliance with business unit objectives and performance. They are calculated
considering the annual compensation of each employee, certain key factors
related to the fulfillment of these objectives and the performance of each
employee and will be paid in cash.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The amount charged
to expense related to the Performance Bonus Programs was 45 and 30 for the
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">nine-month periods
ended September 30, 2008 and 2007, respectively.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b)</font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Retirement
      Plan:</font></div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Effective March 1,
1995, the Company established a defined contribution retirement plan that
provides benefits for each employee who elects to join the plan. Each plan
member will pay an amount between 2% and 9% of his monthly compensation and the
Company will pay an amount equal to that contributed by each
member.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The plan members
will receive the Company's contributed funds before retirement only in the case
of voluntary termination under certain circumstances or dismissal without cause
and additionally in the case of death or incapacity. YPF has the right to
discontinue this plan at any time, without incurring termination
costs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The total charges
recognized under the Retirement Plan amounted to approximately 9 and 7 for the
</font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">nine-month periods
ended September 30, 2008 and 2007, respectively.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">36</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">9.</font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">COMMITMENTS
      AND
CONTINGENCIES</font></div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">a)</font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Pending
      lawsuits and
contingencies:</font></div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, the Company has recorded the pending lawsuits, claims and contingencies
which are probable and can be reasonably estimated. The most significant pending
lawsuits and contingencies reserved are described in the following
paragraphs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Pending lawsuits:</font> In
      the normal course of its business, the Company has been sued in numerous
      labor, civil and commercial actions and lawsuits. Management, in
      consultation with the external counsels, has reserved an allowance
      considering its best estimation, based on the information available as of
      the date of the issuance of these financial statements, including counsel
      fees and judicial expenses.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Liquefied petroleum gas
      market:</font> On March 22, 1999, YPF was notified of Resolution
      No.&#160;189/1999 from the former Department of Industry, Commerce and
      Mining of Argentina, which imposed a fine on the Company of 109, stated in
      Argentine pesos as of that date, based on the interpretation that YPF had
      purportly abused of its dominant position in the bulk liquefied petroleum
      gas (&#8220;LPG&#8221;) market due to the existence of different prices between the
      exports of LPG and the sales to the domestic market from 1993 through
      1997. In July 2002, the Argentine Supreme Court confirmed the fine and YPF
      carried out the claimed
payment.</font></div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally,
Resolution No. 189/1999 provided the beginning of an investigation in order to
prove whether the penalized behavior continued from October 1997 to March 1999.
On December 19, 2003, the National Antitrust Protection Board (the &#8220;Antitrust
Board&#8221;) imputed the behavior of abuse of dominant position during the previously
mentioned period to the Company. On January 20, 2004, the Company answered the
notification: (i)&#160;opposing the preliminary defense claiming the application
of the statutes of limitation and alleging the existence of defects in the
imputation procedure (absence of majority in the resolution that decided the
imputation and pre-judgment by its signers); (ii)&#160;arguing the absence of
abuse of dominant position; and (iii)&#160;offering the corresponding
evidence.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The request of
invalidity by defects in the imputation procedure mentioned above was rejected
by the Antitrust Board. This resolution of the Antitrust Board was confirmed by
the Economic Penal Appellate Court, and it was confirmed, on September 27, 2005,
pursuant to the Argentine Supreme Court's (&#8220;CSJN&#8221;) rejection of the complaint
made by YPF due to the extraordinary appeal denial.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, on
August 31, 2004, YPF filed an appeal with the Antitrust Board in relation to the
resolution that denied the claim of statutes of limitation. The Antitrust Board
conceded the appeal and remitted proceedings for its resolution by the Appeal
Court. However, in March 2006, YPF was notified that the proceedings were opened
for the production of evidence. During August and September 2007, testimonial
hearings were held for YPF&#8217;s witnesses. On August 12, 2008 the Appeal Court in
Criminal Economic Matters rejected the statute of limitation argument opposed by
YPF. Such decision has been appealed by YPF. Despite the solid arguments
expressed by YPF, the mentioned circumstances make evident that, preliminarily,
the Antitrust Board denies the defenses filed by the Company and that it is
reluctant to modify the doctrine provided by the Resolution No.&#160;189/1999
and, furthermore, the Court of Appeals decisions tend to confirm the decisions
made by the Antitrust Board.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">
                  </td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Tax claims:</font> On January
      31, 2003, the Company received a claim from the Federal Administration of
      Public Revenue (&#8220;AFIP&#8221;), stating that the sales corresponding to forward
      oil sale agreements entered into by the Company, should have been subject
      to an income tax withholding. On March 8, 2004, the AFIP formally notified
      YPF the claim for approximately 45 plus interests and fines. Additionally,
      on June 24, 2004, YPF received a new formal claim from the AFIP,
      considering that the services
  related</font></div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <div id="FTR">
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              <div style="WIDTH: 100%; TEXT-ALIGN: center">
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              </div>
            </div>
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            </div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">to these contracts
should have been taxed with the value added tax. Consequently, during 2004, YPF
presented its defense to the AFIP rejecting the claims and arguing its position.
However, on December 28, 2004, the Company was formally notified of a resolution
from the AFIP confirming its original position in both claims for the period
1997 to 2001. The Company has appealed such resolution in the National Tax
Court. YPF conditionally paid the amounts corresponding to periods that followed
those included in the claim by the AFIP (2002 and subsequent periods) so as to
avoid facing interest payment or a fine and filed reimbursement summary
proceedings. On March 14, 2008, the AFIP notified the Company of the rejection
of the reimbursement previously mentioned. The Company appealed that decision
before the National Tax Court.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In addition, the
Company has received several claims from the AFIP and from the provincial and
municipal fiscal authorities, which are not individually
significant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Liabilities and contingencies
      assumed by the Argentine Government: </font>The YPF Privatization Law
      provided for the assumption by the Argentine Government of certain
      liabilities of the predecessor as of December 31, 1990. In certain
      lawsuits related to events or acts that took place before December 31,
      1990, YPF has been required to advance the payment established in certain
      judicial decisions. YPF has the right to be reimbursed for these payments
      by the Argentine Government pursuant to the above-mentioned
      indemnity.</font></div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">
                  </td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="justify">
                        <div align="justify">
                          <div align="justify">
                            <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Natural gas
      market:</font></font></div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Export sales:
Pursuant to Resolution No. 265/2004 of the Secretariat of Energy, the Argentine
Government created a program of &#8220;useful&#8221; curtailment of natural gas exports and
their associated transportation service. Such Program was initially implemented
by means of Regulation No. 27/2004 of the Under-Secretariat of Fuels, which was
subsequently substituted by the Program of Rationalization of Gas Exports and
Use of Transportation Capacity (the &#8220;Program&#8221;) approved by Resolution No.
659/2004 of the Secretariat of Energy. Additionally, Resolution
No.&#160;752/2005 of the Secretariat of Energy provided that industrial users
and thermal generators (which according to this resolution will have to request
volumes of gas directly from the producers) could also acquire the natural gas
from the cutbacks on natural gas export through the Permanent Additional
Injections mechanism created by this resolution. By means of the Program and/or
the Permanent Additional Injection, the Argentine Government requires natural
gas exporting producers to deliver additional volumes to the domestic market in
order to satisfy natural gas demand of certain domestic consumers of the
Argentine market (&#8220;Additional Injection Requirements&#8221;). Such additional volumes
are not contractually committed by YPF, who is thus forced to affect natural gas
exports, which execution has been conditioned. The mechanisms that affect the
exports established by the Resolutions No. 659/2004 and 752/2005 have been
adapted by the Secretariat of Energy Resolution No. 599/2007, modifying the
conditions for the imposition of the requirements depending on whether the
producers have signed or not the Proposed Agreement, ratified by such
resolution, between the Secretariat of Energy and the Producers. Additionally,
the Argentine Government, through instructions made using different procedures,
has ordered limitations over natural gas exports (in conjunction with the
Program and the Permanent Additional Injection, named the
&#8220;Restrictions&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As a result of the
Restrictions, in several occasions since 2004, YPF has been forced to suspend,
either totally or partially, its natural gas deliveries to some of its export
clients, with whom YPF has undertaken long-term firm commitments to deliver
natural gas.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Company has
challenged the Program, the Permanent Additional Injection and the Additional
Injection Requirements as arbitrary and illegitimate, and has invoked vis-&#224;-vis
the relevant clients that such measures of the Argentine Government constitute a
force majeure event (act of authority) that releases the Company from any
liability and/or penalty for the failure to deliver the contractual volumes. A
large number of clients have rejected the force majeure argument invoked by the
Company, demanding the payment of indemnifications and/or penalties for the
failure to comply with firm supply commitments, and/or reserving their rights to
future claims in such respect (the &#8220;Claims&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Electroandina S.A.
and Empresa El&#233;ctrica del Norte Grande S.A. (&#8220;Edelnor&#8221;) have rejected the force
majeure argument invoked by the Company and have invoiced the penalty stipulated
under the &#8220;deliver or pay&#8221; clause of the contract for cutbacks accumulated as of
September, 2007, for a total amount of US$&#160;93 million. These invoices have
been rejected by the Company. Furthermore, the above-mentioned companies have
notified the formal start-up period of negotiations previous to any arbitration
demand. Although such period is overdue, the Company has not been notified of
the initiation of the arbitration demands. Additionally, on June 25, 2008, AES
Uruguaiana Emprendimientos S.A. claimed damages in a total amount of US$ 28.1
for natural gas &#8220;deliver or pay&#8221; penalties for cutbacks accumulated from
September 16, 2007 through June 25, 2008. On July 16, 2008, AES Uruguaiana
Emprendimientos S.A. also claimed an additional amount of US$ 2.7 for natural
gas &#8220;deliver or pay&#8221; penalties for cutbacks accumulated from January 18, 2006
until December 1, 2006. YPF has rejected both claims.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In addition, YPF has
been notified of an arbitration demand from Innergy Soluciones Energ&#233;ticas
(&#8220;Innergy&#8221;). The Company has answered the arbitration complaint, and has filed a
counterclaim based on the hardship provisions (&#8220;teor&#237;a de la imprevisi&#243;n&#8221;) of
the Argentine Civil Code. The parties have exchanged documentation requirements
and have presented their appellate brief with the documental evidence and
witnesses&#8217; declaration. Having the parties previously suspended the arbitration,
in August 29, 2008, the parties extended that suspension by common consent, for
sixty additional days to enable negotiations. Having already expired the
mentioned term, the arbitration process continues. Damages claimed by Innergy
amount to US$&#160;88 million plus interests, according to the invoice presented
in the Innergy&#8217;s appellate brief, on September 17, 2007. Such amount might be
increased if Innergy incorporates to the demand invoices for penalties received
for periods subsequent to August 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Domestic sales:</font> Central
Puerto S.A. has claimed YPF for cutbacks in natural gas supply to its
combined-cycle plant located in Buenos Aires City. The Company has formally
denied such breach based on the view that, pending the restructuring of such
contracts, it is not obliged to confirm nominations of natural gas to this
client during certain periods of the year. On June 6, 2007, Central Puerto S.A.
notified its decision to submit the controversy to arbitration under the rules
of the International Chamber of Commerce (&#8220;ICC&#8221;). Central Puerto S.A. nominated
its arbiter and notified YPF the initiation of an arbitration proceeding in that
Chamber. On June 21, 2007, YPF nominated its arbiter and notified its decision
to submit the controversy related to certain amounts claimed to Central Puerto
S.A., also related to the natural gas supply to its combined-cycle located in
Buenos Aires City to an arbitration proceeding. On July 23, 2007, YPF received
the arbitration demand which was answered on September 24, 2007, requesting for
the rejection of the claims of Central Puerto S.A. Besides, the Company has
filed a counterclaim requesting, among other things, the termination of the
contract or, in absence of this, the revision based on the hardship provision
and the &#8220;both-parties-effort&#8221;. On December 3, 2007, Central Puerto S.A.
submitted a presentation requesting (i) the rejection of all subsidiary claims
presented by YPF, including the request that the Chamber ratifies the
effectiveness of the contract and the rejection of the fair reconvention of the
contract; (ii) the rejection of the settlement and payment claim related to
amounts due by Central Puerto S.A. pursuant to the &#8220;take or pay&#8221; clause; (iii)
the rejection of the settlement and payment claim related to the adjustment by
the application of the &#8220;Coeficiente de Estabilizaci&#243;n de Referencia&#8221; (&#8220;CER&#8221;),
and in subsidy opposing the prescription exception; (iv) the inappropriateness
of the claim in relation with the price differential payment.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On February 11,
2008, an audience was held with the arbitral trial members and an Act (&#8220;Acta de
Misi&#243;n&#8221;) was subscribed. In that document, Central Puerto S.A. argued that, in
relation with the quantification of the pretensions, it could not determine the
claimed amount until the performance of the corresponding work of experts.
However, in order to determine the provision (article No.18 (1)(c) of the ICC
Reglament), it acceded to fix the payment provision on its charge based on the
maximum value determined by ICC Reglament (Apendix III). YPF estimated in
approximately US$ 11 million, plus interest and CER, the amount that must be
claimed as payable to its favor, under the reconvention process, regardless of
the result of the work of experts that will be done. On September 4, 2008, the
Court issued an order setting a schedule for the arbitration. On October 1,
2008, the parties presented their evidence for the consideration of the Court.
On October 16, 2008, the parties suspended procedural terms for 30
days.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In addition, there
are other claims to which YPF is party, which are not individually
significant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, the Company has reserved costs for penalties associated with the failure
to deliver the contractual volumes of natural gas in the export and domestic
markets which are probable and can be reasonably estimated.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                    </td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                    </td>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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                              <div align="justify">
                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">La Plata and Quilmes
      environmental
  claims</font></font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </td>
                  </tr>
              </table>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">La Plata: </font>There are certain
compensation claims for individual damages purportedly caused by the operation
of the La Plata Refinery and the environmental remediation of the channels
adjacent to the mentioned refinery. During 2006, the Company submitted a
presentation before the Environmental Ministry of the Province of Buenos Aires
which put forward for consideration the performance of a study for the
characterization of environmental associated risks. As mentioned previously, YPF
has the right of indemnity for events and claims previous to January 1, 1991,
according to Law No.&#160;24,145 and Decree No.&#160;546/1993. Besides, there
are certain claims that could result in the requirement to make additional
investments connected with the operations of La Plata
Refinery.</font></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Quilmes:</font> Citizens which
allege to be residents of Quilmes, province of Buenos Aires, have filed a
lawsuit in which they have requested remediation of environmental damages and
also the payment of 47 plus interests as a compensation for supposedly personal
damages. They base their claim mainly on a fuel leak in the poliduct running
from La Plata to Dock Sud, currently operated by YPF, which occurred in 1988 as
a result of an illicit detected at that time, being at that moment YPF a state
owned company. Fuel would have emerged and became perceptible on November 2002,
which resulted in remediation that is being performed by the Company in the
affected area, supervised by the environmental authority of the province of
Buenos Aires. YPF has also notified the Argentine Government that it will
receive a citation, due to its obligation to indemnify the Company against any
liability according to Law No. 24,145. The Argentine government has denied any
responsibility to indemnify YPF for this matter, and the Company have sued the
Argentine government to obtain a declaration invalidity of such decision. In
addition, other 25 judicial claims related to similar matters have been brought
against YPF amounting to approximately 4. Additionally, the Company is aware of
the existence of other out of court claims which are based on similar
allegations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">&#160;</td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: normal; FONT-FAMILY: symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="justify">
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                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="FONT-STYLE: italic"><font style="FONT-STYLE: normal"><font style="DISPLAY: inline; FONT-STYLE: normal"><font style="FONT-STYLE: italic">EDF International S.A. (&#8220;EDF&#8221;) claim:</font>
      </font>EDF had initiated an international arbitration proceeding under the
      Arbitration Regulations of the International Chamber of Commerce against
      Endesa Internacional S.A. and YPF. EDF claimed from YPF the payment of US$
      69 million, which were subsequently increased to US$ 103 million plus
      interests without existing real arguments, in connection with the sale of
      Electricidad Argentina S.A., parent company of Edenor S.A. EDF claimed an
      adjustment in the purchase price it paid arguing that under the stock
      purchase agreement, the price it paid would be reviewed if changes in the
      exchange rate of Argentine peso occurred prior to December 31, 2001. EDF
      considered that this had happened. On October 22, 2007, the Arbitral Court
      issued
  an</font></font></font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="FTR">
            <div id="GLFTR" style="WIDTH: 100%" align="left">
            </div>
          </div>
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">40</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">arbitral final award
in which EDF&#8217;s claim and the defendants&#8217; counterclaim are partially accepted.
Consequently, the arbitral final award imposed on YPF the payment of US$ 28.9
million plus interests and judicial expenses. The Company and EDF are both
currently challenging the arbitral decision. On April 22, 2008, the Federal
Appellate Court on Commercial Matters declared that the resource presented by
YPF has suspension effects over the arbitral decision. Nevertheless, EDF is
seeking the enforcement of the arbitral decision before the court in Delaware,
United States, which was rejected by the Company. YPF answered to the complaint
by seeking its dismissal. EDF is also seeking the enforcement of the arbitral
award before a court in Paris, France. YPF is currently considering the
alternatives to prevent the arbitral decision from being enforced.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, YPF&#8217;s
Management, in consultation with its external counsels, believes that the
following contingencies and claims, individually significant, have possible
outcome:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">&#160;</td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: normal; FONT-FAMILY: symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="justify">
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                                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Availability of foreign
      currency deriving from exports</font>: <font style="FONT-STYLE: normal">Decree No. 1,589/1989 of the Federal Executive
      provides that producers enjoying free availability of crude oil, natural
      gas and/or liquefied gas under Law No.&#160;17,319 and its supplemental
      Decrees and producers that may agree so in the future will have free
      availability of the percentage of foreign currency coming from the exports
      of crude oil, petroleum derivatives, natural gas and/or liquefied gas of
      free availability established in biddings and/or renegotiations, or
      agreed-upon in the respective contracts. In no cases will the maximum
      freely available percentage be allowed to exceed 70% of each
      transaction.</font></font></div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">During year 2002,
several government organizations considered that free availability of foreign
currency provided by Decree No.&#160;1,589/1989 was implicitly abolished by
Decree No.&#160;1,606/2001.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On December 31,
2002, Decree No.&#160;2,703/2002 was enforced, ratifying such date the 70% limit
as the maximum freely available percentage of foreign currency deriving from the
exports of crude oil and petroleum derivatives, without providing a conclusion
in regards to the exports performed during the year 2002, after the issuance of
Decree No.&#160;1,606/2001. The Central Bank has indicted YPF on charges
allegedly related to certain exports performed during 2002, once the executive
order 1,606/2001 was no longer in force and before the executive order
2,703/2002 came into effect. Therefore, YPF will file an answer to the charges
and will offer evidence in this regard. In case YPF is indicted on charges
involving other exports during the said period, YPF has the right to challenge
the decision as well as to request the issuance of precautionary
measures.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">There is a recently
confirmed sentence, connected with proceeding to another hydrocarbon exporter,
where the claim was the same and that company and its directors were acquitted
of all charges because it was considered that such company was exempt from the
liquidation and negotiation of the 70% of the foreign currency deriving from the
hydrocarbon exports. Additionally, the Office of the General Prosecutor of
Argentina has recently issued an opinion, in a similar claim, analyzing the
behavior of another oil and gas company. According to that opinion, no
violations had been committed as the uncertainty associated with the scope of
the liability was generated by the existence of different rules. Due to the
absence of intention in the behavior, the Office of the General Prosecutor of
Argentina has pronounced in favor of filing the claims.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">&#160;</td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: normal; FONT-FAMILY: symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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                                <div align="justify">
                                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Asociaci&#243;n Superficiarios de
      la Patagonia (&#8220;ASSUPA&#8221;): </font>In August 2003, ASSUPA sued 18 companies
      operating exploitation concessions and exploration permits in the Neuqu&#233;n
      Basin, YPF being one of them, claiming the remediation of the general
      environmental damage purportedly caused in the execution of such
      activities, and subsidiary constitution of an environmental restoration
      fund and the implementation of measures to prevent environmental damages
      in the future. The plaintiff requested that the National Government, the
      Federal Environmental Council (&#8220;Consejo Federal de Medio Ambiente&#8221;), the
      provinces of Buenos Aires, La Pampa, Neuqu&#233;n, R&#237;o Negro and Mendoza and
      the Ombudsman of the Nation be summoned. It requested, as a preliminary
      injunction, that the defendants refrain from carrying out activities
      affecting
  the</font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">41</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">environment. Both
the Ombudsman&#8217;s summon as well as the requested preliminary injunction were
rejected by the CSJN. YPF has answered the demand requesting his rejection and
has required the summon of the National Government, due to its obligation to
indemnify YPF for events and claims previous to January 1, 1991, according to
Law No. 24,145 and Decree No. 546/1993. The CSJN gave the plaintiffs a term to
correct the defects of the complaint. On August 26, 2008 the CSJN decided that
such defects had already been corrected, and still has to decide on pending
matters such as the summons of the National Government, the provinces, and
making available to the plaintiffs the defendants motion.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">&#160;</td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: normal; FONT-FAMILY: symbol, serif">-</font></font></div>
                </td>
                <td align="left">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                    <div align="justify">
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                                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Dock Sud environmental
      claims:</font></font></div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">A group of neighbors
of Dock Sud, Province of Buenos Aires, have sued 44 companies, among which YPF
is included, the National Government, the Province of Buenos Aires, the City of
Buenos Aires and 14 municipalities, before the CSJN, seeking the remediation and
the indemnification of the environmental collective damage produced in the basin
of the Matanza and Riachuelo rivers. Additionally, another group of neighbors of
the Dock Sud area, have filed two other environmental lawsuits, one of them
desisted in relation to YPF, claiming several companies located in that area,
among which YPF is included, the Province of Buenos Aires and several
municipalities, for the remediation and the indemnification of the environmental
collective damage of the Dock Sud area and for the individual damage they claim
to have suffered. YPF has the right of indemnity by the Argentine Government for
events and claims previous to January 1, 1991, according to Law No.&#160;24,145
and Decree No.&#160;546/1993.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">By means of sentence
dated July 8, 2008, the CSJN:&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div>
                </div>
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(i)</font></font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Determined
      that the Basin Authority (Law No.&#160;26,168) should be in charge of the
      execution of the program of environmental remediation of the basin, being
      the National Government, the Province of Buenos Aires and the City of
      Buenos Aires responsible of its development; delegated in the Federal
      Court of First Instance of Quilmes the knowledge of all the matters
      concerning the execution of the remediation and reparation; declared that
      all the litigations related to the execution of the remediation plan will
      accumulate and will proceed before this court and established that this
      process produces that other collective actions that have for object the
      environmental remediation of the basin be dismissed </font><font style="DISPLAY: inline; FONT-STYLE: italic">(&#8220;littispendentia&#8221;)</font>.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 36pt">
                  <div>
                  </div>
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">(ii)</font></font></div>
                </td>
                <td align="left">
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Decided that
      the proceedings related to the determination of the responsibilities
      derived from past behaviors for the reparation of the environmental damage
      will continue before the
CSJN.&#160;&#160;</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                  <tr valign="top">
                    <td style="WIDTH: 18pt">&#160;</td>
                    <td align="right" style="WIDTH: 18pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: normal; FONT-FAMILY: symbol, serif">-</font></font></div>
                    </td>
                    <td align="left">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                        <div align="justify">
                          <div align="justify">
                            <div align="justify">
                              <div align="justify">
                                <div align="justify">
                                  <div align="justify">
                                    <div align="justify">
                                      <div align="justify">
                                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">National Antitrust Protection
      Board: </font>On November 17, 2003, Antitrust Board requested
      explanations, within the framework of an official investigation pursuant
      to Art. 29 of the Antitrust Law, from a group of almost thirty natural gas
      production companies, among them YPF, with respect to the following items:
      (i) the inclusion of clauses purportedly restraining trade in natural gas
      purchase/sale contracts; and (ii) observations on gas imports from
      Bolivia, in particular (a) old expired contract signed by YPF, when it was
      state-owned, and YPFB (the Bolivian state-owned oil company), under which
      YPF allegedly sold Bolivian gas in Argentina at prices below the purchase
      price; and (b) the unsuccessful attempts in 2001 by Duke and Distribuidora
      de Gas del Centro to import gas into Argentina from Bolivia. On January
      12, 2004, YPF submitted explanations in accordance with Art. 29 of the
      Antitrust Law, contending that no antitrust violations had been committed
      and that there had been no price discrimination between natural gas sales
      in the Argentine market and the export market. On January 20, 2006, YPF
      received a notification of resolution dated December 2, 2005, whereby the
      Antitrust Board (i) rejected the &#8220;non bis in idem&#8221; petition filed by YPF,
      on the grounds that ENARGAS was not empowered to resolve the issue when
      ENARGAS Resolution No. 1,289 was enacted; and (ii) ordered that the
      opening of the proceedings be undertaken pursuant to the provisions of
      Section 30 of Law No. 25,156. On January 15, 2007, Antitrust Board charged
      YPF and eight other producers with violations of Law No. 25,156. YPF has
      contested the complaint on the basis that no violation of the Law took
      place and that the charges are barred by the applicable statute of
      limitations, and has presented evidence in
      support</font></div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </td>
                  </tr>
              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">42</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">of its position. On
June 22, 2007, YPF presented to the Antitrust Board, without acknowledging any
conduct in violation of the Antitrust Law, a commitment consistent with Article
36 of the Antitrust Law, requiring to the Antitrust Board to approve the
commitment, to suspend the investigation and to file the proceedings. On
December 14, 2007, the Antitrust Board decided to transfer the motion to the
Appeal Court as a consequence of the appeal presented by YPF against the
rejection of the application of the statute of limitation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The Antitrust Board
has started proceedings to investigate YPF for including a clause in bulk LPG
(Liquid Petroleum Gas) supply contracts that it believes prevents the buyer from
reselling the product to a third party and therefore restricts competition in a
manner detrimental to the general economic interest. YPF has asserted that the
contracts do not contain a prohibition against resale to third parties and has
offered evidence in support of its position. On April 12, 2007, YPF presented to
the Antitrust Board, without acknowledging any conduct in violation of the
Antitrust Law, a commitment consistent with Article 36 of the Antitrust Law, in
which it commits, among other things, to refrain from including a clause with
the destiny of the product in future bulk LPG supply contracts.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div>
                </div>
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Other environmental claims in
      La Plata: </font>On June 6, 2007, YPF was served with a new complaint in
      which 9 residents of the vicinity of La Plata Refinery request: i) the
      cease of contamination and other harms they claim are attributable to the
      refinery; and ii) the clean-up of the adjacent channels, R&#237;o Santiago and
      R&#237;o de la Plata (soil, water and acquiferous) or, if clean-up is
      impossible, indemnification for environmental and personal damages. The
      plaintiff has quantified damages in 51 or an amount to be determined from
      evidence produced during the proceeding. YPF believes that most damages
      that are alleged by the plaintiff, might be attributable to events that
      occurred prior to YPF's privatization and would, therefore, be covered to
      that extent by the indemnity granted by the Argentine Government in
      accordance with the Privatization Law of YPF. The Court has accepted the
      summon of the Argentine Government in this matter. Notwithstanding the
      foresaid, the possibility of YPF being asked to afford these liabilities
      is not discarded, in which case the Argentine Government must be asked to
      reimburse the remediation expenses for liabilities existing prior to
      January 1, 1991. In addition, the claim partially overlaps with the
      request made by a group of neighbors of La Plata Refinery on June 29,
      1999, described in the first paragraph of &#8220;La Plata and Quilmes
      environmental claims&#8221;. Accordingly, YPF considers that the cases should be
      partially consolidated to the extent that the claims overlap. Regarding
      claims not consolidated, for the time being, information and documents in
      order to answer the claim are being collected, and it is not possible to
      reasonably estimate the outcome, as long as, if applicable, estimate the
      corresponding legal fees and expenses that might result. The contamination
      that may exist could derive from countless sources, including from
      disposal of waste over many years by other industrial facilities and
      ships.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, YPF is
aware of an action that has not been served yet, in which the plaintiff requests
the clean-up of the channels adjacent to the La Plata Refinery, in R&#237;o Santiago,
and other sectors near the coast line, and, if such remediation is not possible,
an indemnification of 500 (approximately US$ 161 million) or an amount to be
determined from evidence produced in discovery. The claim partially overlaps
with the requests made by a group of neighbors of La Plata Refinery on June 29,
1999, described in the first paragraph of &#8220;La Plata and Quilmes environmental
claims&#8221;, and with the complaint served on June 6, 2007, mentioned in the
previous paragraph. Accordingly, YPF considers that if it is served in this
proceeding or any other proceeding related to the same subject matters, the
cases should be consolidated to the extent that the claims overlap. With respect
to claims not consolidated, for the time being, it is not possible to reasonably
estimate the monetary outcome, as long as, if applicable, estimate the
corresponding legal fees and expenses that might result. Additionally, YPF
believes that most damages alleged by the plaintiff, if proved, might be
attributable to events that occurred prior to YPF's privatization and would
therefore be the responsibility of the Argentine Government in accordance with
the Privatization Law concerning YPF.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">43</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">
                    <div>
                    </div>
                  </td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Other claims related to the
      natural gas domestic market: </font>Compa&#241;&#237;a Mega has claimed YPF for
      cutbacks in natural gas supply pursuant to their respective sales
      contract. YPF affirmed that the deliveries of natural gas to Mega were
      affected by the interference of the Argentine Government. Besides, YPF
      would not have any responsibility based on the events of force majeure,
      fortuitous case and frustration of the contractual purpose. Despite the
      Company has material arguments of defense, taking into account the
      characteristics of the claims, they have been considered as possible
      contingences.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                  <tr valign="top">
                    <td style="WIDTH: 18pt">
                      <div>
                      </div>
                    </td>
                    <td align="right" style="WIDTH: 18pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                    </td>
                    <td align="left">
                      <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Hydrocarbon&#8217;s concessions-
      Provincial claims: </font>YPF has been notified of the Resolution <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">No.&#160;433/2008
      issued by the Direction of Hydrocarbons, Ministry of Production of the
      Province of R&#237;o Negro, concerning compliance with certain obligations
      assumed as production concessionaire of the areas Barranca de los Loros,
      Bajo del Piche, El Medianito and Los Caldenes, all of them located in the
      Province of R&#237;o Negro. The resolution, provides that YPF, among others,
      has not complied with certain obligations as production concessionaire and
      claims for damages to the
  environment.&#160;</font></font></div>
                    </td>
                  </tr>
              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Considering the
previous paragraph and the dispositions of the Law No.&#160;17,319 (Law of
Hydrocarbons), YPF was requested to submit its discharge at risk of termination
of the mentioned concessions. However, the mentioned Law grants the
concessionaire and/or licensee the right, prior to termination of the
concession, to cure a contractual breach within a certain period of time after
receiving notice thereof. In this order, on May 29, 2008, YPF filed a request
for nullification of the Resolution No.&#160;433/2008, since this resolution
fail to grant YPF the mentioned right. Additionally, on June 13, 2008, YPF
presented the corresponding discharge, denying the mentioned
imputations.&#160;</font></div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, the
Company has received other labor, civil and commercial claims and several claims
from the AFIP and from provincial and municipal fiscal authorities, not
individually significant, which have not been reserved since Management, based
on the evidence available to date and upon the opinion of its external counsels,
has considered them to be possible contingencies.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">b)</font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Environmental
      liabilities:</font></div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">YPF is subject to
various provincial and national laws and regulations relating to the protection
of the environment. These laws and regulations may, among other things, impose
liability on companies for the cost of pollution clean-up and environmental
damages resulting from operations. Management believes that the Company's
operations are in substantial compliance with Argentine laws and regulations
currently in force relating to the protection of the environment; as such laws
have historically been interpreted and enforced.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">However, the Company
is periodically conducting new studies to increase its knowledge concerning the
environmental situation in certain geographic areas where the Company operates
in order to establish their status, causes and solutions and, based on the aging
of the environmental issue, to analyze the possible responsibility of Argentine
Government, in accordance with the contingencies assumed by the Argentine
Government for liabilities existing prior December 31, 1990. Until these studies
are completed and evaluated, the Company cannot estimate what additional costs,
if any, will be required. However, it is possible that other works, including
provisional remedial measures, may be required.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In addition to the
hydrocarbon wells abandonment legal obligations for 3,210 as of September 30,
2008, the Company has reserved 460 corresponding to environmental remediations,
which evaluations and/or remediation works are probable, significant and can
also be reasonably estimated, based on the Company's existing remediation
program. Future legislative on individual costs and technological changes may
cause a re-evaluation of the estimates. The Company cannot predict what
environmental legislation or regulation will be enacted in the future or how
future laws or regulations will be administered. In the long-term, this
potential changes and ongoing studies could materially affect future results of
operations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">44</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally,
certain environmental contingencies related to Chemicals' operations in the
United States of America were assumed by Tierra and Maxus (&#8220;the Parties&#8221;),
indirect subsidiaries through YPF Holdings Inc. YPF committed to contribute
capital (&#8220;Contribution Agreement&#8221;) up to a maximum amount that could satisfy
certain assumed environmental obligations and to meet its operating expenses. On
October 8, 2007, YPF and the Parties had signed an agreement which established,
among other things, the end of YPF&#8217;s obligation subject to the above-mentioned
Contribution Agreement after the payment of certain capital contributions and
subject to the fulfillment of certain conditions which were accomplished during
the first quarter of 2008 (Note 3 to the consolidated financial
statements).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">c)</font></div>
                  </td>
                  <td align="left">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div align="justify">
                        <div align="justify">
                          <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Other
      matters:</font></div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                  <tr valign="top">
                    <td style="WIDTH: 18pt">
                      <div>
                      </div>
                    </td>
                    <td align="right" style="WIDTH: 18pt">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                    </td>
                    <td align="left">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Contractual commitments:
      </font>In June 1998, YPF received an advanced payment for a crude oil
      future delivery commitment for approximately US$&#160;315 million. The
      pending amount of this advance for sales of crude oil was classified as
      &#8220;Net advances from crude oil purchasers&#8221; on the balance sheet as of
      December 31, 2007. As of September 30, 2008, there are no pending
      obligations corresponding to the mentioned
    commitment.</font></div>
                      </div>
                    </td>
                  </tr>
              </table>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Additionally, the
Company has signed other contracts by means of which it has committed to buy
certain products and services, and to sell natural gas, liquefied petroleum gas
and other products. Some of the mentioned contracts include penalty clauses that
stipulate compensations for a breach of the obligation to receive deliver or
transport the product object of the contract. In particular, the Company has
renegotiated certain natural gas export contracts, and has agreed certain
limited compensations in case of any delivery interruption or suspension, for
any reason, except for physical force majeure event.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">On June 14, 2007,
Resolution No. 599/2007 of the Secretariat of Energy was published (the
&#8220;Resolution&#8221;). This Resolution approved an agreement with natural gas producers
regarding the natural gas supply to the domestic market during the period 2007
through 2011 (the &#8220;Agreement 2007-2011&#8221;), giving such producers a five
business-day term to enter into the Agreement 2007-2011. The purpose of this
Agreement 2007-2011 is to guarantee the normal supply of the natural gas
domestic market during the period 2007 through 2011, considering the domestic
market demand registered during 2006 plus the growth of residential and small
commercial customer&#8217;s consumption (the &#8220;Priority Demand&#8221;). According to the
Resolution, the producers that have signed the Agreement 2007-2011 commit to
supply a part of the Priority Demand according to certain percentage determined
for each producer based upon its share of production for the 36 months period
prior to April 2004. In case of shortage to supply Priority Demand, natural gas
exports of producers that did not sign the Agreement 2007-2011 will be the first
to be called upon in order to satisfy such mentioned shortage. The Agreement
2007-2011 also establishes terms of effectiveness and pricing provisions for the
Priority Demand consumption. Considering that the Resolution anticipates the
continuity of the regulatory mechanisms that affect the exports, YPF has
appealed the Resolution and has expressly stated that the execution of the
Agreement 2007-2011 does not mean any recognition by YPF of the validity of that
Resolution. On June 22, 2007, the National Direction of Hydrocarbons notified
that the Agreement 2007-2011 reached the sufficient level of subscription and
that it is currently in an implementation stage.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">
                    <div>
                    </div>
                  </td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Regulatory
      requirements:</font> Certain regulations have been enacted requiring the
      supply of domestic hydrocarbon market demand which subordinates the export
      supply. One of these regulations is Resolution No. 25/2006 issued on
      October 11, 2006, by Secretariat of Domestic Commerce, which requires
      refiners and/or wholesale and/or retail sellers to meet domestic market
      diesel demand. The resolution requires, at least, to supply volumes
      equivalent to those of previous year corresponding month, plus the
      positive correlation between the rise in diesel demand and the rise of the
      Gross Domestic Product, accrued from the reference month. The mentioned
      commercialization should be performed with neither distortion nor damage
      to the diesel market normal
  operation.</font></div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">45</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In connection with
certain natural gas export contracts from the Noroeste basin in Argentina, YPF
presented to the Secretariat of Energy the accreditation of the existence of
natural gas reserves of that basin in adherence to export permits. In case the
Secretariat of Energy considers that the natural gas reserves are insufficient,
it could resolve the partial or total suspension of one or several export
permits. The Secretariat of Energy limited preventively the exportable volumes
of natural gas in a 20% by the SE Note No. 1,009/2006. All of this is connected
with the export authorization given by the SE Resolution No. 167/1997 (80% of
the maximum exportable quantities still remain).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">During 2005, the
Secretariat of Energy by means of Resolution No.&#160;785/2005 modified by
Resolution&#160;&#160;No. 266/2008 of the Ministry of Federal Planning, Public
Investment and Services, created the National Program of Hydrocarbons
Warehousing Aerial Tank Loss Control, measure aimed at reducing and correcting
environmental pollution caused by hydrocarbons warehousing-aerial tanks. The
Company has begun to develop and implement a technical and environmental audit
plan as required by the resolution.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div>
                  </div>
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                </td>
                <td align="left">
                  <div align="justify">
                    <div align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Operating leases:</font> <font style="FONT-STYLE: normal">As of September 30, 2008, the main lease
      contracts correspond to the rental of oil and gas production equipment,
      ships, natural gas compression equipment and real estate for service
      stations. Charges recognized under these contracts for the nine-month
      periods ended September 30, 2008, and 2007, amounted to 315 and 266,
      respectively.</font></font></div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of September 30,
2008, estimated future payments related to these contracts are as
follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="28%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Within 1
      year</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 1 to
      2</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">years</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 2 to 3
      years</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 3 to
      4</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">years</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">From 4 to 5
      years</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">More than 5
      years</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="28%">
                <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Estimated
      future payments</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">300</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">222</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">147</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">105</font></div>
              </td>
              <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">87</font></div>
              </td>
              <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 4px double">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">123</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div>
                  </div>
                </td>
                <td align="right" style="WIDTH: 18pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                </td>
                <td align="left">
                  <div align="justify">
                    <div align="justify">
                      <div align="justify">
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Agreement with the Federal
      Government and the Province of Neuqu&#233;n: </font>On December 28, 2000,
      through Decree No. 1,252/2000, the Argentine Federal Executive Branch (the
      &#8220;Federal Executive&#8221;) extended for an additional term of 10 years, until
      November 2027, the concession for the exploitation of Loma La Lata -
      Sierra Barrosa area granted to YPF. The extension was granted under the
      terms and conditions of the Extension Agreement executed between the
      Federal Government, the Province of Neuqu&#233;n and YPF on December 5, 2000.
      Under this agreement, YPF paid US$&#160;300 million to the Federal
      Government for the extension of the concession mentioned above, which were
      recorded in &#8220;Fixed Assets&#8221; on the balance sheet and committed, among other
      things, to define a disbursement and investment program of US$ 8,000
      million in the Province of Neuqu&#233;n from 2000 to 2017 and to pay to the
      Province of Neuqu&#233;n 5% of the net cash flows arising out of the concession
      during each year of the extension term. The previously mentioned
      commitments have been affected by the changes in economic rules
      established by Public Emergency and Exchange System Reform Law
      No.&#160;25,561.</font></div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top">
                  <td style="WIDTH: 18pt">
                    <div>
                    </div>
                  </td>
                  <td align="right" style="WIDTH: 18pt">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt;" face="Symbol, serif">-</font></font></div>
                  </td>
                  <td align="left">
                    <div align="justify">
                      <div align="justify">
                        <div align="justify">
                          <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-STYLE: italic">Agreement with the Province of
      Neuqu&#233;n: </font>In September, 2008, pursuant to the notice provided to
      firms holding exploitation concessions by the Province of Neuqu&#233;n, through
      provincial decree No. 822/08, YPF entered into a Memorandum of Agreement
      provided under such Regulation and an Addendum to such agreement
      (hereinafter, the &#8220;Memorandum of Agreement&#8221;) to extend the term of the
      exploitation concessions identified below, which was to become effective
      upon its approval by the Legislature of the Province of Neuqu&#233;n. On
      October 9, 2008, Provincial Act No. 2615 approved the Memorandum of
      Agreement, which was enacted by provincial executive decree No. 1830/08,
      and was published in Official Gazette No. 3109 of the Province of
      Neuqu&#233;n.</font></div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
            <div id="FTR">
              <div id="GLFTR" style="WIDTH: 100%" align="left">
              </div>
            </div>
            <div id="PN" style="PAGE-BREAK-AFTER: always">
              <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">46</font></div>
              <div style="WIDTH: 100%; TEXT-ALIGN: center">
                <hr style="COLOR: black" noshade size="2">
              </div>
            </div>
            <div id="HDR">
              <div id="GLHDR" style="WIDTH: 100%" align="right">
              </div>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
            <div>&#160;</div>
            <div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">The
Memorandum of Agreement between YPF and the Province of Neuqu&#233;n establishes the
following provisions, among others:</font></div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                      <tr valign="top">
                        <td style="WIDTH: 18pt">
                        </td>
                        <td align="right" style="WIDTH: 18pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                        </td>
                        <td align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Concessions
      involved: Cerro Bandera, Se&#241;al Cerro Bayo, Chihuido de la Sierra Negra, El
      Port&#243;n, Filo Morado, Oct&#243;gono, Se&#241;al Picada &#8211; Punta Barda and Puesto
      Hern&#225;ndez.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                      <tr valign="top">
                        <td style="WIDTH: 18pt">
                        </td>
                        <td align="right" style="WIDTH: 18pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                        </td>
                        <td align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Extension<font style="DISPLAY: inline; FONT-FAMILY: Arial">&#160;</font>of concession
      terms within the Province of Neuqu&#233;n: exploitation concession terms, which
      were originally set to expire on November 14, 2017, are extended for a
      10-year term, which means that they will expire on November 14,
      2027.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                      <tr valign="top">
                        <td style="WIDTH: 18pt">
                        </td>
                        <td align="right" style="WIDTH: 18pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
                        </td>
                        <td align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Under
      Provincial Decree No. 822/08, YPF undertook the following commitments upon
      the execution of the Memorandum of Agreement: i) to make, on the date
      specified in the Memorandum of Agreement, initial payments of US$ 109
      million, US$ 26 million, and US$ 40 million; ii) to pay the Province an
      &#8220;Extraordinary Production Royalty&#8221; of 3% of the production of the areas
      involved in the Memorandum of Agreement. In addition, the parties agreed
      to make&#160;&#160;additional adjustments of up to an additional 3% in the
      event of extraordinary income due to lower export duties or if YPF
      actually received a higher price for the sale of crude oil and/or natural
      gas according to a mechanism and reference values established in the
      Memorandum of Agreement; iii) to carry out exploration activities in the
      remaining exploration areas and make certain investments and expenditures
      in a total amount of US$ 3,200; iv) to make &#8220;Corporate Social
      Responsibility&#8221; contributions to the province of Neuqu&#233;n in an amount of
      US$ 20 million, which will be made effective in the years 2008, 2009 and
      2010. The purpose of such contributions will be to contribute to the
      development of the Province of Neuqu&#233;n in terms of education, environment,
      health, culture, science and research and community
      development.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;MAIN
CHANGES IN COMPANIES COMPRISING THE YPF GROUP</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">During
the year ended December 31, 2007:</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div align="center">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td style="WIDTH: 18pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: symbol, serif">-</font></font></div>
                      </td>
                      <td>
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">YPF acquired
      an additional 18% interest in Oleoducto Trasandino (Argentina) S.A., a 18%
      interest in Oleoducto Trasandino (Chile) S.A. and a 18% interest in
      A&amp;C Pipeline Holding Company, for an amount of US$ 5.3
      million.</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div align="center">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td style="WIDTH: 18pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: symbol, serif">-</font></font></div>
                      </td>
                      <td>
                        <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">YPF sold its
      interest in Petr&#243;leos Trasandinos S.A., for an amount of US$ 2
      million.</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RESTRICTIONS
ON UNAPPROPRIATED RETAINED EARNINGS</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In accordance with
the provisions of Law No.&#160;19,550, 5% of net income for each fiscal year has
to be appropriated to the legal reserve until such reserve reaches 20% of the
Company's capital (subscribed capital plus adjustment to
contributions).</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Under Law No.
25,063, dividends distributed, either in cash or in kind, in excess of
accumulated taxable income as of the end of the year immediately preceding the
dividend payment or distribution date, shall be subject to a 35% income tax
withholding as a sole and final payment, except for those distributed to
shareholders resident in countries benefited from conventions for the avoidance
of double taxation, which will be subject to a minor tax rate.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <div>
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                        <td valign="top" width="27%">
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                          <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              </div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">47</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;SUBSEQUENT
EVENTS</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">As of the date of
the issuance of these financial statements, there are no significant subsequent
events that require adjustments or disclosure in the financial statements of the
Company as of September 30, 2008, if applicable, which were not already
considered in these financial statements according to the generally accepted
accounting principles in Argentina.</font><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div>
                <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td style="WIDTH: 36pt">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">13.</font></div>
                      </td>
                      <td>
                        <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">DIFFERENCES
      BETWEEN ACCOUNTING PRINCIPLES FOLLOWED BY THE COMPANY AND UNITED STATES OF
      AMERICA GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">These financial statements are presented
on the basis of generally accepted accounting principles in Argentina, but do
not conform to certain generally accepted accounting principles in the United
States of America. The effects of the differences between generally accepted
accounting principles in Argentina and generally accepted accounting principles
in other places in which these financial statements may be used have not been
quantified. Accordingly, these financial statements are not intended to present
the information on the Company&#8217;s financial position, and the related results of
its operations and cash flows in accordance with generally accepted accounting
principles in places other than in Argentina</font>.</font></div>
              <table cellpadding="0" cellspacing="0" width="100%">
                  <tr>
                    <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                    <td valign="top" width="27%">
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                    </td>
                  </tr>
              </table>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">48</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
A</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><a name="RANGE_A2:O30">English translation of the financial statements originally
filed in Spanish with the Argentine Securities Commission
(&#8220;CNV&#8221;),</a></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">BALANCE
SHEET AS OF SEPTEMBER 30, 2008 AND COMPARATIVE INFORMATION</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">FIXED
ASSETS EVOLUTION</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos - Note 1)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="60%">
                    <tr>
                      <td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="14" nowrap valign="bottom" width="42%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" width="56%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="14" nowrap valign="bottom" width="42%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Cost</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="56%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Main
      account</font></div>
                      </td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Amounts
      at</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">beginning
      of</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">year</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Increases</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Net
      decreases,</font></div>
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                      <td align="left" valign="bottom" width="56%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Furniture,
      fixtures and installations</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">536</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">118</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">655</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="56%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Selling
      equipment</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,406</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">44</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,451</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="56%" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
      property</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">306</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">83</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">7</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">396</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="56%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2008</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">70,376</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4,686</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(527</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font size="+0" style="FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font><font size="1" style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">74,535</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="56%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2007</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">59,567</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3,787</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">5,044</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)
      (6)</font></font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">68,398</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <div align="left">
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="bottom" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="22" nowrap valign="bottom" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="6" nowrap valign="bottom" style="BORDER-TOP: medium none; BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2007</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="BORDER-TOP: medium none; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="18" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Depreciation</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="2" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="2" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="2" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Main
      account</font></div>
                        </td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Amounts
      at</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">beginning
      of</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">year</font></div>
                        </td>
                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Net
      decreases,</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">transfers
      and</font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">reclassification</font></div>
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                        <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">%</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,143</font></td>
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                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" valign="bottom" width="20%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Refinery
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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5</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">%</font></td>
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                        <td valign="bottom" width="20%">
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                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">442</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">10</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">46</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">488</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">167</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">102</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">94</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <tr bgcolor="#d5eaea">
                        <td valign="bottom" width="20%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Selling
      equipment</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,057</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">10</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">%</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">44</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,101</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">350</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">362</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">349</font></td>
                        <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="20%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
      property</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">265</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">10</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">%</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">9</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">274</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">122</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">43</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">41</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <tr bgcolor="#d5eaea">
                        <td valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2008</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">46,744</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(44</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">)<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3,193</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">49,893</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">24,642</font></td>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="bottom" width="20%" style="PADDING-BOTTOM: 4px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2007</font></div>
                        </td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">38,625</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4,092</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)(6)</font></font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3,024</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">45,741</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">22,657</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                        <td align="right" valign="bottom" width="7%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">23,632</font></td>
                        <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      </tr>
                  </table>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;</font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 2 and
      99 of net book value charged to fixed assets allowances for the nine-month
      periods ended September 30, 2008 and 2007,
  respectively.</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)&#160;</font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Depreciation
      has been calculated according to the unit of production method (Note
      2.e).</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(3)&#160;</font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 351
      corresponding to the future cost of hydrocarbon wells abandonment
      obligations for the nine-month period ended September 30,
      2008.</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(4)&#160;</font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 677,
      847 and 803 of mineral property as of September 30, 2008 and 2007 and
      December 31, 2007, respectively.</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(5)</font></div>
                        </td>
                        <td align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">At the end of
      the nine-month period ended September 30, 2008, there are 11 exploratory
      wells in progress. During that period 25 wells were drilled, 21 wells were
      charged to exploratory expenses and 4 well were transferred to proved
      properties which are included in the account mineral property, wells and
      related equipment.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
              </div>
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 27pt">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(6)</font></div>
                        </td>
                        <td align="left">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">Includes 5,291
      of acquisition cost and 4,094 of accumulated depreciation corresponding to
      oil and gas exploration and producing areas, which were disclosed as held
      for sale as of December 31,
2006.</font></div>
                        </td>
                      </tr>
                  </table>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                      </td>
                    </tr>
                </table>&#160;</div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">49</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
C</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">BALANCE
SHEETS AS OF </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">SEPTEMBER
30</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">,
2008 AND DECEMBER 31, 2007</font></font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial">INVESTMENTS
IN SHARES AND HOLDINGS IN OTHER COMPANIES</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos, except where otherwise indicated -
Note&#160;1)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 are unaudited)</font></div>
              <div>&#160;</div>
              <div>
                <div>
                  <table cellpadding="0" cellspacing="0" width="100%">
                      <tr>
                        <td valign="bottom" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td colspan="25" valign="bottom" width="61%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">2008</font></font></div>
                        </td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td valign="bottom" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td colspan="2" valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td colspan="14" valign="bottom" width="38%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Information of the
      Issuer</font></font></div>
                        </td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      </tr>
                      <tr>
                        <td valign="bottom" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td colspan="6" valign="bottom" width="13%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Description of the
      Securities</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td colspan="8" valign="bottom" width="17%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Last Financial Statements
      Issued</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Name and
    Issuer</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Class</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td colspan="2" valign="bottom" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Face Value</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Amount</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Book Value</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td nowrap valign="bottom" width="3%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Cost </font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(2)</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Main
    Business</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Registered
      Address</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Date</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Capital
    Stock</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Income
    (Loss)</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Equity</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Holding</font></font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">&#160;in Cap</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">tal</font></font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Stock</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">Book
      value</font></div>
                        </td>
                      </tr>
                      <tr>
                        <td align="left" valign="bottom" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Controlled
      companies:</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td colspan="2" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">YPF International S.A.
      </font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(8)</font></font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Bs.</font></font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,298,212</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">176</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,163</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Investment</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Av. Jos&#233; Estenssoro 100, Santa
      Cruz de la Sierra, Rep&#250;blica de Bolivia</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">09-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">383</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(49)</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">176</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">99.99%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">402</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">YPF Holdings Inc. </font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(9)</font></font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.01</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(7)</font></font></div>
                        </td>
                        <td align="right" nowrap valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;1,489</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Investment and
      finance</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">717 North Harwood Street,
      </font><font style="DISPLAY: inline; COLOR: #000000">Dallas</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000">Texas</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000">U.S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,635</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(469)</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(409)</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">100.00%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">- <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(7)</font></font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Operadora de Estaciones de
      Servicios S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">163,701,747</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">238</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">42</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Commercial management of YPF's gas
      stations</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Av. Roque S&#225;enz Pe&#241;a 777, Buenos
      Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">09-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">164</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">65</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">238</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">99.99%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">315</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">A-Evangelista</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">8,683,498</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">149</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">31</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Engineering and construction
      services</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Av. Roque S&#225;enz Pe&#241;a 777, P. 7&#186;,
      Buenos Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">09-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">30</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">149</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">99.91%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">119</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td valign="top" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="5%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Jointly controlled
      companies:</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">563</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,725</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">836</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Compa&#241;&#237;a Mega S.A.</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(6)</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -6.4pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">77,292,000</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">416</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="bottom" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Separation, fractionation and
      transportation of natural gas liquids</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">San Mart&#237;n 344, P. 10&#186;, Buenos
      Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">203</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">324</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,030</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">36.00%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">554</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Profertil </font><font style="DISPLAY: inline; COLOR: #000000">S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -6.4pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">391,291,320</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">562</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Production and marke</font><font style="DISPLAY: inline; COLOR: #000000">t</font><font style="DISPLAY: inline; COLOR: #000000">ing of
      fertilizers</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Alicia Moreau de Justo 740,
      P.&#160;3&#176;, Buenos Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">783</font></div>
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                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">255</font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,119</font></div>
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                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50.00%</font></div>
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                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">448</font></div>
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                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Refiner&#237;a del Norte
      S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
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                        <td valign="top" width="2%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -6.4pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
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                        <td align="right" valign="top" width="5%" style="PADDING-BOTTOM: 2px">
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="4%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">268</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="3%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Refining</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="left" valign="top" width="8%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Maip&#250; 1, P. 2&#186;, Buenos Aires,
      Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">09-30-07</font></font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">92</font></div>
                        </td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">115</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">529</font></div>
                        </td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%" style="PADDING-BOTTOM: 2px">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">50.00%</font></div>
                        </td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">250</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td valign="top" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9.5pt" align="right">&#160;</div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td valign="top" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="4%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,246</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="3%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="5%" style="BORDER-BOTTOM: #000000 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160; <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,252</font></font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Companies under significant
      influence:</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Oleoductos del V</font><font style="DISPLAY: inline; COLOR: #000000">a</font><font style="DISPLAY: inline; COLOR: #000000">lle&#160;S.A.</font></font></div>
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.9pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,072,749</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">97</font></div>
                        </td>
                        <td valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(1)</font></font></div>
                        </td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Oil transportation by
      pip</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000">line</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Florida 1, P. 10&#176;, Buenos Aires,
      Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">110</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">307</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">37.00%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">95 <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Terminales Mar&#237;t</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">mas Patag&#243;nicas
      S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.9pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">476,034</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">43</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Oil storage and
      shipment</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Av. Leandro N. Alem 1180, P.11&#176;,
      Buenos A</font><font style="DISPLAY: inline; COLOR: #000000">i</font><font style="DISPLAY: inline; COLOR: #000000">res,
    Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">130</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">33.15%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9.5pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">44</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Oiltanking
      Ebytem&#160;S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.9pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">351,167</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">42</font></div>
                        </td>
                        <td valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(3)</font></font></div>
                        </td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Hydrocarbon transport</font><font style="DISPLAY: inline; COLOR: #000000">a</font><font style="DISPLAY: inline; COLOR: #000000">tion and
      storage</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Terminal Mar&#237;tima Puerto Rosales &#8211;
      Provincia de Buenos Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">92</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">30.00%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">44 <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Gasoducto del Pac</font><font style="DISPLAY: inline; COLOR: #000000">&#237;</font><font style="DISPLAY: inline; COLOR: #000000">fico (Argentina)
      S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15,579,578</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Gas transportation by
      pipeline</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Av. Leandro N. Alem 928,
      P.&#160;7&#186;, Buenos Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">12-31-07</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">156</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">41</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">195</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10.00%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">19</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Central Dock Sud
      S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">0.01</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,719,290,957</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16</font></div>
                        </td>
                        <td valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(3)</font></font></div>
                        </td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Electric power gener</font><font style="DISPLAY: inline; COLOR: #000000">a</font><font style="DISPLAY: inline; COLOR: #000000">tion and bulk
      marketing</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Reconquista 360, P. 6&#176;, Buenos
      Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">468</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">32</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">273</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9.98%</font></div>
                        </td>
                        <td valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)</font></font></div>
                        </td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">7 <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Inversora Dock Sud
      S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">103,497,738</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">142</font></div>
                        </td>
                        <td valign="top" width="1%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">(3)</font></font></div>
                        </td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">193</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Investment and
      finance</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Reconquista 360, P. 6&#176;, Buenos
      Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">241</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">21</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">245</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">42.86%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">114 <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Pluspetrol
      Energy&#160;S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Common</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">30,006,540</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">293</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">14</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Exploration and
      exploit</font><font style="DISPLAY: inline; COLOR: #000000">a</font><font style="DISPLAY: inline; COLOR: #000000">tion of hydrocarbons and electric
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      marketing</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Lima</font><font style="DISPLAY: inline; COLOR: #000000"> 339, </font><font style="DISPLAY: inline; COLOR: #000000">Buenos Aires</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000">Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">67</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">43</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">649</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">45.00%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">290</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Oleoducto Trasa</font><font style="DISPLAY: inline; COLOR: #000000">n</font><font style="DISPLAY: inline; COLOR: #000000">dino (Argentina)
      S.A.</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Preferred</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">$</font></div>
                        </td>
                        <td valign="top" width="2%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -5.7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16,198,560</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">12</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="7%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Oil transportation by
      pip</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000">line</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="left" valign="top" width="8%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Esmeralda 255, P. 5&#176;, Buenos
      Aires, Argentina</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">06-30-08</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">45</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(4)</font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">72</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="4%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">36.00%</font></div>
                        </td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td align="right" valign="top" width="5%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16</font></div>
                        </td>
                      </tr>
                      <tr bgcolor="#d5eaea">
                        <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      </tr>
                      <tr bgcolor="white">
                        <td align="left" valign="top" width="15%">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Other
      companies:</font></font></div>
                        </td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
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                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; COLOR: #000000">Others</font><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; COLOR: #000000">
      (4)</font></font></div>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26</font></div>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">27</font></div>
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                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">26</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">690</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="3%" style="BORDER-BOTTOM: #000000 2px solid">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">283</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">655</font></div>
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                        <td valign="top" width="15%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="2%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="5%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,499</font></div>
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="3%" style="BORDER-BOTTOM: #000000 4px double">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 4.9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3,008</font></div>
                        </td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="7%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="3%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="top" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="4%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
    </font></td>
                        <td valign="top" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;
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                        <td align="right" valign="top" width="5%" style="BORDER-BOTTOM: #000000 4px double">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 10.2pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,743</font></div>
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                      </tr>
                  </table>
                </div>
              </div>
              <div>
                <div>&#160;</div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div>&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(1)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Holding in shareholders' equity,
      net of intercompany profits.</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(2)</font></font></div>
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                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Cost net of cash dividends and
      capital distributions from long-term investments restated in accordance
      with Note1.</font></font></div>
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                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(3)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Holding in shareholders' equity
      plus adjustments to conform to YPF accounting
    methods.</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(4)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Includes YPF Inversora Energ&#233;tica
      S.A., A-Evangelista Constru&#231;&#245;es e Servi&#231;os Ltda., Gasoducto del Pac&#237;fico
      (Cayman) Ltd., A&amp;C Pipeline Holding Company, Polig&#225;s Luj&#225;n S.A.C.I.,
      Oleoducto Trasandino (Chile) S.A. and Mercobank
  S.A.</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(5)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Additionally, the Company has a
      </font><font style="DISPLAY: inline; COLOR: #000000">29.93</font><font style="DISPLAY: inline; COLOR: #000000">% indirect holding in capital
      stock through Inversora Dock Sud
S.A.</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(6)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">As stipulated by shareholders&#8217;
      agreement, joint control is held in </font><font style="DISPLAY: inline; COLOR: #000000">this company by</font><font style="DISPLAY: inline; COLOR: #000000">
    shareholders.</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(7)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">As of </font><font style="DISPLAY: inline; COLOR: #000000">September 30, 2008 and
      </font><font style="DISPLAY: inline; COLOR: #000000">December 31,
      200</font><font style="DISPLAY: inline; COLOR: #000000">7</font><font style="DISPLAY: inline; COLOR: #000000">, holding in negative
      shareholders&#8217; equity is disclosed in &#8220;Accounts payable&#8221; after adjustments
      in shareholders&#8217; equity to conform </font><font style="DISPLAY: inline; COLOR: #000000">to YPF </font><font style="DISPLAY: inline; COLOR: #000000">accounting
      methods.</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(8)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Company defined as integrated as
      indicated in Note 2.d).</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                    <tr valign="top" style="LINE-HEIGHT: 1.25;">
                      <td align="right" style="WIDTH: 27pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">(9)</font></font></div>
                      </td>
                      <td align="left">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; COLOR: #000000">Company defined as non-integrated
      as indicated in Note 2.d).</font></font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                      </td>
                    </tr>
                </table><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">50</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
E</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">BALANCE
SHEETS AS OF SEPTEMBER 30, 2008 AND 2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">ALLOWANCES
AND RESERVES</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos - Note 1)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="14" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Account</font></div>
                      </td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Amounts
      at </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">beginning
      of year</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Increases</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Decreases</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Amounts
      at end </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">of
      period</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Amounts
      at end </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">of
      period</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Deducted
      from current assets:</font></div>
                      </td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
      doubtful trade receivables</font></div>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">433</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">67</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">88</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">412</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">463</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
      other doubtful accounts</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">109</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">108</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">109</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">542</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">70</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">92</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">520</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">572</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Deducted
      from noncurrent assets:</font></div>
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
      valuation of other receivables to their </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">estimated
      realizable value</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">49</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">4</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">50</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">50</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
      reduction in value of holdings in </font><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">long-term
      investments</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">25</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">25</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">25</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">3</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
      obsolescence of materials and equipment</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">44</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">2</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">2</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">44</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">46</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">121</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">6</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">5</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">122</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">124</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      deducted from assets, 2008</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">663</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">76</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">97</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">642</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      deducted from assets, 2007</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">660</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">183</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">147</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">696</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
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                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Reserves
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">323</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">52</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">19</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">356</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">228</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">323</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">52</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">19</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">356</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">228</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Reserves
      for losses - noncurrent:</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">For
      pending lawsuits and various</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">specific
      contingencies (Note 9.a)</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,548</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">327</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">352</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,523</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,412</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,548</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">327</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">352</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,523</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,412</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      included in liabilities, 2008</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,871</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">379</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">371</font></td>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,879</font></td>
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                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="45%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      included in liabilities, 2007</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,432</font></td>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">567</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">359</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">1,640</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                      </td>
                    </tr>
                </table><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">51</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-SIZE: 9pt">Exhibit</font> <font style="DISPLAY: inline; FONT-SIZE: 9pt">F</font></font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">STATEMENTS
OF INCOME FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND
2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">COST
OF SALES</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos - Note 1)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>&#160;</div>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2008</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">2007</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="78%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Inventories at
      beginning of year</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,284</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,522</font></td>
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                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="78%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Purchases for
      the period</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6,123</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,581</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="78%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Production
      costs (Exhibit H)</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10,950</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9,082</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="78%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Holding gains
      on inventories</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">355</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">302</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Inventories at
      end of period</font></div>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,955</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">(2,272</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">)</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Cost of
      sales</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">16,757</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">13,215</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                      </td>
                    </tr>
                </table><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">52</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
G</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;),</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">BALANCE
SHEETS AS OF SEPTEMBER 30, 2008 AND DECEMBER 31, 2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">FOREIGN
CURRENCY ASSETS AND LIABILITIES</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008&#160;&#160;are unaudited)</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td align="left" valign="bottom" width="22%" style="BORDER-TOP: medium none"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td colspan="5" valign="top" width="37%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Foreign
      currency and amount</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: #000000 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Account</font></div>
                      </td>
                      <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td colspan="2" valign="bottom" width="18%" style="BORDER-BOTTOM: #000000 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
                      </td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td colspan="2" valign="bottom" width="18%" style="BORDER-BOTTOM: #000000 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2007</font></div>
                      </td>
                      <td valign="top" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td colspan="2" valign="top" width="18%" style="BORDER-BOTTOM: #000000 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Exchange
      rate in </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">pesos
      as of 09-30-08</font></div>
                      </td>
                      <td valign="top" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%" style="BORDER-BOTTOM: #000000 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Book
      value as </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">of
      09-30-08</font></div>
                      </td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Current
      Assets</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Investments</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">46</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">151</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.10</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">467</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Trade
      receivables</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">560</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">751</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.10</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,328</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1.4pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8364;</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">10</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8364;</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -9.1pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.36</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">22</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Other
      receivables</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,327</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">458</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.10</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">1,420</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1.4pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8364;</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8364;</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -9.8pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.36</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">17</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      current assets</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,254</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Noncurrent
      Assets</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Other
      receivables</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">6</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">165</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.10</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">511</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      noncurrent assets</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">511</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      assets</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 4px double">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,765</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Current
      Liabilities</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Accounts
      payable</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">646</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">886</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.14</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,782</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8364;</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#8364;</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -4.9pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">15</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4.41</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">66</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Loans</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">87</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">697</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.14</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,188</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="22%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Net
      advance from crude oil purchasers</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                      </td>
                      <td valign="bottom" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -7pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -34.3pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                      </td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">-</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Reserves</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">35</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">36</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.14</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">113</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      current liabilities</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">5,149</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Noncurrent
      Liabilities</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Accounts
      payable</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">735</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">884</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.14</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">2,775</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Loans</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">166</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">215</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.14</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">674</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Reserves</font></div>
                      </td>
                      <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td align="right" valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">282</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="6%" style="PADDING-LEFT: 0pt">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">US$</font></div>
                      </td>
                      <td valign="top" width="12%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">268</font></div>
                      </td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="14%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">3.14</font></div>
                      </td>
                      <td valign="top" width="4%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">840</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="white">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      noncurrent liabilities</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">4,289</font></div>
                      </td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="22%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">Total
      liabilities</font></div>
                      </td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td align="right" valign="top" width="19%" style="BORDER-BOTTOM: black 4px double">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.05pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">9,438</font></div>
                      </td>
                    </tr>
                </table>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;&#160;Buying
exchange rate.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(2)&#160;&#160;Selling
exchange rate.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                      </td>
                    </tr>
                </table><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">53</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Exhibit
H</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">English translation
of the financial statements originally filed in Spanish with the Argentine
Securities Commission (&#8220;CNV&#8221;)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">except for the
inclusion of Note 13 to the primary financial statements in the English
translation.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">In
case of discrepancy, the financial statements filed with the CNV prevail over
this translation.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">STATEMENTS
OF INCOME FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND
2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">EXPENSES
INCURRED</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(amounts expressed
in millions of Argentine pesos - Note 1)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(The financial
statements as of September 30, 2008 and September 30, 2007 are
unaudited)</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div align="left">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="18" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2008</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">2007</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Production
      </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">costs</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Administrative
      </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">expenses</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Selling</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;expenses</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Exploration
      </font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">expenses</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                        </div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                        </div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total</font></div>
                      </td>
                      <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;
    </font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td colspan="2" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="34%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Salaries and
      social security taxes</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">475</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">128</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">139</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">40</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">782</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">669</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                    </tr>
                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="34%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Fees and
      compensation for services</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">145</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">230</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">35</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">1</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">411</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">330</font></td>
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                    <tr bgcolor="#d5eaea">
                      <td align="left" valign="bottom" width="34%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Other
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">201</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">67</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">18</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                    <tr bgcolor="white">
                      <td align="left" valign="bottom" width="34%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">(Recovery)
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                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(21</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">(21</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">)</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">42</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                    <tr bgcolor="#d5eaea">
                      <td valign="bottom" width="34%">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Publicity and
      advertising expenses</font></div>
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                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">57</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">54</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">-</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">111</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">84</font></td>
                      <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                    <tr bgcolor="white">
                      <td valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Fuel, gas,
      energy and miscellaneous</font></div>
                      </td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">770</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">39</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">38</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">7</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">854</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">459</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td valign="bottom" width="34%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
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                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
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                      <td valign="bottom" width="34%" style="PADDING-BOTTOM: 4px">
                        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">Total
      2007</font></div>
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                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
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                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">1,458</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">332</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: arial">&#160;</font></td>
                      <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">&#160;</font></td>
                      <td align="right" valign="bottom" width="8%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial, sans-serif">11,359</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">(1)&#160;&#160;Includes
6 of Directors and Statutory Auditor&#8217;s fees.</font></div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                      </td>
                    </tr>
                </table><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">54</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">FINANCIAL
STATEMENTS AS OF SEPTEMBER 30, 2008 AND COMPARATIVE INFORMATION</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">RATIFICATION
OF LITHOGRAPHED SIGNATURES</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">I
hereby ratify the signatures appearing in lithographed form on the preceding
sheets from page 1 through page 54.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">ANTONIO GOMIS
S&#193;EZ</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Director</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
                <table cellpadding="0" cellspacing="0" width="100%">
                    <tr>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                      <td valign="top" width="27%">
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">ANTONIO GOMIS
      S<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">&#193;</font>EZ</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: arial">Director</font></div>
                      </td>
                    </tr>
                </table><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">55</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 220.9pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial, sans-serif">English
translation of the report originally issued in Spanish, except for the omission
of certain disclosures related to formal legal requirements for reporting in
Argentina and the addition of the last paragraph &#8211; See Note 13 to the primary
financial statements</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Arial">Statutory
Audit Committee's Report</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">To the Shareholders
of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">YPF
SOCIEDAD ANONIMA</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Av. Pte. Roque
S&#225;enz Pe&#241;a 777</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Buenos Aires
City</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Dear
Sirs,</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In accordance with
clause 5, article 294 of Law No.&#160;19,550, the requirements of the Buenos
Aires Stock Exchange and current professional requirements, we have performed
the work mentioned in the following paragraph on the balance sheet of YPF
SOCIEDAD ANONIMA as of September 30, 2008 and the related statements of income,
changes in shareholders' equity and cash flows for the nine-month period then
ended and the consolidated balance sheet of YPF SOCIEDAD ANONIMA and its
controlled and jointly controlled companies as of September 30, 2008 and the
related consolidated statements of income and cash flows for the nine-month
period then ended, disclosed as supplemental information in Schedule I. These
financial statements are the responsibility of the Company's Board of Directors
within the scope of its exclusive functions. Our responsibility is to report on
these documents based on the work mentioned in the following
paragraph.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Our work on the
accompanying financial statements consisted in assessing the consistency of
significant information contained in those statements with the corporate
decisions set forth in minutes, and the conformity of those decisions with the
law and the Company's bylaws, insofar as formal and documentary aspects are
concerned. In conducting our work, we have principally considered the limited
review report on interim period financial statements issued by the firm Deloitte
&amp; Co. S.R.L. dated November 6, 2008, in accordance with generally accepted
auditing standards in Argentina for a limited review of interim period financial
statements. We have not performed any management control and, accordingly, we
have not assessed the criteria and business decisions in matters of
administration, financing, sales and production, because these issues are the
responsibility of the Company's Board of Directors. We consider that our work
and the above mentioned independent accountants&#8217; report provide a reasonable
basis for our report.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Based on our work,
we are not aware of any material modifications that should be made to the
financial statements referred to above for them to be in conformity with
generally accepted accounting principles in Argentina.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="FTR">
                  <div id="GLFTR" style="WIDTH: 100%" align="left">
                  </div>
                </div>
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  </div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
              </div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">In compliance with
current legal requirements, and in exercise of the control of lawfulness which
is our duty, we also report that during the period we have applied the
procedures described in article No.&#160;294 of Law No.&#160;19,550 as we
considered necessary in the circumstances, and we have no comments to make in
this regard.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Certain accounting
practices of YPF SOCIEDAD ANONIMA used in preparing the accompanying financial
statements conform to generally accepted accounting principles in Argentina, but
do not conform to generally accepted accounting principles in the United States
of America (see Note 13 to the accompanying financial statements).</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">Buenos Aires City,
Argentina</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">November 6,
2008</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Arial">For Statutory Audit
Committee</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
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Obes</font></div>
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MI8GV;HW="&/X9F]>EBLUS/$T)<]#$8O$U:<K./-"I6G.$K22DKQ:=I)-;-)Z
E'ZSEM*IA\NP%"K'DJT,/0ISC=/EG"E&,E>+:=FFKIM/HVC__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
