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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-08-010918.txt : 20080911
<SEC-HEADER>0000950123-08-010918.hdr.sgml : 20080911
<ACCEPTANCE-DATETIME>20080911163902
ACCESSION NUMBER:		0000950123-08-010918
CONFORMED SUBMISSION TYPE:	SC TO-T
PUBLIC DOCUMENT COUNT:		18
FILED AS OF DATE:		20080911
DATE AS OF CHANGE:		20080911
GROUP MEMBERS:		ENRIQUE ESKENAZI
GROUP MEMBERS:		EZEQUIEL ESKENAZI STOREY
GROUP MEMBERS:		MATIAS ESKENAZI STOREY
GROUP MEMBERS:		SEBASTIAN ESKENAZI

SUBJECT COMPANY:	

	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:		SC TO-T
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50107
		FILM NUMBER:		081067575

	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

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50107
		FILM NUMBER:		081067576

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETERSEN ENERGIA INVERSORA, S.A.
		CENTRAL INDEX KEY:			0001435384
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC TO-T

	BUSINESS ADDRESS:	
		STREET 1:		VELAZQUEZ 9, PLANTA 1
		CITY:			MADRID
		STATE:			U3
		ZIP:			28006
		BUSINESS PHONE:		541155550103

	MAIL ADDRESS:	
		STREET 1:		C/O GRUPO PETERSEN, CERRITO 740
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1010AAP
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC TO-T
<SEQUENCE>1
<FILENAME>y71140sctovt.htm
<DESCRIPTION>SCHEDULE TO
<TEXT>
<HTML>
<HEAD>
<TITLE>SC TO-T</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES<BR>
    SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">SCHEDULE&#160;TO</FONT></B>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Tender Offer Statement under
    Section&#160;14(d)(1) or 13(e)(1)<BR>
    of the Securities Exchange Act of 1934</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YPF Sociedad An&#243;nima
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name of Subject Company
    (Issuer))</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Petersen Energ&#237;a Inversora, S.A.,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Enrique Eskenazi,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Sebasti&#225;n Eskenazi,</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Mat&#237;as Eskenazi Storey and</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Ezequiel Eskenazi Storey</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Names of Filing Person
    (Offeror))</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLASS&#160;A SHARES; CLASS&#160;B SHARES</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLASS&#160;C SHARES; CLASS&#160;D SHARES</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>par value 10 Pesos per share</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>and</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>AMERICAN DEPOSITARY SHARES, each representing one
    Class&#160;D Share</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Title of Class of
    Securities)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Class&#160;A Shares (P9897X107); Class&#160;B Shares
    (P9897X115)</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Class&#160;C Shares (P9897X123); Class&#160;D Shares
    (P9897X131)</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>American Depositary Shares (984245100)</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(CUSIP Number of Class of
    Securities)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="center" valign="top">
    <B>Petersen Energ&#237;a Inversora, S.A.<BR>
    Vel&#225;zquez 9, planta 1<BR>
    28006, Madrid, Spain<BR>
    Attn: Luis Mar&#237;a Morales<BR>
    +34-915-750-008<BR>
    </B><I><FONT style="font-size: 8pt">(Name, Address and Telephone
    Numbers of Person<BR>
    Authorized to Receive Notices and Communications on Behalf of
    Filing Person)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Grupo Petersen<BR>
    Cerrito 740,
    11<SUP style="font-size: 85%; vertical-align: text-top">o</SUP>
    Piso<BR>
    (C1010AAP) Buenos Aires, Argentina<BR>
    Attn: Mauro R. Dacomo<BR>
    +54-11-5-555-0103<BR>
    </B><I><FONT style="font-size: 8pt">(Name, Address and Telephone
    Numbers of Person<BR>
    Authorized to Receive Notices and Communications on Behalf of
    Filing Person)</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CALCULATION OF FILING FEE</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Transaction Valuation*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Amount of Filing Fee**</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    $89,603,993
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    $3521.44
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    For purposes of calculating the filing fee pursuant to
    <FONT style="white-space: nowrap">Rule&#160;0-11(d)</FONT>
    only, the Transaction Valuation was calculated on the basis of
    (i)&#160;the aggregate of 907&#160;shares of common stock held
    by U.S. holders and 1,811,105 American Depositary Shares held by
    U.S. holders, that may be purchased in this offer to purchase
    and (ii)&#160;the tender offer price of U.S. $49.45 (forty-nine
    dollars and forty-five cents) per share of common stock or
    American Depositary Share.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    The filing fee, calculated in accordance with
    <FONT style="white-space: nowrap">Rule&#160;0-11</FONT>
    of the Securities Exchange Act of 1934, as amended, is U.S.
    $39.30 (thirty-nine dollars and thirty cents) per U.S.
    $1,000,000 (one million dollars) of the aggregate Transaction
    Value. Accordingly, the filing fee is calculated by multiplying
    the aggregate Transaction Value by 0.00003930.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Check the box if any part of the fee is offset as provided by
    <FONT style="white-space: nowrap">Rule&#160;0-11</FONT>
    (a) (2)&#160;and identify the filing with which the offsetting
    fee was previously paid. Identify the previous filing by
    registration statement number, or the Form or Schedule and the
    date of its filing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=quadright -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Amount Previously Paid: None
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Filing Party:  Not applicable
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Form or Registration No.: Not applicable
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Date Filed:  Not applicable
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    Check the box if the filing relates solely to preliminary
    communications made before the commencement of a tender offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Check the appropriate boxes below to designate any transactions
    to which the statement relates:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;
</TD>
    <TD align="left">    third-party tender offer subject to
    <FONT style="white-space: nowrap">Rule&#160;14d-1.</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;
</TD>
    <TD align="left">    issuer tender offer subject to
    <FONT style="white-space: nowrap">Rule&#160;13e-4.</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;
</TD>
    <TD align="left">    going-private transaction subject to
    <FONT style="white-space: nowrap">Rule&#160;13e-3.</FONT>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;
</TD>
    <TD align="left">    amendment to Schedule&#160;13D under
    <FONT style="white-space: nowrap">Rule&#160;13d-2.</FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Check the following box if the filing is a final amendment
    reporting the results of the tender
    offer:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">13D/A</DIV>

<P>&nbsp;<DIV style="width: 100%; border: 1px solid black"><DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="1" width="100%">
<!-- Begin Table Head --><TR style="font-size: 1px">
<TD width="5%">&nbsp;</TD>
<TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="middle" align="center"><FONT style="font-size: 18pt"><B>1</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">NAMES OF REPORTING PERSONS<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
<BR>
Petersen Energ&#237;a Inversora, S.A.</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;</TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>2</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)<BR><BR></TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(a)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(b)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>3</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SEC USE ONLY</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>4</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SOURCE OF FUNDS</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">BK, OO (See Item 3)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>5</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>6</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CITIZENSHIP OR PLACE OF ORGANIZATION</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">Kingdom of Spain
</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>7</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">NUMBER OF</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">SHARES</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>8</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">BENEFICIALLY</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">OWNED BY</TD>
<TD>&nbsp;</TD>
<TD>393,313 Class D Shares<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD align="center" colspan="3">EACH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>9</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">REPORTING</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">PERSON</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">WITH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>10</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="left">393,313 Class D Shares<BR>(See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>11</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">393,313 Class D Shares<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>12</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT>
</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>13</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">0.1&#37; of the total Class D Shares outstanding. (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>14</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CO</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt" align="left">* Each ADS may be exchanged for one Class D Share.
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>


<P align="center" style="font-size: 10pt">

2

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">13D/A</DIV>

<P>&nbsp;<DIV style="width: 100%; border: 1px solid black"><DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="1" width="100%">
<!-- Begin Table Head --><TR style="font-size: 1px">
<TD width="5%">&nbsp;</TD>
<TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="middle" align="center"><FONT style="font-size: 18pt"><B>1</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">NAMES OF REPORTING PERSONS<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
<BR>
Enrique Eskenazi
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;</TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>2</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)<BR><BR></TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(a)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(b)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>3</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SEC USE ONLY</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>4</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SOURCE OF FUNDS</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">AF, BK, OO, PF (See Item 3)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>5</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>6</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CITIZENSHIP OR PLACE OF ORGANIZATION</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">Republic of Argentina
</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>7</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">NUMBER OF</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">SHARES</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>8</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">BENEFICIALLY</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">OWNED BY</TD>
<TD>&nbsp;</TD>
<TD>ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD align="center" colspan="3">EACH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>9</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">REPORTING</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">PERSON</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">WITH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>10</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="left">ADSs: 98,328,198 (which representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>11</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>12</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT>
</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>13</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">25.1&#37; of the total Class D Shares outstanding (the 98,328,198 ADSs representing 98,328,198 Class D Shares). (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>14</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">IN</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt" align="left">* Each ADS may be exchanged for one Class D Share.
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>


<P align="center" style="font-size: 10pt">

3

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">13D/A</DIV>

<P>&nbsp;<DIV style="width: 100%; border: 1px solid black"><DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="1" width="100%">
<!-- Begin Table Head --><TR style="font-size: 1px">
<TD width="5%">&nbsp;</TD>
<TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="middle" align="center"><FONT style="font-size: 18pt"><B>1</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">NAMES OF REPORTING PERSONS<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
<BR>
Sebast&#237;an Eskenazi</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;</TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>2</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)<BR><BR></TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(a)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(b)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>3</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SEC USE ONLY</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>4</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SOURCE OF FUNDS</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">AF, BK, OO, PF (See Item 3)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>5</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>6</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CITIZENSHIP OR PLACE OF ORGANIZATION</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">Republic of Argentina
</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>7</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">NUMBER OF</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">SHARES</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>8</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">BENEFICIALLY</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">OWNED BY</TD>
<TD>&nbsp;</TD>
<TD>ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD align="center" colspan="3">EACH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>9</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">REPORTING</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">PERSON</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">WITH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>10</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="left">ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>11</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>12</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT>
</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>13</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">25.1&#37; of the total Class D Shares outstanding (the 98,328,198 ADSs representing 98,328,198 Class D Shares). (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>14</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">IN</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt" align="left">* Each ADS may be exchanged for one Class D Share.
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>


<P align="center" style="font-size: 10pt">

4

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">13D/A</DIV>

<P>&nbsp;<DIV style="width: 100%; border: 1px solid black"><DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="1" width="100%">
<!-- Begin Table Head --><TR style="font-size: 1px">
<TD width="5%">&nbsp;</TD>
<TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="middle" align="center"><FONT style="font-size: 18pt"><B>1</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">NAMES OF REPORTING PERSONS<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
<BR>
Mat&#237;as Eskenazi Storey</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;</TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>2</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)<BR><BR></TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(a)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(b)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>3</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SEC USE ONLY</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>4</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SOURCE OF FUNDS</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">AF, BK, OO, PF (See Item 3)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>5</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>6</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CITIZENSHIP OR PLACE OF ORGANIZATION</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">Republic of Argentina
</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>7</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">NUMBER OF</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">SHARES</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>8</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">BENEFICIALLY</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">OWNED BY</TD>
<TD>&nbsp;</TD>
<TD>ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD align="center" colspan="3">EACH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>9</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">REPORTING</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">PERSON</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">WITH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>10</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="left">ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>11</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">ADSs: 98,328,198 (which represents 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>12</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT>
</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>13</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">25.1&#37; of the total Class D Shares outstanding (the 98,328,198 ADSs representing 98,328,198 Class D Shares). (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>14</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">IN</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt" align="left">* Each ADS may be exchanged for one Class D Share.
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>


<P align="center" style="font-size: 10pt">

5

</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">13D/A</DIV>

<P>&nbsp;<DIV style="width: 100%; border: 1px solid black"><DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="1" width="100%">
<!-- Begin Table Head --><TR style="font-size: 1px">
<TD width="5%">&nbsp;</TD>
<TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="middle" align="center"><FONT style="font-size: 18pt"><B>1</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">NAMES OF REPORTING PERSONS<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
<BR>
Ezequiel Eskenazi Storey</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;</TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>2</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)<BR><BR></TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(a)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">(b)&nbsp;&nbsp;&nbsp;<FONT face="wingdings" size="2">&#111;</FONT>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>3</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SEC USE ONLY</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>4</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">SOURCE OF FUNDS</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="11" align="left">AK, BK, OO, PF (See Item 3)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>5</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>6</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CITIZENSHIP OR PLACE OF ORGANIZATION</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">Republic of Argentina
</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>7</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">NUMBER OF</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">SHARES</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>8</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED VOTING POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">BENEFICIALLY</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">OWNED BY</TD>
<TD>&nbsp;</TD>
<TD>ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>


<TR valign="bottom">
<TD align="center" colspan="3">EACH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>9</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SOLE DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">REPORTING</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">PERSON</TD>
<TD>&nbsp;</TD>
<TD align="left">0 (See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD colspan="3">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD align="center" colspan="3">WITH</TD>
<TD valign="middle" align="center" rowspan="3" style="border-left: 1px solid #000000; border-right: 1px solid #000000"><FONT style="font-size: 18pt"><B>10</B></FONT></TD>
<TD>&nbsp;</TD>
<TD align="left">SHARED DISPOSITIVE POWER</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" colspan="3">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD align="left">ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>
<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>11</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">ADSs: 98,328,198 (representing 98,328,198 Class D Shares)*<BR>(See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>12</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">CHECK IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left"><FONT face="wingdings" size="2">&#111;</FONT>
</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>13</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">25.1&#37; of the total Class D Shares outstanding (the 98,328,198 ADSs representing 98,328,198 Class D Shares). (See Item 5)</TD>
</TR>

<TR style="font-size: 1px">
<TD style="border-top: 1px solid #000000">&nbsp;</TD>
<TD style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
<TD valign="middle" align="center" rowspan="3"><FONT style="font-size: 18pt"><B>14</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">IN</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt" align="left">* Each ADS may be exchanged for one Class D Share.
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>


<P align="center" style="font-size: 10pt">

6

</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">13D/A</DIV>

<P>&nbsp;<DIV style="width: 100%; border: 1px solid black"><DIV align="center">

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="1" width="100%">
<!-- Begin Table Head --><TR style="font-size: 1px">
<TD width="5%">&nbsp;</TD>
<TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="83%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD valign="middle" align="center"><FONT style="font-size: 18pt"><B>1</B></FONT></TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">NAMES OF REPORTING PERSONS<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
<BR>
Petersen Energia, S.A.<BR>Petersen Energia Pty Ltd.<BR>Petersen Energia Inversora Holding GmbH</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;</TD>
<TD style="border-left: 1px solid #000000">&nbsp;</TD>
<TD colspan="4" align="left">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>

<DIV style="font-size: 10pt; margin-top: 3pt">
</DIV>


<P align="center" style="font-size: 10pt">

7

</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Tender Offer Statement on Schedule&#160;TO (this
    <B>&#147;Schedule&#160;TO&#148;</B>) relates to the offer by
    Petersen&#160;Energ&#237;a Inversora, S.A.
    (<B>&#147;Purchaser&#148;)</B>, a corporation <I>(sociedad
    an&#243;nima) </I>organized under the laws of the Kingdom of
    Spain and a direct wholly-owned subsidiary of Petersen
    Energ&#237;a Inversora Holding GmbH, a limited liability company
    <I>(GmbH) </I>organized under the laws of the Republic of
    Austria (<B>&#147;Holding&#148;)</B>, together with Enrique
    Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey
    and Ezequiel Eskenazi Storey (collectively, the
    <B>&#147;Eskenazi Family&#148;</B>, and together with the
    Purchaser, the <B>&#147;Bidders&#148;</B>) to purchase
    (1)&#160;Class&#160;A Shares, Class&#160;B Shares, Class&#160;C
    Shares and Class&#160;D Shares of YPF Sociedad An&#243;nima
    (<B>&#147;YPF&#148;</B> or the <B>&#147;Issuer&#148;)</B>, a
    corporation (<I>sociedad an&#243;nima</I>) organized under the
    laws of the Republic of Argentina (<B>&#147;Argentina&#148;</B>)
    (all such shares having par value of 10 Pesos per share,
    collectively, the <B>&#147;Shares&#148;</B>) held by
    U.S.&#160;Persons (as defined in the U.S. Offer to Purchase) and
    (2)&#160;all outstanding American Depositary Shares (each
    representing one Class&#160;D Share of YPF) (the
    <B>&#147;ADSs&#148;</B>, and together with the Shares, the
    <B>&#147;Securities&#148;)</B>, at a price of U.S.&#160;$49.45
    (forty-nine dollars and forty-five cents) per Security, in cash
    (the <B>&#147;Offer Price&#148;)</B>, without interest thereon,
    less any withholding taxes and, if applicable, any
    Distributions, upon the terms and subject to the conditions set
    forth in the Offer to Purchase dated September&#160;11, 2008
    (the <B>&#147;U.S.&#160;Offer to Purchase&#148;</B>) and in the
    related documents (which, together with any amendments or
    supplements thereto, collectively constitute the
    <B>&#147;U.S.&#160;Offer&#148;</B>), which are annexed to and
    filed with this Schedule&#160;TO as Exhibits (a)(1)(A) through
    (a)(1)(I). The U.S.&#160;Offer is being made in conjunction with
    an offer by Purchaser in Argentina for all outstanding Shares
    (but not ADSs) (the <B>&#147;Argentine Offer,&#148;</B> and
    together with the U.S.&#160;Offer, the
    <B>&#147;Offers&#148;</B>). The price offered in the Argentine
    Offer is the same as the Offer Price in the U.S.&#160;Offer,
    payable in Argentine pesos in the case of the Argentine Offer.
    The Bidders do not intend to change the Offer Price and, while
    the Offers are open, will not purchase or make any arrangements
    to purchase Securities, other than pursuant to the Offers. This
    Schedule&#160;TO is being filed on behalf of the Bidders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All information set forth in the U.S.&#160;Offer to Purchase
    filed as Exhibit (a)(1)(A) to this Schedule&#160;TO is
    incorporated by reference in answer to Items&#160;1 through 11,
    except those items as to which information is provided
    specifically herein. Exhibits (d)(1) through (d)(9) attached
    hereto are incorporated by reference with respect to
    Items&#160;5 through 9 and Item&#160;11 of this Schedule&#160;TO.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;10.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Not applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;12.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="11%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(A).1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    U.S. Offer to Purchase, dated September 11, 2008
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(A).2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Argentine Offer to Purchase, dated September 11, 2008 (English
    translation)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(B)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    U.S. Form of Acceptance for Shares
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(C)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    U.S. Form of Withdrawal for Shares
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(D)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal with respect to the ADSs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(E)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks, Trust
    Companies and Other Nominees for ADSs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(F)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients for Use by Brokers, Dealers,
    Commercial Banks, Trust Companies and Other Nominees for ADSs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(G)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks, Trust
    Companies and Other Nominees for Shares for U.S. Offer
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(H)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients for Use by Brokers, Dealers,
    Commercial Banks, Trust Companies and Other Nominees for Shares
    for U.S. Offer
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(I)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of summary advertisement, published on September 11, 2008
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Loan Agreement between Banco Santander, S.A., and Purchaser,
    dated June 6, 2008 (English translation)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, among Repsol, certain of Repsol&#146;s
    affiliates and Petersen SA, dated February 21, 2008
    (incorporated by reference to Schedule 13D filed by Purchaser
    with the Securities and Exchange Commission on February 28,
    2008)
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="11%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Option Agreement, dated February 21, 2008, among the
    Eskenazi Family and Repsol (incorporated by reference to
    Schedule 13D filed by Purchaser with the Securities and Exchange
    Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Option Agreement among the Eskenazi Family and Repsol
    dated February 21, 2008 (incorporated by reference to Schedule
    13D filed by Purchaser with the Securities and Exchange
    Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders&#146; Agreement among Repsol, certain Repsol&#146;s
    affiliates, and Petersen SA dated February 21, 2008)
    (incorporated by reference to Schedule 13D filed by Purchaser
    with the Securities and Exchange Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Security Agreement under Senior Security Term Loan Facility
    dated February 21, 2008 (incorporated by reference to Schedule
    13D filed by Purchaser with the Securities and Exchange
    Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Security Agreement under Seller Credit Agreement dated February
    21, 2008 (incorporated by reference to Schedule 13D filed by
    Purchaser with the Securities and Exchange Commission on
    February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(7)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Intercreditor Agreement dated February 21, 2008 (incorporated by
    reference to Schedule 13D filed by Purchaser with the Securities
    and Exchange Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Assignment of Dividend Rights Agreement, among Petersen SA,
    Repsol, and YPF dated February 21, 2008 (incorporated by
    reference to Schedule 13D filed by Purchaser with the Securities
    and Exchange Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(9)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement among YPF, Repsol, Petersen SA,
    HSBC Bank plc, and Credit Suisse, London Branch, dated February
    21, 2008 (incorporated by reference to Schedule 13D filed by
    Purchaser with the Securities and Exchange Commission on
    February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (g)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Not applicable
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (h)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Not applicable
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Required by
    <FONT style="white-space: nowrap">Schedule&#160;13E-3.</FONT></FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Not applicable.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After due inquiry and to the best of my knowledge and belief, I
    certify that the information set forth in this statement is
    true, complete and correct.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Petersen Energ&#237;a Inversora, S.A.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mauro
    Dacomo</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Mauro Dacomo
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    <I>Consejero&#160;&#151; Secretario del Consejo de
    Administraci&#243;n</I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Enrique Eskenazi<BR>
    </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Sebasti&#225;n Eskenazi<BR>
    </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Mat&#237;as Eskenazi Storey</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Ezequiel Eskenazi Storey</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mauro
    Dacomo</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Mauro Dacomo
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    <I><FONT style="white-space: nowrap">Attorney-in-Fact</FONT></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: September&#160;11, 2008
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBITS&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="11%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(A).1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    U.S. Offer to Purchase, dated September 11, 2008
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(A).2
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Argentine Offer to Purchase, dated September 11, 2008 (English
    translation)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(B)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    U.S. Form of Acceptance for Shares
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(C)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    U.S. Form of Withdrawal for Shares
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(D)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal with respect to the ADSs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(E)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks, Trust
    Companies and Other Nominees for ADSs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(F)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients for Use by Brokers, Dealers,
    Commercial Banks, Trust Companies and Other Nominees for ADSs
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(G)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Brokers, Dealers, Commercial Banks, Trust
    Companies and Other Nominees for Shares for U.S. Offer
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(H)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients for Use by Brokers, Dealers,
    Commercial Banks, Trust Companies and Other Nominees for Shares
    for U.S. Offer
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)(1)(I)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of summary advertisement, published on September 11, 2008
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Loan Agreement between Banco Santander, S.A., and Purchaser,
    dated June 6, 2008 (English translation)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, among Repsol, certain of Repsol&#146;s
    affiliates and Petersen SA, dated February 21, 2008
    (incorporated by reference to Schedule 13D filed by Purchaser
    with the Securities and Exchange Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Option Agreement, dated February 21, 2008, among the
    Eskenazi Family and Repsol (incorporated by reference to
    Schedule 13D filed by Purchaser with the Securities and Exchange
    Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Option Agreement among the Eskenazi Family and Repsol
    dated February 21, 2008 (incorporated by reference to Schedule
    13D filed by Purchaser with the Securities and Exchange
    Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders&#146; Agreement among Repsol, certain Repsol&#146;s
    affiliates, and Petersen SA dated February 21, 2008)
    (incorporated by reference to Schedule 13D filed by Purchaser
    with the Securities and Exchange Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Security Agreement under Senior Security Term Loan Facility
    dated February 21, 2008 (incorporated by reference to Schedule
    13D filed by Purchaser with the Securities and Exchange
    Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Security Agreement under Seller Credit Agreement dated February
    21, 2008 (incorporated by reference to Schedule 13D filed by
    Purchaser with the Securities and Exchange Commission on
    February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(7)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Intercreditor Agreement dated February 21, 2008 (incorporated by
    reference to Schedule 13D filed by Purchaser with the Securities
    and Exchange Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Assignment of Dividend Rights Agreement, among Petersen SA,
    Repsol, and YPF dated February&#160;21, 2008 (incorporated by
    reference to Schedule 13D filed by Purchaser with the Securities
    and Exchange Commission on February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)(9)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement among YPF, Repsol, Petersen SA,
    HSBC Bank plc, and Credit Suisse, London Branch, dated February
    21, 2008 (incorporated by reference to Schedule 13D filed by
    Purchaser with the Securities and Exchange Commission on
    February 28, 2008)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (g)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Not applicable
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (h)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Not applicable
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.A.1
<SEQUENCE>2
<FILENAME>y71140exv99waw1waw1.htm
<DESCRIPTION>EX-99.A.1.A.1: U.S. OFFER TO PURCHASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.A.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(A).1</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Offer to Purchase for Cash<BR>
    All Outstanding Class&#160;A Shares, Class&#160;B Shares,<BR>
    Class&#160;C Shares and Class&#160;D Shares held by U.S.
    Persons<BR>
    and All Outstanding American Depositary Shares<BR>
    (each American Depositary Share representing one Class&#160;D
    Share)<BR>
    of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114001.gif" alt="(LOGO)"><FONT style="font-size: 16pt">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima<BR>
    at<BR>
    U.S. $49.45 (forty-nine dollars and forty-five cents) per share
    for each<BR>
    Class&#160;A Share, Class&#160;B Share, Class&#160;C Share and
    Class&#160;D Share<BR>
    and U.S. $49.45 (forty-nine dollars and forty-five cents) per
    ADS for each<BR>
    American Depositary Share<BR>
    by<BR>
    Petersen Energ&#237;a Inversora, S.A.,<BR>
    Enrique Eskenazi, Sebasti&#225;n Eskenazi,<BR>
    Mat&#237;as Eskenazi Storey and<BR>
    Ezequiel Eskenazi Storey</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE OFFER PERIOD WILL COMMENCE
    AT 9&#160;A.M., NEW YORK CITY TIME ON THURSDAY,
    SEPTEMBER&#160;11, 2008 (THE &#147;COMMENCEMENT DATE&#148;) AND
    WILL EXPIRE AT 5&#160;P.M., NEW&#160;YORK CITY TIME, ON MONDAY,
    OCTOBER 20, 2008 (THE &#147;EXPIRATION TIME&#148;,
    &#147;EXPIRATION DATE&#148;, AND &#147;OFFER PERIOD&#148;,
    RESPECTIVELY), UNLESS THE OFFER IS EXTENDED.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Petersen Energ&#237;a Inversora, S.A.
    (&#147;<B>Purchaser&#148;)</B>, a corporation <I>(sociedad
    an&#243;nima)</I> organized under the laws of the Kingdom of
    Spain, together with Enrique Eskenazi, Sebasti&#225;n Eskenazi,
    Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi Storey
    (collectively, the <B>&#147;Eskenazi Family&#148;</B>, and
    together with the Purchaser, the <B>&#147;Bidders&#148;</B>) are
    offering to purchase (1)&#160;Class&#160;A Shares, Class&#160;B
    Shares, Class&#160;C Shares and Class&#160;D Shares of YPF
    Sociedad An&#243;nima (<B>&#147;YPF&#148;</B> or the
    <B>&#147;Issuer&#148;)</B>, a corporation <I>(sociedad
    an&#243;nima) </I>organized under the laws of the Republic of
    Argentina (<B>&#147;Argentina&#148;</B>) (all such shares having
    par value of 10 Pesos per share, collectively, the
    <B>&#147;Shares&#148;</B>) held by U.S.&#160;Persons (as defined
    below) and (2)&#160;all outstanding American Depositary Shares
    (each representing one Class&#160;D Share of YPF) (the
    <B>&#147;ADSs&#148;</B>; and together with the Shares, the
    <B>&#147;Securities&#148;)</B>, at a price of U.S.&#160;$49.45
    (forty-nine dollars and forty-five cents) per Security, in cash
    (the <B>&#147;Offer Price&#148;)</B>, without interest thereon,
    less any required withholding taxes and, if applicable, any
    Distributions, upon the terms and subject to the conditions set
    forth in this U.S.&#160;Offer to Purchase and in the related
    documents (which, together with any amendments or supplements
    thereto, collectively constitute the
    <B>&#147;U.S.&#160;Offer&#148;</B>). The U.S.&#160;Offer is
    being made in conjunction with an offer by Purchaser in
    Argentina for all outstanding Shares (but not ADSs) (the
    <B>&#147;Argentine Offer,&#148;</B> and together with the
    U.S.&#160;Offer, the <B>&#147;Offers&#148;</B>).
    <FONT style="white-space: nowrap">Non-U.S.&#160;Persons</FONT>
    will not be permitted to tender their Shares in the
    U.S.&#160;Offer. ADSs (whether or not held by U.S.&#160;Persons
    (as defined below)) may only be tendered in the U.S.&#160;Offer.
    The price
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    offered in the Argentine Offer is the same as the Offer Price in
    the U.S.&#160;Offer, payable in Argentine pesos in the case of
    the Argentine Offer. The Bidders do not intend to change the
    Offer Price and, while the Offers are open, will not purchase or
    make any arrangements to purchase Securities, other than
    pursuant to the Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offers are being made to comply with the by-laws of YPF (the
    <B>&#147;By-laws&#148;</B>) in connection with the simultaneous
    acquisition by Purchaser from Repsol YPF, S.A.
    (&#147;<B>Repsol&#148;</B>) and certain of its affiliates, of
    0.1% of the outstanding capital stock of YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, Repsol and certain of its affiliates
    granted the Eskenazi Family, the ultimate beneficial owner of
    Purchaser, an option to purchase 39,724,592 Class&#160;D Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    representing up to an additional 10.1% in the aggregate of the
    outstanding capital stock of YPF at any time on or prior to
    February&#160;21, 2012, pursuant to an agreement (the
    <B>&#147;First Option Agreement&#148;</B>) for the purchase of
    up to 0.1% of the outstanding capital stock of YPF (the
    <B>&#147;First Option&#148;</B>) and a separate agreement (the
    <B>&#147;Second Option Agreement&#148;</B> and, together with
    the First Option Agreement, the <B>&#147;Option
    Agreements&#148;</B>) for the purchase of up to 10% of the
    outstanding capital stock of YPF (the <B>&#147;Second
    Option&#148;</B> and, together with the First Option, the
    <B>&#147;Options&#148;</B>). Translated copies of the Option
    Agreements are attached as Exhibits (d)(2) and (d)(3) to
    Schedule TO, respectively.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Options were granted by Repsol in conjunction with the
    acquisition on February&#160;21, 2008, by Petersen Energ&#237;a,
    S.A. (&#147;<B>Petersen SA&#148;)</B>, an affiliate of
    Purchaser, of 58,603,606 ADSs of YPF (the
    <B>&#147;Acquisition&#148;</B>) representing 14.9% of the total
    outstanding capital stock of YPF at a price per share of
    U.S.&#160;$38.13758 pursuant to the terms and subject to the
    conditions set forth in the Stock Purchase Agreement, dated
    February&#160;21, 2008, between Repsol, certain of Repsol&#146;s
    affiliates and Petersen SA (the <B>&#147;SPA&#148;</B>). A
    translated copy of the SPA is attached as Exhibit (d)(1) to
    Schedule TO.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;7, 2008, the Eskenazi Family assigned all of its
    rights and obligations under the First Option to Purchaser. On
    May&#160;20, 2008, Purchaser exercised the First Option. Upon
    consummation of the First Option, the Eskenazi Family will
    indirectly hold 15% of the total outstanding Securities. Under
    the By-laws, the Eskenazi&#160;Family, acting directly or
    through an affiliate, must make an offer to purchase all
    remaining outstanding Securities. Repsol agreed under the terms
    of the First Option and of a Shareholders&#146; Agreement among
    Repsol, certain Repsol&#146;s affiliates, and Petersen SA, dated
    February&#160;21, 2008 (the <B>&#147;SHA&#148;</B>, a translated
    copy of which is attached to Schedule TO as Exhibit (d)(4)), not
    to tender Securities held by it and its subsidiaries into the
    Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to YPF&#146;s Annual Report for fiscal year 2007 filed
    on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    on April&#160;16, 2008 (<B>&#147;YPF 20-F&#148;)</B>, subsequent
    to Petersen SA&#146;s purchase of ADSs pursuant to the SPA, the
    beneficial ownership of the outstanding capital stock of YPF was
    as follows: Repsol, 84.14% (ADSs or Class&#160;D Shares);
    Petersen SA, 14.9% (ADSs representing Class&#160;D Shares);
    Public Float, 0.93% (ADSs or Class&#160;D Shares); Argentine
    Federal and Provincial Governments, less than 0.01%
    (Class&#160;A and Class&#160;B Shares, respectively); and
    Employee Fund, 0.03% (Class&#160;C Shares).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer Period for the U.S.&#160;Offer will expire at the
    Expiration Time on the Expiration Date, unless we extend the
    U.S.&#160;Offer. The Bidders will announce any decision to
    extend the U.S.&#160;Offer in a press release stating the new
    expiration date (the <B>&#147;New Expiration Date&#148;</B>) no
    later than 9:00&#160;a.m., New York City time, on the first
    business day after the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is not conditioned on any minimum number of
    Securities being tendered. However, the U.S.&#160;Offer is
    subject to other Conditions (as defined below). Acceptance and
    payment of the Offer Price will be made only after the Required
    Regulatory Approval (as defined below) has been obtained. If the
    Required Regulatory Approval has not been obtained by
    January&#160;15, 2009, the Bidders will return any tendered
    Securities, promptly thereafter. Furthermore, if following the
    Expiration Time on the Expiration Date but prior to
    January&#160;15, 2009, the CNDC (as defined below) issues the
    Required Regulatory Approval subject to conditions that are
    materially adverse to YPF (the <B>&#147;Conditioned
    Approval&#148;)</B>, or notifies the Bidders that the Required
    Regulatory Approval will be denied (the <B>&#147;Denial
    Notice&#148;)</B>, the Bidders will return all tendered
    Securities promptly after notice of such Conditioned Approval or
    Denial Notice has been received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tendering holders will have withdrawal rights until the
    Expiration Date or the New Expiration Date, as applicable, or,
    thereafter, until such time as the Bidders announce that the
    Required Regulatory Approval has been
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    obtained and that they will pay the Offer Price. See
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;2.
    Acceptance for Payment and Payment&#148; </I>and <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Conditions of the
    U.S.&#160;Offer.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;23, 2008, in a letter to the CNV (as defined below),
    the Board of Directors of YPF issued a favorable opinion on the
    reasonableness of the Offer Price under the Offers and
    recommended the acceptance of the Offers to the holders of
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADS
    of YPF. The Board of Director of YPF based its recommendation on
    the fact that (i)&#160;the Offer Price complies with the
    provisions of the By-laws, and (ii)&#160;the Offers provide for
    payment in cash. The Board of Directors of YPF was required to
    make a recommendation as to acceptance or rejection of the
    Offers pursuant to the By-laws and CNV regulations. Under
    U.S.&#160;law, within ten business days after the day the
    U.S.&#160;Offer is commenced, YPF is required by the Exchange
    Act (as defined below) to file with the SEC (as defined below)
    and distribute to holders of Securities that are
    U.S.&#160;residents a Tender Offer Solicitation/Recommendation
    Statement on
    <FONT style="white-space: nowrap">Schedule&#160;14D-9</FONT>
    containing a statement of YPF&#146;s Board&#146;s position with
    respect to the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A summary of the principal terms of the U.S.&#160;Offer appears
    on pages (i)&#160;through (vii). You should read this entire
    document carefully before deciding whether to tender your Shares
    and ADSs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NONE OF THE U.S.&#160;SECURITIES AND EXCHANGE COMMISSION, OR
    ANY STATE SECURITIES COMMISSION, HAS (A)&#160;APPROVED OR
    DISAPPROVED THE TENDER OFFER; (B)&#160;PASSED UPON THE MERITS OR
    FAIRNESS OF THE TENDER OFFER; OR (C)&#160;PASSED UPON THE
    ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED IN THE
    DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
    OFFENSE.</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Information Agent for the U.S.&#160;Offer is: BNY Mellon
    Shareowner Services
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    September&#160;11, 2008
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=84 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">IMPORTANT
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tenders by Holders of Shares.</I>&#160;&#160;If you are a
    U.S.&#160;Person, you hold Shares and your Shares are deposited
    directly with Caja de Valores, or in the collective deposit
    system of Caja de Valores, and you desire to tender all or any
    portion of your Shares in the U.S.&#160;Offer, you should follow
    the instructions set forth in this U.S.&#160;Offer to Purchase.
    Any holder whose Shares are registered in the name of a broker,
    dealer, commercial bank, trust company or other nominee must
    contact such broker, dealer, commercial bank, trust company or
    other nominee if such holder desires to tender such Shares in
    the U.S.&#160;Offer. For more information see <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;3. Procedure for
    Tendering in the U.S.&#160;Offer&#160;&#151; Holders of
    Shares.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tenders by Holders of ADSs.</I>&#160;&#160;If you hold ADSs
    and you desire to tender all or any portion of the ADSs in the
    U.S.&#160;Offer, you should either (i)&#160;complete and sign
    the Letter of Transmittal or a copy thereof in accordance with
    the instructions contained in the Letter of Transmittal and mail
    or deliver the Letter of Transmittal, with original signatures,
    together with the ADRs evidencing tendered ADSs and all other
    required documents to The Bank of New York Mellon, the receiving
    agent in the United States for purposes of the U.S.&#160;Offer
    (the <B>&#147;U.S.&#160;Receiving Agent&#148;</B>) or tender
    such ADSs pursuant to the procedure for book-entry transfer set
    forth under the caption <I>&#147;THE U.S.&#160;OFFER
    &#151;&#160;Section&#160;4. Procedure for Tendering in the
    U.S.&#160;Offer&#160;&#151; Holders of ADSs,&#148;</I> or
    (ii)&#160;request your broker, dealer, commercial bank, trust
    company or other nominee to effect the transaction for you. If
    you have ADSs registered in the name of a broker, dealer,
    commercial bank, trust company or other nominee you must contact
    such person if you desire to tender such ADSs. <B>There will be
    no guaranteed delivery process available to tender ADSs</B>. See
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;4.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of ADSs.&#148; </I>ADSs cannot be tendered in the
    Argentine Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Payment.</I>&#160;&#160;In accordance with terms of the
    U.S.&#160;Offer, payment for the Securities tendered prior to
    the Expiration Time on the Expiration Date or any extension
    thereof and not previously withdrawn will be made if the
    Required Regulatory Approval (as defined below) has been
    obtained prior to January&#160;15, 2009. If the Required
    Regulatory Approval has been obtained prior to the Expiration
    Time on the Expiration Date or any extension thereof, payment
    will be made promptly, but no earlier than 3 (three) business
    days after the Expiration Time on the Expiration Date, and if
    the Required Regulatory Approval has been obtained after the
    Expiration Time on the Expiration Date or any extension thereof,
    no later than 3 (three) business days after the Required
    Regulatory Approval has been obtained and the Bidders have
    announced that they are accepting and making payment for the
    Securities tendered prior to the Expiration Time on the
    Expiration Date or any extension thereof and not previously
    withdrawn. (See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;2. Acceptance for Payment and Payment&#148;,
    &#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;15. Certain
    Conditions of the U.S.&#160;Offer&#148; </I>and &#147;<I>THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;16. Certain Legal
    Matters; Regulatory Approvals.&#148;</I>)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Settlement of the Offer Price.</I>&#160;&#160;The Offer Price
    for the Shares and ADSs accepted for payment pursuant to the
    U.S.&#160;Offer will be settled in U.S.&#160;dollars. You will
    bear exchange rate risks and costs if you wish to convert the
    currency received into another currency.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FOREIGN
    CURRENCY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this document, references to &#147;United States
    dollars&#148;, &#147;U.S.&#160;dollars&#148;,
    &#147;U.S.&#160;$&#148;, &#147;$&#148; or &#147;dollars&#148;
    are to U.S.&#160;currency and references to &#147;Argentine
    pesos&#148; &#147;pesos&#148; or &#147;Ps.&#148; are to
    Argentine currency. Solely for the convenience of the reader,
    certain peso amounts have been translated into dollars at
    specified rates. These translations should not be construed as
    representations that the Argentine peso amounts actually
    represent such U.S.&#160;dollar amounts or could be converted
    into U.S.&#160;dollars at the rate indicated or at any other
    rate. On September&#160;10, 2008, the last practicable trading
    day prior to printing this U.S.&#160;Offer to Purchase, the
    exchange rate between Argentine pesos and U.S.&#160;dollars
    reported by Banco de la Naci&#243;n Argentina (the
    <B>&#147;Quoted Exchange Rate&#148;</B>) for the exchange of
    Argentine pesos and U.S.&#160;dollars was Ps. $3.07 to
    U.S.&#160;$1.00.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD
    LOOKING STATEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This U.S.&#160;Offer to Purchase contains &#147;forward-looking
    statements&#148; within the meaning of Section&#160;27A of the
    Securities Act of 1933 and Section&#160;21E of the Securities
    Exchange Act of 1934 (the <B>&#147;Exchange Act&#148;</B>).
    Forward-looking statements made in this U.S.&#160;Offer to
    Purchase are subject to risks and uncertainties. Forward-looking
    statements include statements that are predictive in nature,
    which depend upon or refer to future events or conditions, which
    include words such as &#147;believes&#148;, &#147;plans&#148;,
    &#147;anticipates&#148;, &#147;estimates&#148;,
    &#147;expects&#148;, &#147;intends&#148;, &#147;seeks&#148; or
    similar expressions. In addition, any statements we may provide
    concerning future financial performance, ongoing business
    strategies or prospects, and possible future actions, including
    with respect to our strategy following completion of the Offers
    and our plans with respect to YPF, are also forward-looking
    statements. Forward-looking statements are based on current
    expectations and projections about future events and are subject
    to risks, uncertainties and assumptions about YPF, economic and
    market factors and the industry in which YPF does business,
    among other things. You should not place undue reliance on
    forward-looking statements, which are based on current
    expectations, since, while the Bidders believe the assumptions
    on which the forward-looking statements are based are
    reasonable, there can be no assurance that these forward-looking
    statements will prove accurate. This cautionary statement is
    applicable to all forward-looking statements contained in this
    U.S.&#160;Offer to Purchase and the material accompanying this
    U.S.&#160;Offer to Purchase. These statements are not guarantees
    of future performance. All forward-looking statements included
    in this U.S.&#160;Offer to Purchase are made as of the date on
    the front cover of this U.S.&#160;Offer to Purchase and, unless
    otherwise required by applicable law, we undertake no obligation
    to publicly update any forward-looking statements, whether as a
    result of new information, future events or otherwise. Actual
    events and results may differ materially from those expressed or
    forecasted in forward-looking statements due to a number of
    factors.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=quadleft -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=quadright -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>SUMMARY TERM SHEET</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    i
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>INTRODUCTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>THE U.S. OFFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>1.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#104'>Terms of the U.S. Offer</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>2.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#105'>Acceptance for Payment and Payment</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>3.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#106'>Procedure for Tendering in the U.S.
    Offer&#160;&#151; Holders of Shares</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>4.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#107'>Procedure for Tendering in the U.S.
    Offer&#160;&#151; Holders of ADSs</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>5.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#108'>Withdrawal Rights</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>6.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#109'>Certain Tax Considerations</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>7.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#110'>Price Range of Shares and ADSs; Dividends</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>8.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#111'>Certain Information Concerning YPF</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>9.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#112'>Certain Information Concerning the Eskenazi
    Family, Purchaser, and Holding</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>10.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#113'>Source and Amount of Funds; Certain Requirements
    with Respect to the Offer Price under the Offers</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>11.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#114'>Background of the Offers; Past Contacts,
    Transactions or Negotiations with YPF</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>12.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#115'>Purpose of the Offers; Plans for YPF</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>13.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#116'>Effect of the Offers on the Market for the Shares
    and ADSs; Registration of Shares under the Exchange Act and the
    Argentine Public Offering Law</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>14.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#117'>Extension of Offer Period; Subsequent Offer
    Period; Amendment; Termination</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>15.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#118'>Certain Conditions of the U.S. Offer</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>16.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#119'>Certain Legal Matters; Regulatory Approvals</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>17.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <A HREF='#120'>Fees and Expenses</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>18.</A>
</DIV>
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#121'>Miscellaneous</A>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>SCHEDULE&#160;A</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    TERM SHEET</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the U.S.&#160;Offer, the Bidders are offering to purchase
    (1)&#160;all of the outstanding Shares of YPF held by
    U.S.&#160;Persons and (2)&#160;all of the outstanding ADSs of
    YPF, whether or not held by U.S. Persons, at the Offer Price to
    be settled in U.S.&#160;dollars, in cash, less any required
    withholding taxes and, if applicable, any Distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following are some of the questions you, as a holder of ADSs
    or as a U.S.&#160;Person holder of Shares, may have and answers
    to those questions. We urge you to carefully read the remainder
    of this U.S.&#160;Offer to Purchase and the accompanying
    documents because information in this summary is not complete
    and additional important information is contained in the
    remainder of this U.S.&#160;Offer to Purchase and the
    accompanying documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise defined herein, capitalized terms used in this
    Summary Term Sheet shall have the meaning attributed to them
    under other sections of this U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Who
    is offering to purchase my Securities?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Eskenazi Family and Purchaser are offering to purchase your
    Securities. Purchaser is a corporation <I>(sociedad
    an&#243;nima)</I> organized under the laws of the Kingdom of
    Spain and a direct wholly-owned subsidiary of Holding. Both
    Purchaser and Holding are affiliates of the Eskenazi Family.
    Purchaser has no business or operations, and its sole purpose is
    to acquire Securities under the First Option and the Offers.
    Purchaser&#146;s address is Vel&#225;zquez&#160;9,
    1<SUP style="font-size: 85%; vertical-align: text-top">o</SUP>
    Planta, Madrid, Spain and its telephone number at such office
    is: +34 915750008. Holding is a holding company whose principal
    asset consists of all of the outstanding equity interests in
    Purchaser. Holding&#146;s address is Teinfaltstrasse 8/4, 1010
    Wien, Austria. Each member of the Eskenazi Family is a citizen
    of Argentina and the business address of each such member is
    Cerrito 740, piso 1, Buenos Aires, Argentina.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    are the classes and amounts of securities sought in the
    Offers?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The capital stock of YPF is divided into four classes of shares:
    Class&#160;A Shares, Class&#160;B Shares, Class&#160;C Shares
    and Class&#160;D Shares. YPF also has ADSs. Each ADS represents
    one Class&#160;D Share. The YPF Class&#160;D Shares trade on the
    BASE under the symbol &#147;YPFd.&#148; The ADSs are listed on
    the NYSE under the trading symbol &#147;YPF.&#148; The ADSs
    began trading on the NYSE on June&#160;29, 1993 and were
    delivered by The Bank of New York Mellon, the depositary for the
    ADSs (the <B>&#147;YPF Depositary&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the U.S.&#160;Offer, we are offering to purchase all of the
    outstanding Shares held by U.S.&#160;Persons and all of the
    outstanding ADSs (whether held or not by U.S.&#160;Persons).
    Simultaneously with the commencement of the U.S.&#160;Offer,
    Purchaser is offering to purchase all of the outstanding Shares
    (but not ADSs) under the Argentine Offer. The U.S.&#160;Offer
    and the Argentine Offer are expected to be settled on the same
    day.
    <FONT style="white-space: nowrap">Non-U.S.&#160;Persons</FONT>
    may tender Shares only in the Argentine Offer. ADSs cannot be
    tendered in the Argentine Offer. For more information, please
    see <I>&#147;INTRODUCTION.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Repsol holds, either directly or indirectly, 166,703,944
    Class&#160;D Shares and 164,236,286 ADSs (collectively, 84.14%
    of the total number of outstanding Shares, including Shares
    represented by ADSs) and has agreed not to tender its Securities
    in the Offers. Accordingly, for so long as Repsol retains
    ownership of these Securities, the maximum amount of Securities
    that can be tendered in the Offers accounts in the aggregate for
    less than 1% of the outstanding share capital of YPF.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;How
    much are the Bidders offering to pay for my Securities and what
    is the form of payment?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the U.S.&#160;Offer we are offering to pay each Security
    holder U.S.&#160;$49.45 (forty-nine dollars and forty-five
    cents) per Security, in cash, without interest thereon, less any
    withholding taxes and, if applicable, any Distributions. The
    Offer Price for the Securities accepted for payment pursuant to
    the U.S.&#160;Offer will be settled and paid in
    U.S.&#160;dollars (See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;1. Terms of the Offer&#148;</I>). The price in the
    Argentine Offer is the same as the Offer Price in the
    U.S.&#160;Offer, payable in Argentine pesos in the case of the
    Argentine Offer. The Bidders do not intend to change the Offer
    Price.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Do
    I have to pay brokerage fees if I choose to tender my
    Securities?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are the registered owner of ADSs on the books of the YPF
    Depositary, and you tender your ADSs in the U.S.&#160;Offer, you
    will not have to pay brokerage fees or similar expenses. If you
    own your Shares or ADSs through a broker or other nominee, and
    your broker tenders your Shares or ADSs on your behalf, your
    broker or nominee may charge you a fee for doing so. You should
    consult your broker or nominee to determine whether any charges
    will apply. For more information, see
    <I>&#147;INTRODUCTION&#148;</I> and <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;17. Fees and
    Expenses.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;How
    will payment be made for the Securities I tender?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders will be deemed to have accepted for payment (and
    thereby purchased) Shares or ADSs validly tendered in the
    U.S.&#160;Offer and not properly withdrawn when the Bidders give
    written notice to the U.S.&#160;Receiving Agent of acceptance
    for payment of such Shares and ADSs. The Bidders will not accept
    or pay for any Securities tendered in the U.S.&#160;Offer or the
    Argentine Offer until the Required Regulatory Approval has been
    obtained. If the Required Regulatory Approval has been obtained
    prior to the Expiration Time on the Expiration Date or any
    extension thereof, payment will be made promptly, but no earlier
    than 3 (three) business days after the Expiration Time on the
    Expiration Date, and if the Required Regulatory Approval has
    been obtained after the Expiration Time on the Expiration Date
    or any extension thereof, no later than 3 (three) business days
    after the Required Regulatory Approval has been obtained and the
    Bidders have announced that they are accepting and making
    payment for the Securities tendered prior to the Expiration Time
    on the Expiration Date or any extension thereof and not
    previously withdrawn. (See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;2. Acceptance for
    Payment and Payment.&#148;)</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment for Shares and ADSs accepted pursuant to the
    U.S.&#160;Offer will be made, provided the Required Regulatory
    Approval has been obtained, by deposit of the Offer Price
    therefore in U.S.&#160;dollars with the U.S.&#160;Receiving
    Agent and subsequent payment to tendering holders through the
    U.S.&#160;Receiving Agent. The U.S.&#160;Receiving Agent will
    act as an agent for tendering holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    respectively, for the purpose of receiving payments from the
    Bidders and disbursing payments to such tendering holders of
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    whose Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    have been accepted for payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each sale of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer will be settled in
    U.S.&#160;dollars. Holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    who wish to convert the U.S.&#160;dollars received in connection
    with the U.S.&#160;Offer into another currency will bear all
    exchange rate risk associated with this conversion and will bear
    additional exchange rate risks should the U.S.&#160;Offer be
    extended. For more information on the payment mechanics see
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;2.
    Acceptance for Payment.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Do
    the Bidders have the financial resources to make
    payment?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If all outstanding Shares not held by Repsol or the Bidders and
    their subsidiaries (less than 1.0% of the outstanding
    Securities) are tendered in the Offers, we will need up to
    approximately U.S.&#160;$190,000,000 (one hundred and ninety
    million dollars), in the aggregate, to purchase Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    tendered in the U.S.&#160;Offer and the Argentine Offer, as
    applicable. The Purchaser has entered into a loan agreement with
    Banco Santander S.A., providing Purchaser with a commitment of
    up to U.S.&#160;$198,500,000 (one hundred and ninety eight
    million five hundred thousand dollars), which is available until
    January&#160;15, 2009, to finance the Offers and pay related
    fees and expenses. See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;10. Source and Amount of Funds; Certain
    Requirements with respect to the Price under the
    Offers.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Is
    the financial condition of the Bidders relevant to my decision
    to tender in the U.S. Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not think our financial condition is relevant to your
    decision whether or not to tender your Securities in the
    U.S.&#160;Offer because (1)&#160;the U.S.&#160;Offer is being
    made solely for cash, (2)&#160;the U.S.&#160;Offer is not
    subject to any financing condition, and (3)&#160;the Offers are
    for all outstanding Securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Do
    the Bidders own any amount of Securities?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;20, 2008, Purchaser exercised the First Option to
    acquire 0.1% of the outstanding capital stock of YPF from Repsol
    and certain of its affiliates. Prior to the launching of the
    Offers and without giving effect to the exercise
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of the First Option, Repsol beneficially owned 84.14% of the
    outstanding Securities, Petersen SA owned 14.90% of the
    outstanding Securities, the Argentine federal and provincial
    governments owned less that 0.01% of the outstanding Securities,
    an employee fund owned 0.03% of the outstanding Securities, and
    0.93% of the outstanding Securities were owned by the public. In
    addition, the Eskenazi Family holds an option to purchase from
    Repsol and certain of its affiliates, 39,331,279 Class&#160;D
    Shares or ADSs representing up to an additional 10% in the
    aggregate of the outstanding capital stock of YPF at any time on
    or prior to February&#160;21, 2012. See
    <I>&#147;INTRODUCTION.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Why
    is there a separate Argentine Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YPF is an Argentine corporation. Its ADSs and the Class&#160;D
    Shares underlying them are registered under the Exchange Act and
    listed on the NYSE. YPF&#146;s Class&#160;D Shares are listed on
    the BASE. Because upon consummation of the First Option the
    Eskenazi Family will hold 15% of the total outstanding
    Securities, the Eskenazi Family, acting directly or through an
    affiliate, is required under the By-laws to make an offer to
    purchase all remaining outstanding Securities. U.S.&#160;and
    Argentine law both require that tender offers comply with the
    home country rules and regulations. Because the U.S.&#160;and
    Argentine laws relating to tender offers are different and
    inconsistent in certain ways, we are making two separate offers.
    The terms and conditions of the Offers are substantially similar
    and only differ to the extent required by law or local customary
    market practice. We do not believe there are any material
    advantages or disadvantages to tendering Securities in the
    Argentine Offer compared to tendering in the U.S.&#160;Offer
    except that (i)&#160;U.S.&#160;holders of Shares who wish to
    participate in the Argentine Offer will not be granted the
    protection of the Exchange Act, and (ii)&#160;the offer price in
    the Argentine Offer will be settled in pesos. See
    <I>&#147;INTRODUCTION.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    is the purpose of the Offers?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offers are being made by the Bidders in connection with the
    exercise by the Purchaser of the First Option to purchase from
    Repsol and certain of its affiliates 0.1% of the outstanding
    capital stock of YPF on May&#160;20, 2008. After the
    consummation of the First Option, the Eskenazi Family will
    indirectly hold 15% of the total outstanding Securities.
    Accordingly, under the By-laws, the Eskenazi Family, acting
    directly or through an affiliate, is required to make an offer
    to purchase all remaining outstanding Securities. Repsol has
    agreed under the terms of the First Option and the SHA not to
    tender Securities held by it and its subsidiaries (collectively
    accounting for 84.14% of the total outstanding Shares) into the
    Offers. See <I>&#147;INTRODUCTION.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Who
    can participate in the U.S. Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is open to all holders of ADSs (whether or
    not held by U.S.&#160;Persons) and to holders of Shares that are
    U.S.&#160;Persons. For more information, see <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;3. Procedure for
    Tendering in the U.S.&#160;Offer&#160;&#151; Holders of
    Shares&#148;, </I>and <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;4. Procedure for Tendering in the
    U.S.&#160;Offer&#160;&#151; Holders of ADSs.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Who
    can participate in the Argentine Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All holders of Shares (including U.S.&#160;Persons) may tender
    their Shares in the Argentine Offer. Holders of ADSs may not
    tender in the Argentine Offer. <B>U.S.&#160;holders of Shares
    who wish to participate in the Argentine Offer should carefully
    consider that (i)&#160;they will not be granted the protection
    of the Exchange Act, and (ii)&#160;the offer price in the
    Argentine Offer will be settled in pesos, before they decide to
    tender their Shares in the Argentine Offer.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    happens if I hold ADSs and I want to participate in the
    Argentine Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of ADSs cannot tender ADSs in the Argentine Offer. If
    you hold ADSs and you wish to participate in the Argentine
    Offer, you should contact The Bank of New York Mellon, the
    depositary for the ADSs, at 101 Barclay Street, 22nd&#160;Floor
    West, New York, New York, 10286, telephone number
    <FONT style="white-space: nowrap">212-815-2231,</FONT>
    to convert your ADSs into Class&#160;D Shares, which may be then
    tendered directly in the Argentine Offer. You will have to pay a
    fee of up to U.S.&#160;$0.05 for each ADS converted. If you hold
    ADSs and you wish to participate in the Argentine Offer, you
    should allow sufficient time to complete all required steps to
    convert your ADSs into Class&#160;D Shares prior to the
    expiration
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iii
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of the Argentine Offer. For more information, please see
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;3.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of ADSs.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;I
    hold ADRs representing YPF&#146;s ADSs. How do I participate in
    the U.S. Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you hold ADRs and wish to tender them in the U.S.&#160;Offer,
    you should complete and sign the Letter of Transmittal and send
    it, together with your ADRs and any other required documents, to
    the U.S.&#160;Receiving Agent at the address set forth on the
    back cover of this U.S.&#160;Offer to Purchase before the
    Expiration Time on the Expiration Date. The Letter of
    Transmittal is enclosed with this U.S.&#160;Offer to Purchase
    and is also available from the U.S.&#160;Information Agent at
    its address and telephone number set forth on the back cover of
    this U.S.&#160;Offer to Purchase. Do NOT send your ADRs to the
    Bidders, Holding, YPF or the U.S.&#160;Information Agent. For
    more information about the procedure for tendering ADSs in the
    U.S.&#160;Offer, see <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;4. Procedure for Tendering in the
    U.S.&#160;Offer&#160;&#151; Holders of ADSs.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;I
    hold YPF&#146;s ADSs in book-entry form. How do I participate in
    the U.S. offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you hold ADSs in book-entry form, instruct your broker or
    custodian to arrange, before the Expiration Time on the
    Expiration Date, for the book-entry transfer of your ADSs into
    the U.S.&#160;Receiving Agent&#146;s account at DTC and to
    deliver an Agent&#146;s Message to the U.S.&#160;Receiving Agent
    via DTC&#146;s confirmation system confirming that you have
    received and agree to be bound by the terms of the
    U.S.&#160;Offer. For more information about the procedures for
    tendering ADSs in the U.S.&#160;Offer, see <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;4. Procedure for
    Tendering in the U.S.&#160;Offer&#160;&#151; Holders of
    ADSs.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">What
    happens if I am not able to provide the U.S. Receiving Agent
    with all the documents required for the tender of
    ADSs?</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You will not be able to tender you Securities in the
    U.S.&#160;Offer. There will be no guaranteed delivery process
    available to tender ADSs. For more information about the
    procedures for tendering ADSs in the U.S.&#160;Offer, see
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;4.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of ADSs.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;I
    am a U.S. person and I hold Class&#160;D Shares of YPF. How do I
    participate in the U.S. Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a U.S.&#160;Person and desire to accept the
    U.S.&#160;Offer in respect of all or any portion of your held
    YPF Class&#160;D Shares, and your Shares are registered in your
    name in the register of holders of Shares of YPF kept with Caja
    de Valores, or in the collective deposit system of Caja de
    Valores, you should follow the instructions set forth in this
    U.S.&#160;Offer to Purchase. Any holder of Shares whose Shares
    are registered in the name of a broker, dealer, commercial bank,
    trust company or other nominees must contact such broker,
    dealer, commercial bank, trust company or other nominee if such
    holder desires to tender such Shares. For more information see
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;3.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of Shares.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;How
    long do I have to decide whether to tender in the U.S.
    Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may tender your Shares and ADSs in the U.S.&#160;Offer from
    the Commencement Date through the Expiration Time on the
    Expiration Date, unless the U.S.&#160;Offer is extended, in
    which case you will have until the New Expiration Date to tender
    your Securities. Please be aware that if your Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    are held by a broker, bank or other custodian, they may require
    advance notification before the Expiration Time on the
    Expiration Date or the New Expiration Date, as applicable. For
    more information, see <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;1. Terms of the U.S.&#160;Offer.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Can
    the U.S. Offer be extended and under what
    circumstances?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under U.S.&#160;law, we may extend the U.S.&#160;Offer at any
    time, in our sole discretion, by giving oral or written notice
    of such extension to the
    Securities<FONT style="font-family: Symbol; font-variant: normal">&#162;</FONT>
    holders and by making a public announcement of such extension.
    If we make a material change in the terms of the U.S.&#160;Offer
    or the information concerning the U.S.&#160;Offer or if we waive
    a material Condition of the U.S.&#160;Offer, we will also have
    to disseminate additional tender offer materials and extend the
    U.S.&#160;Offer if and to the extent required by
    <FONT style="white-space: nowrap">Rules&#160;14d-4(c),</FONT>
    <FONT style="white-space: nowrap">14d-6(c)</FONT> and
    14(e)-1 under the Exchange Act or
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iv
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    otherwise. The Bidders will announce any decision to extend the
    U.S.&#160;Offer in a press release stating the New Expiration
    Date no later than 9:00&#160;a.m., New York City time, on the
    first business day after the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Argentine law, the 20 (twenty) to 30 (thirty) business
    days initial term of the Argentine Offer must be extended for an
    additional period of 5 (five) to 10 (ten) business days to give
    those holders that have not accepted the offer during the
    original term an opportunity to do so during such additional
    term. In addition, if the CNV deems it necessary, it may require
    that the offer period be further extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for the U.S.&#160;Offer and the Argentine Offer to
    expire on the same date, the additional period of the Argentine
    Offer will expire on October&#160;20, 2008, and, except as
    required by applicable laws and regulations, the Bidders do not
    intend to extend the Expiration Date of the U.S.&#160;Offer to a
    date later than the expiration date of the additional period of
    the Argentine Offer. The Bidders do not intend to provide any
    subsequent offering periods under the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;How
    will I be notified if the U.S. Offer is extended?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we extend the U.S.&#160;Offer, we will announce such
    extension by giving written notice to the U.S.&#160;Receiving
    Agent followed as promptly as practicable by a public
    announcement thereof. During any extension, all Securities
    previously tendered in the U.S.&#160;Offer and not withdrawn
    will continue to be deemed tendered in the U.S.&#160;Offer,
    subject to the rights of a tendering holder to withdraw its
    Securities in accordance with the terms of this U.S.&#160;Offer
    to Purchase. Any notice regarding the extension of the Argentine
    Offer will be given in accordance with Argentine regulations.
    For more information regarding extensions of the
    U.S.&#160;Offer, see <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;14. Extension of Offer Period; Subsequent Offer
    Period; Termination; Amendment.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    are the conditions to the U.S. Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is not subject to any financing condition or
    minimum amount of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    tendered. However, the U.S.&#160;Offer will be subject to the
    satisfaction of the Conditions, including obtaining the Required
    Regulatory Approval, as described in <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Certain Conditions
    of the U.S.&#160;Offer.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    are the conditions to the Argentine Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Argentine Offer is subject to substantially the same
    Conditions as the U.S.&#160;Offer and is conditioned upon the
    closing of the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;How
    do I withdraw previously tendered Shares and ADSs?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be effective, a Form of Withdrawal (in the case of Shares) or
    a written or facsimile transmission notice of withdrawal (in the
    case of ADSs) must be timely received by the U.S.&#160;Receiving
    Agent at its address set forth on the back cover of this
    U.S.&#160;Offer to Purchase and must specify the name of the
    person who tendered the Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    to be withdrawn and the number of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    to be withdrawn and the name of the registered holder of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    if different from that of the person who tendered such Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs.
    For more information regarding withdrawal of Securities tendered
    from the U.S.&#160;Offer, see <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;5. Withdrawal
    Rights.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Until
    what time can I withdraw previously tendered Shares and
    ADSs?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You will be entitled to withdraw your Securities from the
    U.S.&#160;Offer at any time prior to the Expiration Time on the
    Expiration Date or the New Expiration Date, as applicable or,
    thereafter, until such time as the Bidders announce that the
    Required Regulatory Approval has been obtained and that they
    will pay the Offer Price. For more information regarding
    withdrawal of Securities tendered from the U.S.&#160;Offer, see
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;5.
    Withdrawal Rights.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Will
    I receive any Distributions with respect to the Securities
    tendered?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon consummation of the U.S.&#160;Offer, the Purchaser will
    acquire the Securities together with all economic and voting
    rights, including rights to Distributions declared on or after
    the Commencement Date. If on or after the date
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    v
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    hereof YPF should declare or pay any Distributions on the
    Securities that are payable or distributable to stockholders of
    record on YPF&#146;s stock transfer records of Shares (in the
    case of Shares) and on the transfer records of the Depositary of
    ADSs (in the case of ADSs) on a date prior to the transfer to
    the name of the Purchaser of the tendered Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    in each case that are purchased pursuant to the U.S.&#160;Offer,
    then (i)&#160;the Offer Price payable by the Bidders per
    Security in the U.S.&#160;Offer will be reduced to the extent
    such Distributions are payable in cash and (ii)&#160;any
    non-cash Distributions received and held by a tendering holder
    shall be required to be promptly remitted and transferred to the
    U.S.&#160;Receiving Agent for the account of the Purchaser
    accompanied by appropriate documents of transfer. Pending such
    remittance, Purchaser will be entitled to all rights and
    privileges, as owner of any such non-cash Distributions and may
    withhold the entire Offer Price or deduct from the Offer Price
    the amount or value thereof, as determined by Purchaser in its
    sole discretion. See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;2. Acceptance for Payment and Payment.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Do
    the holders of ADSs or Shares have appraisal rights in
    connection with the Offers?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of ADSs
    <FONT style="white-space: nowrap">and/or</FONT>
    Shares do not have appraisal rights in connection with the
    U.S.&#160;Offer or the Argentine Offer. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;16. Certain Legal
    Matters; Regulatory Approvals.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Will
    YPF continue as a public company?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We presently anticipate that YPF will continue as a public
    company and will maintain its listing on the NYSE and BASE
    following our consummation of the Offers. None of the Bidders,
    YPF or Repsol is seeking to deregister or delist the Securities.
    To the contrary, in addition to the Acquisition and the Options,
    Repsol has publicly disclosed its intention to divest a
    substantial portion of its holdings in YPF, including
    undertaking a public offering of approximately 20% of YPF&#146;s
    outstanding capital stock pursuant to the SHA. To consummate the
    public offering, YPF must maintain the registration of its
    Class&#160;D Shares and ADSs and maintain the listing of each of
    those classes of securities on the NYSE. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;13. Effects of the
    Offer on the Markets for the Shares and ADSs; Registration of
    Shares under the Exchange Act and the Argentine Public Offering
    Law.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    does the Board of YPF think of the Offers commenced by the
    Bidders?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with Argentine law, on May&#160;23, 2008, the
    Board of Directors of YPF issued a favorable opinion on the
    reasonableness of the Offer Price under the Offers and
    recommended the acceptance of the Offers to the holders of
    Securities, issuing the corresponding report on the Offer Price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under U.S.&#160;law, within ten business days after the day the
    U.S.&#160;Offer is commenced, YPF is required by the Exchange
    Act to file with the SEC and distribute to holders of Securities
    that are U.S.&#160;residents a Tender Offer
    Solicitation/Recommendation Statement on
    <FONT style="white-space: nowrap">Schedule&#160;14D-9</FONT>
    containing a statement of YPF&#146;s Board&#146;s position with
    respect to the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the best of the Bidders&#146; knowledge, none of the
    executive officers, directors or affiliates of YPF has made any
    recommendation with respect to the tender offer in its
    individual capacity. For more information, see
    <I>&#147;INTRODUCTION.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Have
    any YPF shareholders agreed to tender their Securities in the
    Offers?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not entered into any agreements relating to Securities
    with shareholders of YPF other than with Repsol, with whom we
    have entered into certain agreements described in <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;11. Background of the
    Offers; Past Contacts, Transactions or Negotiations with
    YPF.&#148;</I> Under the First Option Agreement and the SHA,
    Repsol has agreed not to tender Securities held by it and its
    subsidiaries into the Offers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    are the tax consequences of tendering my Securities in the U.S.
    Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sale of Securities for cash pursuant to the U.S.&#160;Offer
    will be a taxable transaction for United States federal income
    tax purposes and possibly for state, local and foreign income
    tax purposes as well. In general, a U.S.&#160;holder (as defined
    in <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;6.
    Certain Tax Considerations&#148;</I>) who sells Securities
    pursuant to the U.S.&#160;Offer will recognize gain or loss for
    United States federal income tax purposes equal to the
    difference, if any,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    vi
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    between the amount of cash received and the holder&#146;s
    adjusted tax basis in the Securities sold pursuant to the
    U.S.&#160;Offer. Gain or loss will be determined separately for
    each block of Securities (i.e., Securities acquired at the same
    cost in a single transaction) tendered pursuant to the
    U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a discussion of Argentine tax consequences and further
    discussion of U.S.&#160;tax consequences to U.S.&#160;security
    holders tendering their Securities in the U.S.&#160;Offer, see
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;6. Certain
    Tax Considerations.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Because individual circumstances may differ, holders of
    Securities are urged to consult their own tax advisors to
    determine the applicability of the rules discussed above and the
    specific tax consequences of the U.S.&#160;Offer to them,
    including the application and effect of the alternative minimum
    tax, and any state, local and foreign tax laws and of changes in
    such laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;What
    is the market value of my ADSs and Class&#160;D Shares as of a
    recent date?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;21, 2008, the last trading day before we announced
    our intention to commence the U.S.&#160;Offer, the closing price
    of ADSs reported on the NYSE was U.S.&#160;$47.63, or
    Ps.&#160;149.22, per ADS, and the closing price of the
    Class&#160;D Shares reported on the BASE was Ps.&#160;153.00 per
    Class&#160;D Share, or U.S.$48.83, per share, using the selling
    exchange rate of Ps.&#160;3.13 per U.S.&#160;$1.00 reported by
    Banco de la Naci&#243;n Argentina on May&#160;21, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;10, 2008, the last trading day before we
    commenced the U.S.&#160;Offer, the closing price of ADSs
    reported on the NYSE was U.S.&#160;$48.52.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;10, 2008, the last trading day before we
    commenced the U.S.&#160;Offer, the closing price of the
    Class&#160;D Shares reported on the BASE was Ps.&#160;150.50 per
    Class&#160;D Share, or U.S.$&#160;48.96, per share, using the
    seller exchange rate of Ps.&#160;3.07 per U.S.&#160;$1.00
    reported by Banco de la Naci&#243;n Argentina on
    September&#160;10, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should obtain a recent quotation for Class&#160;D Shares and
    ADSs in deciding whether to tender your Class&#160;D Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    in the U.S.&#160;Offer. See <I>&#147;Section&#160;7. Price Range
    of Shares and ADSs; Dividends&#148;</I> and
    <I>&#147;Section&#160;8. Certain Information Concerning
    YPF.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">&#149;&#160;Whom
    can I talk to if I have questions about the U.S.
    Offer?</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions about the procedure for tendering
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    into the U.S.&#160;Offer, please contact the
    U.S.&#160;Information Agent at its address and telephone number
    as it appears on the back cover of this U.S.&#160;Offer to
    Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THIS U.S.&#160;OFFER TO PURCHASE AND THE RELATED OFFER DOCUMENTS
    CONTAIN IMPORTANT INFORMATION AND SHOULD BE READ IN THEIR
    ENTIRETY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE
    U.S.&#160;OFFER.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    vii
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>To All U.S. Holders of Shares and/or Holders of ADSs of</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>YPF Sociedad An&#243;nima:</B>
</DIV>
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INTRODUCTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We, Petersen Energ&#237;a Inversora, S.A.
    (&#147;<B>Purchaser&#148;)</B>, a corporation <I>(sociedad
    an&#243;nima)</I> organized under the laws of the Kingdom of
    Spain, together with Enrique Eskenazi, Sebasti&#225;n Eskenazi,
    Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi Storey
    (collectively, the <B>&#147;Eskenazi Family&#148;</B>, and
    together with the Purchaser, the <B>&#147;Bidders&#148;</B>) are
    offering to purchase (1)&#160;Class&#160;A Shares, Class&#160;B
    Shares, Class&#160;C Shares and Class&#160;D Shares of YPF
    Sociedad An&#243;nima <B>(&#147;YPF&#148;</B> or the
    <B>&#147;Issuer&#148;)</B>, a corporation <I>(sociedad
    an&#243;nima)</I> organized under the laws of the Republic of
    Argentina <B>(&#147;Argentina&#148;)</B> (all such shares having
    par value of 10 pesos per share, collectively, the
    <B>&#147;Shares&#148;</B>) held by U.S.&#160;Persons (as defined
    below) and (2)&#160;all outstanding American Depositary Shares
    (each representing one Class&#160;D Share of YPF) (the
    <B>&#147;ADSs&#148;</B>, and together with the Shares, the
    <B>&#147;Securities&#148;)</B>, at a price of U.S.&#160;$49.45
    (forty-nine dollars and forty-five cents) per Security, in cash
    (the <B>&#147;Offer Price&#148;)</B>, without interest thereon,
    and less any required withholding taxes and, if applicable, any
    Distributions, upon the terms and subject to the conditions set
    forth in this offer to purchase (the <B>&#147;U.S.&#160;Offer to
    Purchase&#148;</B>) and in the related documents (which,
    together with any amendments or supplements hereto, collectively
    constitute the <B>&#147;U.S.&#160;Offer&#148;</B>). We are
    making the U.S.&#160;Offer in conjunction with an offer in
    Argentina by Purchaser for all outstanding Shares (but not ADSs)
    (the <B>&#147;Argentine Offer,&#148;</B> and together with the
    U.S.&#160;Offer, the <B>&#147;Offers&#148;</B>).
    <FONT style="white-space: nowrap">Non-U.S.&#160;Persons</FONT>
    will not be permitted to tender their Shares in the
    U.S.&#160;Offer. ADSs (whether or not held by U.S.&#160;Persons)
    may only be tendered in the U.S.&#160;Offer. The price offered
    in the Argentine Offer is the same as the Offer Price in the
    U.S.&#160;Offer, payable in Argentine pesos in the case of the
    Argentine Offer. The Bidders do not intend to change the Offer
    Price and, while the Offers are open, will not purchase or make
    any arrangements to purchase Securities, other than pursuant to
    the Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are making the Offers to comply with certain provisions of
    the by-laws of YPF (the <B>&#147;By-laws&#148;</B>) in
    connection with our simultaneous acquisition from Repsol YPF,
    S.A. <B>(&#147;Repsol&#148;)</B> and certain of its affiliates,
    of an additional 0.1% of the outstanding capital stock of YPF
    pursuant to the terms of the First Option (as defined below).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, Repsol and certain of its affiliates
    granted the Eskenazi Family, the ultimate beneficial owners of
    Purchaser, an option to purchase from Repsol and such
    affiliates, at any time on or prior to February&#160;21, 2012,
    39,724,592 Class&#160;D Shares or ADSs representing up to an
    additional 10.1% in the aggregate of the outstanding capital
    stock of YPF pursuant to an agreement (the <B>&#147;First Option
    Agreement&#148;</B>) for the purchase of 0.1% of the outstanding
    capital stock of YPF (the <B>&#147;First Option&#148;</B>) and a
    separate agreement (the <B>&#147;Second Option
    Agreement&#148;</B> and, together with the First Option
    Agreement, the <B>&#147;Option Agreements&#148;</B>) for the
    purchase of up to 10% of the outstanding capital stock of YPF
    (the <B>&#147;Second Option&#148;</B> and, together with the
    First Option, the <B>&#147;Options&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Options were granted by Repsol in conjunction with the
    acquisition on February&#160;21, 2008, by Petersen Energ&#237;a,
    S.A. <B>(&#147;Petersen SA&#148;)</B>, an affiliate of Purchaser
    of 58,603,606 ADSs of YPF (the <B>&#147;Acquisition&#148;</B>)
    representing 14.9% of the total outstanding capital stock of YPF
    at a price per share of U.S.&#160;$38.13758 pursuant to the
    terms and subject to the conditions set forth in the Stock
    Purchase Agreement, dated February&#160;21, 2008, between
    Repsol, certain of Repsol&#146;s affiliates and Petersen SA (the
    <B>&#147;SPA&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;7, 2008, the Eskenazi Family assigned all of its
    rights and obligations under the First Option to Purchaser and
    Purchaser&#146;s exercised the First Option on May&#160;20,
    2008. Thus, upon consummation of the First Option, the Eskenazi
    Family will indirectly hold 15% or more of the total outstanding
    Securities. Under the by-laws of YPF (the
    <B>&#147;By-laws&#148;)</B>, the Eskenazi Family, acting
    directly or through an affiliate, must make an offer to purchase
    all remaining outstanding Securities. Repsol agreed under the
    terms of the First Option and of a Shareholders&#146; Agreement
    among Repsol, certain Repsol&#146;s affiliates, and Petersen SA,
    dated February&#160;21, 2008 (the <B>&#147;SHA&#148;</B>), not
    to tender Securities held by it and its subsidiaries into the
    Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to YPF&#146;s Annual Report for fiscal year 2007 filed
    on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    on April&#160;16, 2008 <B>(&#147;YPF 20-F&#148;)</B>, subsequent
    to Petersen SA&#146;s purchase of ADSs pursuant to the SPA, the
    beneficial ownership of the outstanding capital stock of YPF was
    as follows: Repsol, 84.14% (ADSs or Class&#160;D Shares);
    Petersen SA, 14.9% (ADSs representing Class&#160;D Shares);
    public shareholders, 0.93% (ADSs or Class&#160;D Shares);
    Argentine Federal and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provincial Governments, less than 0.01% (Class&#160;A and
    Class&#160;B Shares, respectively); and employee fund, 0.03%
    (Class&#160;C Shares).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer Period will commence at 9&#160;a.m., New York City
    time on Thursday, September&#160;11, 2008 (the
    <B>&#147;Commencement Date&#148;</B>) and will expire at
    5&#160;p.m., New York City time, on Monday, October&#160;20,
    2008 (the <B>&#147;Expiration Time&#148;</B>,
    <B>&#147;Expiration Date&#148;</B>, and <B>&#147;Offer
    Period&#148;</B>, respectively), unless the U.S.&#160;Offer is
    extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer Period for the U.S.&#160;Offer will expire at the
    Expiration Time on the Expiration Date, unless we extend the
    U.S.&#160;Offer. The Bidders will announce any decision to
    extend the U.S.&#160;Offer in a press release stating the new
    expiration date (the <B>&#147;New Expiration Date&#148;</B>) no
    later than 9:00&#160;a.m., New York City time, on the first
    business day after the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is not conditioned on any minimum number of
    Securities being tendered. However, the U.S.&#160;Offer is
    subject to other Conditions (as defined below). Acceptance and
    payment of the Offer Price will be made only after the Required
    Regulatory Approval (as defined below) has been obtained. If the
    Required Regulatory Approval has not been obtained by
    January&#160;15, 2009, the Bidders will return any tendered
    Securities promptly thereafter. Furthermore, if following the
    Expiration Time on the Expiration Date but prior to
    January&#160;15, 2009, the CNDC (as defined below) issues the
    Required Regulatory Approval subject to conditions that are
    materially adverse to YPF (the <B>&#147;Conditioned
    Approval&#148;)</B>, or notifies the Bidders that the Required
    Regulatory Approval will be denied (the <B>&#147;Denial
    Notice&#148;)</B>, the Bidders will return all tendered
    Securities promptly after notice of such Conditioned Approval or
    Denial Notice has been received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tendering holders will have withdrawal rights until the
    Expiration Date or the New Expiration Date, as applicable or,
    thereafter, until such time as the Bidders announce that the
    Required Regulatory Approval has been obtained and that they
    will pay the Offer Price. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;2. Acceptance for
    Payment and Payment&#148; </I>and <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Conditions of the
    U.S.&#160;Offer.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;23, 2008, in a letter to the CNV (as defined below),
    the Board of Directors of YPF issued a favorable opinion on the
    reasonableness of the Offer Price under the Offers and
    recommended the acceptance of the Offers to the holders of
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADS
    of YPF. The Board of Director of YPF based its recommendation on
    the fact that (i)&#160;the Offer Price complies with the
    provisions of the By-laws, and (ii)&#160;the Offers provide for
    payment in cash. The Board of Directors of YPF was required to
    make a recommendation as to acceptance or rejection of the
    Offers pursuant to the By-laws and CNV regulations. Under
    U.S.&#160;law, within ten business days after the day the
    U.S.&#160;Offer is commenced, YPF is required by the Exchange
    Act to file with the SEC (as defined below) and distribute to
    holders of Securities that are U.S.&#160;residents a Tender
    Offer Solicitation/Recommendation Statement on
    <FONT style="white-space: nowrap">Schedule&#160;14D-9</FONT>
    containing a statement of YPF&#146;s Board&#146;s position with
    respect to the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are the record owner of ADSs on the books of the YPF
    Depositary and you tender your ADSs in the U.S.&#160;Offer, you
    will not have to pay brokerage fees or similar expenses. If you
    own your Shares or ADSs through a broker or other nominee, and
    your broker tenders your Shares or ADSs on your behalf, your
    broker or nominee may charge you a fee for doing so. You should
    consult your broker or nominee to determine whether any charges
    will apply. For more information, see <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;17. Fees and
    Expenses.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Exemptions and No-Action Relief Requested from the Securities
    and Exchange Commission (the &#147;SEC&#148;).</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to facilitate the making of the U.S.&#160;Offer, we
    have requested from the SEC relief with respect to certain rules
    promulgated under the Securities Exchange Act of 1934 (the
    <B>&#147;Exchange Act&#148;</B>). In particular, we have
    requested the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exemptive relief from the provisions of
    <FONT style="white-space: nowrap">Rule&#160;14d-10(a)(1)</FONT>
    under the Exchange Act to permit the dual U.S.&#160;and
    Argentine offer structure described in this U.S.&#160;Offer to
    Purchase;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exemptive relief from the provisions of
    <FONT style="white-space: nowrap">Rule&#160;14e-5</FONT>
    under the Exchange Act.
    <FONT style="white-space: nowrap">Rule&#160;14e-5</FONT>
    prohibits a person making a tender offer for an equity security
    registered under Section&#160;12 of the Exchange Act from,
    directly or indirectly, purchasing or making any arrangement to
    purchase such equity or any security convertible into, or
    exchangeable for such equity security, otherwise than pursuant
    to a tender offer, from the time the offer is publicly announced
    until its expiration. Accordingly, in the absence of the
    exemptive relief, the application of
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">Rule&#160;14e-5</FONT>
    may be construed as prohibiting us from arranging to purchase or
    purchasing Shares in the Argentine Offer. The exemption from
    <FONT style="white-space: nowrap">Rule&#160;14e-5</FONT>
    would permit us to make arrangements to purchase and purchase
    Shares pursuant to the Argentine Offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we requested that the SEC confirm that it would not
    recommend enforcement action under
    <FONT style="white-space: nowrap">Rule&#160;14e-1(c)</FONT>
    of the Exchange Act if we accept and pay for Securities that
    have been tendered and not withdrawn only upon the receipt of
    the Required Regulatory Approval consistent with the description
    of the Offers contained herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September 9, 2008, the SEC granted the no-action and
    exemptive relief described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This U.S.&#160;Offer to Purchase and its related documents
    contain important information and should be read carefully and
    in their entirety before any decision is made with respect to
    the U.S.&#160;Offer.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE U.S.
    OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='104'><B>1.&#160;Terms of the U.S.</A>&#160;Offer.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the Conditions set forth in the
    U.S.&#160;Offer to Purchase (including, if the U.S.&#160;Offer
    is extended or amended, the terms and conditions of any
    extension or amendment), the Bidders will accept for payment and
    pay for all Shares and ADSs that are validly tendered on or
    prior to the Expiration Time on the Expiration Date or the New
    Expiration Date, as applicable, and not withdrawn as provided in
    Section&#160;5.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under U.S.&#160;law, if the Bidders make a material change in
    the terms of the U.S.&#160;Offer or the information concerning
    the U.S.&#160;Offer or if they waive a material Condition of the
    U.S.&#160;Offer, the Bidders will disseminate additional tender
    offer materials and extend the U.S.&#160;Offer if and to the
    extent required by
    <FONT style="white-space: nowrap">Rules&#160;14d-4(c),</FONT>
    <FONT style="white-space: nowrap">14d-6(c)</FONT> and
    14(e)-1 under the Exchange Act (which require that material
    changes be promptly disseminated to shareholders in a manner
    reasonably designed to inform them of such changes) or
    otherwise. The minimum period during which an offer must remain
    open following material changes in the terms of the offer or
    information concerning the offer, other than a change in price
    or a change in percentage of securities sought, will depend upon
    the facts and circumstances, including the relative materiality
    of the terms or information changes. In the SEC&#146;s view, an
    offer should remain open for a minimum of 5 (five) business days
    from the date the material change is first published, sent or
    given to holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    and with respect to a change in price or a change in percentage
    of securities sought, a minimum 10 (ten)
    <FONT style="white-space: nowrap">business-day</FONT>
    period is generally required to allow for adequate dissemination
    to shareholders and investor response. For purposes of the
    Offer, a <B>&#147;business day&#148;</B> means any day other
    than a Saturday, Sunday or a federal holiday, and consists of
    the time period from 12:01&#160;a.m. through 12:00 midnight,
    New&#160;York City time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Argentine law, the 20 (twenty) to 30 (thirty) business
    days initial term of the Argentine Offer must be extended for an
    additional period of 5 (five) to 10 (ten) business days, to give
    those holders that have not accepted the offer during the
    original term an opportunity to do so during such additional
    term. Purchaser may also request that the <I>Comisi&#243;n
    Nacional de Valores </I>(the Argentine Securities Commission or
    <B>&#147;CNV&#148;</B>) authorize the amendment of the terms of
    the Argentine Offer at any time prior to the last 7 (seven) days
    of the initial offering period, as long as the amendment
    reflects an improvement of the original offer (e.g. by means of
    an increase in the consideration offered), which request will
    automatically extend the offer period for 7 (seven) additional
    business days. In addition, if the CNV deems it necessary, it
    may require that the offer period be further extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is subject to certain Conditions set forth
    in Section&#160;15. If any such Conditions are not satisfied,
    the Bidders may (i)&#160;terminate the U.S.&#160;Offer and
    return all tendered Securities to tendering shareholders,
    (ii)&#160;extend the U.S.&#160;Offer and, subject to withdrawal
    rights as set forth in Section&#160;5, retain all such
    Securities until the expiration of the U.S.&#160;Offer as so
    extended, (iii)&#160;waive such Conditions and, subject to any
    requirement to extend the period of time during which the
    U.S.&#160;Offer is open, purchase all Securities validly
    tendered by the Expiration Time on the Expiration Date and not
    withdrawn, or (iv)&#160;delay acceptance for payment or payment
    for Securities, subject to applicable law, until satisfaction or
    waiver of the Conditions to the U.S.&#160;Offer. For a
    description of the Bidders&#146; right to extend the period of
    time during which the U.S.&#160;Offer is open and to amend,
    delay or terminate the U.S.&#160;Offer, or delay payment of the
    Offer Price, see <I>&#145;&#145;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;14. Extension of Offer Period; Subsequent Offer
    Period; Termination; Amendment.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to applicable law or the requirements of any judicial or
    governmental authority, we have agreed not to acquire Shares
    pursuant to the Argentine Offer without purchasing Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer, and vice versa. In addition, we
    have agreed not to purchase or make any arrangement to purchase
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    outside of the U.S.&#160;Offer during the U.S.&#160;Offer except
    for any purchase of Shares pursuant to the Argentine Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders have published a summary advertisement (the
    <B>&#147;Summary Advertisement&#148;</B>) of the U.S.&#160;Offer
    in The New York Post on the date hereof. In addition, this
    U.S.&#160;Offer to Purchase and the related Form of Acceptance,
    Form of Withdrawal, and Letter of Transmittal will be mailed to
    U.S.&#160;holders of Shares and holders of ADSs, and to brokers,
    banks and similar persons who request them pursuant to the
    procedure set forth in the Summary Advertisement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='105'><B>2.&#160;Acceptance for Payment and
    Payment.</B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the U.S.&#160;Offer, the Bidders will be deemed
    to have accepted for payment (and thereby purchased) Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    validly tendered and not properly withdrawn when the Bidders
    give written notice to the U.S.&#160;Receiving Agent of
    acceptance for payment of such Shares and ADSs (the
    <B>&#147;Acceptance Date&#148;</B>) after the Required
    Regulatory Approval has been obtained.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for the U.S.&#160;Offer and the Argentine Offer to
    expire on the same date, the additional period of the Argentine
    Offer will expire on October&#160;20, 2008, and, except as
    required by applicable laws and regulations, the Bidders do not
    intend to extend the Expiration Date of the U.S.&#160;Offer to a
    date later than the expiration date of the additional period of
    the Argentine Offer. The Bidders do not intend to provide any
    subsequent offering periods under the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer Price for the Shares accepted for payment pursuant to
    the U.S.&#160;Offer will be settled and paid in
    U.S.&#160;dollars. Holders of Shares who wish to convert the
    U.S.&#160;dollars received in connection with the
    U.S.&#160;Offer into another currency will bear all exchange
    rate risk associated with this conversion and will bear
    additional exchange rate risks should the U.S.&#160;Offer be
    extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once the Bidders have accepted the tendered Shares for payment,
    payment for Shares accepted by the Bidders pursuant to the
    U.S.&#160;Offer will be made 3 (three) business days after the
    Acceptance Date (the <B>&#147;Payment Date&#148;</B>) by deposit
    of the Offer Price therefore in U.S.&#160;dollars with the
    U.S.&#160;Receiving Agent and subsequent payment to holders
    tendering Shares in the U.S.&#160;Offer through the
    U.S.&#160;Receiving Agent by a check to be mailed to the address
    indicated by the tendering holders in the Form of Acceptance.
    Payment of the Offer Price shall be made by the
    U.S.&#160;Receiving Agent only to the person identified on the
    Tender Certificate (as defined below) as the seller of the
    tendered Shares, and any of said persons shall be treated both
    by the Bidders and by the U.S.&#160;Receiving Agent as the sole
    owner and seller of the tendered Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Receiving Agent will act as agent for
    U.S.&#160;tendering holders of Shares for the purpose of
    receiving payments from the Bidders and transmitting payments to
    such tendering holders of Shares whose Shares have been accepted
    for payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADSs</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer Price for the ADSs accepted for payment pursuant to
    the U.S.&#160;Offer will be in U.S.&#160;dollars. Holders of
    ADSs who wish to convert the U.S.&#160;dollars received in
    connection with the U.S.&#160;Offer into another currency will
    bear all exchange rate risk associated with that conversion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment for ADSs accepted pursuant to the U.S.&#160;Offer will
    be made by deposit of the Offer Price therefor in
    U.S.&#160;dollars with the U.S.&#160;Receiving Agent. The
    U.S.&#160;Receiving Agent will act as agent for tendering
    holders of ADSs for the purpose of receiving payments from the
    Bidders and transmitting payments to such tendering holders of
    ADSs whose ADSs have been accepted for payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General
    Provisions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    are not purchased for any reason, the documents of title
    relating to the Shares or American Depositary Receipts (the
    <B>&#147;ADRs&#148;</B>) evidencing ADSs and other documents of
    title, if any, will be returned, without expense to, but at the
    risk of, the tendering holder (or, in the case of ADSs delivered
    by book-entry transfer, by transfer of such ADSs to an account
    maintained at the appropriate Book-Entry Transfer Facility), as
    promptly as practicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchaser seeks to acquire the Securities together with all
    economic and voting rights, including rights to Distributions
    declared on or after the Commencement Date. Accordingly, if on
    or after the date hereof YPF should declare or pay any
    Distributions on the Securities that are payable or
    distributable to stockholders of record on a date prior to the
    transfer to the name of the Purchaser on YPF&#146;s stock
    transfer records of Shares (in the case of Shares) and on the
    transfer records of the Depositary of ADSs (in the case of
    ADSs), in each case that are purchased
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    pursuant to the U.S.&#160;Offer, then (i)&#160;the Offer Price
    payable by the Bidders per Security in the U.S.&#160;Offer will
    be reduced to the extent such Distributions are payable in cash
    and (ii)&#160;any non-cash Distributions received and held by a
    tendering holder shall be required to be promptly remitted and
    transferred to the U.S.&#160;Receiving Agent for the account of
    the Purchaser accompanied by appropriate documents of transfer.
    Pending such remittance, Purchaser will be entitled to all
    rights and privileges, as owner of any such non-cash
    Distributions and may withhold the entire Offer Price or deduct
    from the Offer Price the amount or value thereof, as determined
    by Purchaser in its sole discretion. In the case of
    Distributions payable or distributable in cash to stockholders
    of record on a date prior to the transfer to the name of the
    Purchaser on YPF&#146;s stock transfer records of Shares (in the
    case of Shares) and on the transfer records of the Depositary of
    ADSs (in the case of ADSs), tendering holders of Securities that
    intend to transfer such Distributions to the Purchaser and claim
    the Offer Price without deduction for such Distribution should
    contact the U.S.&#160;Receiving Agent well in advance of the
    Expiration Date. <B>&#147;Distributions&#148;</B> mean any
    distributions declared or paid by YPF in respect of any tendered
    Securities on or after the Commencement Date including, but not
    limited to, any payment of dividends in cash or in kind (in
    Shares or securities of any type), distributions of reserves,
    reimbursements of capital, full or partial redemptions,
    distributions for capital reductions, or rights to purchase any
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Under no circumstances will interest be paid on the Offer
    Price for the tendered Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    whether or not the Expiration Date is extended.</B> After the
    Acceptance Date, the Bidders&#146; obligation to make payments
    to tendering holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    shall continue until funds deposited with the
    U.S.&#160;Receiving Agent are paid to tendering holders of
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs.
    Upon the deposit of funds with the U.S.&#160;Receiving Agent for
    the purpose of making payments to tendering holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    the Bidders&#146; obligation to make the payment shall be
    satisfied, and tendering holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    must thereafter look solely to the U.S.&#160;Receiving Agent
    with respect to the Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    for payment of amounts owed to them by reason of the acceptance
    for payment of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent permitted by applicable Argentine and
    U.S.&#160;securities laws, we reserve the right to transfer or
    assign, in whole or in part at any time, to one or more of our
    subsidiaries or affiliates, the right to purchase Securities in
    the Offers, but any such transfer of assignment will not relieve
    us of our obligations under the Offers and will not prejudice
    the rights of tendering holders to receive payment for
    Securities validly tendered and accepted upon the terms and
    subject to the conditions set forth in the Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='106'><B>3.&#160;Procedure for Tendering in the
    U.S.&#160;Offer&#160;&#151; Holders of Shares</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only holders of Shares who are U.S.&#160;Persons are eligible to
    participate in the U.S.&#160;Offer. All other holders of Shares,
    and holders of Shares who are U.S.&#160;Persons but wish to
    participate in the Argentine Offer, must tender their Shares in
    the Argentine Offer. <B>U.S.&#160;holders of Shares who wish to
    participate in the Argentine Offer should carefully consider
    that (i)&#160;they will not be granted the protection of the
    Exchange Act, and (ii)&#160;the offer price in the Argentine
    Offer will be settled in pesos, before they decide to tender
    their Shares in the Argentine Offer. </B>For assistance in
    connection with the Argentine Offer, please contact Banco de
    Valores, S.A., the receiving agent under the Argentine Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, a <B>&#147;U.S.&#160;Person&#148;</B> means
    (1)&#160;any individual resident in the United States;
    (2)&#160;any partnership or corporation organized or
    incorporated in the United States; (3)&#160;any estate of which
    any executor or administrator is a U.S.&#160;Person;
    (4)&#160;any trust of which the trustee is a U.S.&#160;Person;
    (5)&#160;any agency or branch of a foreign entity located in the
    United States; (6)&#160;any non-discretionary account or similar
    account (other than an estate or trust) held by a dealer or
    other fiduciary for the benefit or account of a
    U.S.&#160;Person; (7)&#160;any discretionary account or similar
    account (other than an estate or trust) held by a dealer or
    other fiduciary organized, incorporated or (if an individual)
    resident in the United States; and (8)&#160;any partnership or
    corporation if (A)&#160;organized or incorporated under the laws
    of any foreign jurisdiction and (B)&#160;formed by a
    U.S.&#160;Person for the purpose of investing in securities not
    registered under the Securities Act, unless it is organized or
    incorporated, and owned by accredited investors (as defined in
    Rule&#160;501(a) under the Securities Act); excluding, in each
    case, persons deemed not to be &#147;U.S.&#160;persons&#148;
    pursuant to Rule&#160;902 (k)(2) of Regulation&#160;S under the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tendering of Shares pursuant to the U.S.&#160;Offer shall
    constitute a binding agreement between the tendering holder of
    Shares and the Bidders pursuant to the terms and subject to the
    conditions of the U.S.&#160;Offer.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the terms of the U.S.&#160;Offer and subject to the
    Conditions thereof, the Bidders shall acquire such Shares as are
    validly tendered prior to the Expiration Time on the Expiration
    Date pursuant to the requirements listed below and provided that
    tendered Shares are not withdrawn as set forth in <I>&#147;THE
    U.S.&#160;OFFER -&#151;&#160;Section&#160;5. Withdrawal
    Rights.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer to Purchase, the Form of Acceptance and
    other relevant materials may be obtained at the offices of the
    U.S.&#160;Receiving Agent, at the addresses indicated on the
    back cover of this Offer during normal business hours through
    the Expiration Time on the Expiration Date. However, failure to
    receive any documentation related to this U.S.&#160;Offer by any
    holder of Shares shall not invalidate this U.S.&#160;Offer or
    any aspect hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Procedure.</I>&#160;&#160;A U.S.&#160;holder of Shares who
    decides to tender all or part of its Shares in the
    U.S.&#160;Offer, shall follow the procedures described below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;&#160;<I>Holders whose Shares are registered under
    their name in the share registry of YPF kept by Caja de
    Valores.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder whose Shares are registered under its name in the share
    registry of YPF kept by Caja de Valores and who intends to
    tender its Shares in the U.S.&#160;Offer must first transfer the
    Shares to the collective deposit system of Caja de Valores and
    follow the procedure described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder of Shares that does not have a <I>cuenta comitente
    </I>in the collective deposit system of Caja de Valores through
    a financial intermediary <B>(&#147;Custodian&#148;)</B>, may
    open a <I>cuenta comitente </I>in its name through any
    Custodian. The Custodian will open a <I>cuenta comitente </I>at
    Caja de Valores in which it will deposit the stock certificate
    issued by Caja de Valores <B>(&#147;Certificate&#148;</B>) and a
    cash account, in the name of the holder of Shares both of which
    shall be free of charge to the holder of Shares until the
    thirtieth day after the Payment Date. For purposes of this
    U.S.&#160;Offer to Purchase, a <B>&#147;cuenta
    comitente&#148;</B> shall mean an account opened by a Custodian
    at Caja de Valores in the name of a holder of Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares may not be tendered by a U.S.&#160;holder until they
    are credited in the holder&#146;s account <I>(cuenta
    comitente)</I> at Caja de Valores. A holder wishing to open a
    <I>cuenta comitente </I>should therefore contact a Custodian
    with sufficient time to allow the Custodian to open the
    <I>cuenta comitente </I>to permit the tendering of Shares prior
    to the Expiration time on the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once the applicable requirements are met, the <I>cuenta
    comitente </I>has been opened, and the Shares have been credited
    to such <I>cuenta comitente</I>, the U.S.&#160;holder may tender
    its Shares in the U.S.&#160;Offer, following the steps set forth
    below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the U.S.&#160;holder of Shares shall request its
    Custodian to instruct Caja de Valores to transfer its Shares to
    the custodian retained by the U.S.&#160;Receiving Agent in
    Argentina (the <B>&#147;Argentine Custodian&#148;</B>) to the
    account opened by the Argentine Custodian in the name of the
    U.S.&#160;Receiving Agent for purposes of the U.S.&#160;Offer
    (<I>Depositante </I>No.&#160;583, <I>Comitente
    </I>No.&#160;1,354,127) with Caja de Valores (the
    <B>&#147;U.S.&#160;Tendered Shares Account&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Custodian will obtain from Caja de Valores a
    certificate evidencing the tendering of the Shares in the
    U.S.&#160;Offer and the transfer and registration of the Shares
    in favor of the Argentine Custodian in the U.S.&#160;Tendered
    Shares Account (the <B>&#147;Tender Certificate&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Tender Certificate shall indicate (i)&#160;the date of
    transfer, (ii)&#160;the number of Shares transferred to the
    U.S.&#160;Tendered Shares Account, and (iii)&#160;the name,
    identification number
    <FONT style="white-space: nowrap">and/or</FONT> the
    registration information with public registrar, as applicable.
    The tendering holder should provide its Custodian with this
    information and, in turn, the Custodian should make it available
    to Caja de Valores.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Once the corresponding transfer is completed, a
    U.S.&#160;holder of Shares who wishes to tender its Shares in
    the U.S.&#160;Offer shall file a completed and signed Form of
    Acceptance, the Tender Certificate, and all other documentation
    that the U.S.&#160;Receiving Agent may request, with the
    U.S.&#160;Receiving Agent at the address indicated on the back
    cover of this Offer during normal business hours, no later than
    the Expiration Time on the Expiration Date.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;<I>Holders whose Shares are deposited in the
    collective deposit system of Caja de Valores.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A U.S.&#160;holder whose Shares are deposited in the collective
    deposit system of Caja de Valores that wishes to tender its
    Shares in the U.S.&#160;Offer shall follow the steps set forth
    below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The U.S.&#160;holder shall request its Custodian to
    transfer the Shares that the holder wishes to tender into the
    U.S.&#160;Tendered Shares Account pursuant to the terms of this
    U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Custodians shall obtain a Tender Certificate evidencing
    the tendering of the Shares in the U.S.&#160;Offer, and the
    transfer and registration of the Shares in favor of the
    Argentine Custodian in the U.S.&#160;Tendered Shares Account.
    The Tender Certificate shall indicate (i)&#160;the date of
    transfer, (ii)&#160;the number of Shares transferred to the
    U.S.&#160;Tendered Shares Account, and (iii)&#160;the name,
    identification number
    <FONT style="white-space: nowrap">and/or</FONT> the
    public registrar&#146;s information, as applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Once the corresponding transfer is completed, a
    U.S.&#160;holder of Shares that wishes to tender its Shares in
    the U.S.&#160;Offer shall file the completed and signed Form of
    Acceptance, the Tender Certificate, and all other documentation
    that the U.S.&#160;Receiving Agent may request, with the
    U.S.&#160;Receiving Agent at the address indicated on the back
    cover of this U.S.&#160;Offer, no later than the Expiration Time
    on the Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;<I>General Provisions</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shares held directly may not be tendered by a U.S.&#160;person
    in the U.S.&#160;Offer until they are transferred into the
    collective deposit system and credited in the holder&#146;s
    account (<I>cuenta comitente</I>) at Caja de Valores. Each
    holder wishing to open a <I>cuenta comitente </I>should
    therefore contact a Custodian with sufficient time to allow the
    Custodian to open the <I>cuenta comitente </I>to permit the
    tendering of Shares prior to the Expiration time on the
    Expiration Date. Each holder of Shares should consult with its
    Custodian as to whether there may be any delay in the issuance
    of the Tender Certificate by Caja de Valores. The transfer of
    Shares to the U.S.&#160;Tendered Shares Account (and the
    obtaining of the Tender Certificate) may take time. Neither the
    Bidders nor the U.S.&#160;Receiving Agent may provide holders of
    Shares with a specific timeframe for performing these steps, and
    therefore each holder should start this procedure as soon as
    possible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only the person or persons whose name or names appear on the
    Tender Certificate may sign the corresponding Form of
    Acceptance. If the tendered Shares are deposited in joint
    accounts, all holders in whose name the Shares are registered
    must sign a Form of Acceptance even if the Tender Certificate
    has been issued in the name of a single person. However, if each
    joint account holder is authorized to dispose the Shares without
    the consent of the other holder/s, any of the joint account
    holders may sign the Form of Acceptance. Unless evidence is
    provided to the contrary, joint account holders will be deemed
    to require the consent of the other holder/s to dispose the
    Shares deposited in the joint account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;holders of Shares may chose to file the Form of
    Acceptance personally, by authorized agent, or through their
    Custodians.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The method for delivering the Tender Certificate, the Form of
    Acceptance, and all the other documents required is at the sole
    option and risk of the tendering holders of Shares. The Shares
    shall be deemed tendered only when the Shares have been
    deposited in the U.S.&#160;Tendered Shares Account and the Form
    of Acceptance, the Tender Certificate, and other required
    documents have been received, and not rejected, by the
    U.S.&#160;Receiving Agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the right of any tendering U.S.&#160;holder to
    withdraw any tendered Shares, the U.S.&#160;Receiving Agent will
    keep the Shares deposited in the U.S.&#160;Tendered Shares
    Account until such time as the U.S.&#160;Offer is settled and
    the Bidders pay the Offer Price or the U.S.&#160;Offer is
    terminated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When a U.S.&#160;Person that holds Shares and wishes to
    participate in the U.S.&#160;Offer has correctly completed the
    procedure described in this section, it shall be deemed to have
    tendered its Shares in the U.S.&#160;Offer and to have accepted
    all the terms and conditions thereof. The Shares shall not be
    deemed to have been tendered in the U.S.&#160;Offer until such
    time as the U.S.&#160;Receiving Agent has received the documents
    described above. Once the documents are received by the
    U.S.&#160;Receiving Agent, the tendering holder of Shares may
    only withdraw the tendered Shares by following the procedure
    detailed in Section&#160;5 (five) below.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;<I>Holders of Shares who tender through the MERVAL
    Procedure.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;Persons that hold Shares will not be entitled to
    tender their Shares in the U.S.&#160;Offer through the market
    system and pursuant to such applicable regulations as provided
    by the MERVAL (the <B>&#147;MERVAL Procedure&#148;</B>). If they
    wish to avail themselves of the MERVAL Procedure, they will be
    required to tender their Shares in the Argentine Offer, in which
    case the holder should consult its Custodian regarding the
    procedures to be followed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Form of Acceptance.</I>&#160;&#160;The provisions hereof
    shall be included in the Form of Acceptance and shall be deemed
    to form part thereof. Each holder of Shares who has signed or in
    whose name a Form of Acceptance has been signed, irrevocably
    represents and warrants to the Bidders, and agrees with the
    Bidders, that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the presentation of the Form of Acceptance constitutes
    (i)&#160;an acceptance of the U.S.&#160;Offer with respect to
    the number of Shares indicated on the Form of Acceptance,
    (ii)&#160;a commitment to present the Tender Certificate to the
    U.S.&#160;Receiving Agent as set forth in this U.S.&#160;Offer
    to Purchase and to present any other document and to take any
    other steps necessary to allow the Bidders to consummate the
    transfer of ownership of the Shares, subject to the terms and
    conditions established in this Offer to Purchase and in the Form
    of Acceptance, and (iii)&#160;with the exception of the
    withdrawal rights of the tendering holders of Shares, an
    irrevocable tender of the Shares in the U.S.&#160;Offer;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the U.S.&#160;holder of Shares is the owner of the
    Shares indicated on the Form of Acceptance and the holder has
    full authority and rights to deliver, sell, and transfer such
    Shares and rights inherent thereto to the Bidders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the tendered Shares are tendered free and clear from
    all liens, titles, charges, privileges
    <FONT style="white-space: nowrap">and/or</FONT>
    encumbrances, and together with all the rights which they grant
    or may grant in the future;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the presentation of the Form of Acceptance to the
    U.S.&#160;Receiving Agent constitutes an instruction (which
    shall become irrevocable after the Acceptance Date) to deliver
    to the Bidders the tendered Shares as of the Payment Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the presentation of the Form of Acceptance constitutes
    (i)&#160;an instruction (which shall be irrevocable as from the
    Acceptance Date) to YPF, Caja de Valores, the
    U.S.&#160;Receiving Agent, and the Argentine Custodian, as
    applicable, to cause the registration
    <FONT style="white-space: nowrap">and/or</FONT>
    register the transfer of the tendered Shares in favor of
    Purchaser and to deliver to Purchaser a certificate of ownership
    of the tendered Shares <B><I>(&#147;Constancia de Saldo de
    Cuentas&#148;)</I></B>
    <FONT style="white-space: nowrap">and/or</FONT> other
    documents which prove ownership of such Shares, on the Payment
    Date; and (ii)&#160;a commitment (which shall be irrevocable as
    from the Acceptance Date) to present any other document and to
    take any other measure necessary to allow the Bidders to
    consummate the transfer of ownership of the Shares, pursuant to
    the terms and conditions set forth in this U.S.&#160;Offer to
    Purchase and in the Form of Acceptance;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;the U.S.&#160;holder undertakes to ratify any and all
    of the acts or procedures that may be performed or effected by
    the Bidders or any of its directors or agents or YPF or any of
    its agents, as the case may be, in the exercise of any of its or
    their respective powers
    <FONT style="white-space: nowrap">and/or</FONT>
    authorizations in virtue hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;the U.S.&#160;holder accepts that the voting and any
    other rights attaching to the tendered Shares, may not be
    exercised by the holder of Shares while the tendered Shares are
    deposited in the U.S.&#160;Tendered Shares Account;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;the U.S.&#160;holder accepts that the Purchaser seeks
    to acquire the Securities together with all economic and voting
    rights, including rights to Distributions declared on or after
    the Commencement Date. Accordingly, the holder accepts that if
    on or after the date hereof YPF should declare or pay any
    Distributions on, or issue any right with respect to, the Shares
    that are payable or distributable to stockholders of record on
    YPF&#146;s stock transfer records of Shares on a date prior to
    the transfer to the name of the Purchaser of the tendered
    Shares, then (i)&#160;the Offer Price payable by the Bidders per
    Share in the U.S.&#160;Offer will be reduced to the extent such
    Distributions are payable in cash and (ii)&#160;any non-cash
    Distributions received and held by a tendering holder shall be
    required to be promptly remitted and transferred to the
    U.S.&#160;Receiving Agent for the account of the Purchaser
    accompanied by appropriate documents of transfer. Pending such
    remittance, Purchaser will be entitled to all rights and
    privileges, as owner of any such non-cash Distributions and may
    withhold the entire
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Offer Price or deduct from the Offer Price the amount or value
    thereof, as determined by Purchaser in its sole discretion;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the U.S.&#160;holder grants a power of attorney in
    favor of the U.S.&#160;Receiving Agent and the Argentine
    Custodian to receive such notifications, documents, or other
    communications to be sent to the holders of the tendered Shares,
    to execute any documents necessary to receive and keep in
    custody the tendered Shares and to exercise all other rights
    attaching to the tendered Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;the U.S.&#160;holder agrees not to sell, assign,
    transfer, pledge or encumber in any manner the tendered Shares
    while they are deposited in the U.S.&#160;Tendered Shares
    Account and to keep the tendered Shares free and clear from any
    liens, charges, privileges
    <FONT style="white-space: nowrap">and/or</FONT>
    encumbrances, and not to exercise any of the rights appertaining
    thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;the U.S.&#160;holder agrees not to modify or close the
    <I>cuenta comitente</I> from which the tendered Shares were
    transferred while the Shares are deposited in the
    U.S.&#160;Tendered Shares Account;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;the U.S.&#160;holder has reviewed the U.S.&#160;Offer
    documents; has not received from the U.S.&#160;Receiving Agent
    or the U.S.&#160;Information Agent any information or
    representations inconsistent with or differing from the
    information or representations contained in the Offer documents;
    and the holder&#146;s decision to tender in the U.S.&#160;Offer
    has been based on the holder&#146;s own analysis of YPF and of
    the U.S.&#160;Offer, including the benefits and risks involved
    and the holder has not received any type of legal, business,
    financial, tax,
    <FONT style="white-space: nowrap">and/or</FONT> any
    other type of advice from the Bidders, the U.S.&#160;Receiving
    Agent, the U.S.&#160;Information Agent
    <FONT style="white-space: nowrap">and/or</FONT> any
    of their parent, subsidiary, affiliated or related entities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;all the information contained in the Form of Acceptance
    is true and correct;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;the holder is a U.S.&#160;Person or is holding for a
    U.S.&#160;Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Certification of Signatures.</I>&#160;&#160;Neither the
    Bidders nor the U.S.&#160;Receiving Agent shall be obligated to
    accept the Form of Acceptance or the Tender Certificate if the
    authenticity of the signatures of the persons signing them (or
    in case the signatory is married, of the spouse&#146;s
    signature) is not certified by a notary public. This
    certification will not be necessary if the signing takes place
    at the U.S.&#160;Receiving Agent&#146;s offices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In case of joint submissions to the U.S.&#160;Receiving Agent by
    holders of Shares who are married, the signature and identity of
    each of the spouses shall be certified before a notary public
    for the purposes of Article&#160;1277 of the Argentine Civil
    Code, except when both spouses are physically present before the
    U.S.&#160;Receiving Agent and are able to prove identity and
    provide proof of marriage. Expenses related to certifications
    before notary publics shall be the responsibility of the
    tendering holder of Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Partial Tenders.</I>&#160;&#160;If fewer than all of the
    Shares delivered by a holder to the Argentine Custodian are to
    be tendered, the holder should so indicate in the Form of
    Acceptance by filling in the number of Shares that are to be
    tendered in the Box 1 of the Form of Acceptance. In such case, a
    new certificate of ownership (or <I>Constancia de Saldo en
    Cuentas</I>) for the untendered Shares may be requested by the
    person(s) signing such Form of Acceptance (or delivered as the
    holder indicates thereon) as promptly as practicable following
    the Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Maintaining of Shares to be Transferred in
    Custody.</I>&#160;&#160;The U.S.&#160;Receiving Agent will
    maintain the Shares transferred into the U.S.&#160;Tendered
    Shares Account in custody in favor of both the Bidders and the
    tendering holder of Shares until the Payment Date, provided that
    (i)&#160;the tendering holder of Shares has not withdrawn its
    Shares; (ii)&#160;the tendering of the Shares was not defective,
    and (iii)&#160;the U.S.&#160;Offer remains open.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While the Shares remain deposited in the U.S.&#160;Tendered
    Shares Account, the tendering holder of Shares may not exercise
    the voting rights of the tendered Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the tendering holder were to withdraw the tendered Shares or
    the U.S.&#160;Offer were to be terminated by the Bidders because
    any of the Conditions described in <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Certain Conditions
    of the U.S.&#160;Offer&#148;</I> have not been met, or due to
    any other reason, the U.S.&#160;Receiving Agent will return the
    tendered Shares as promptly as practicable after the date on
    which the Bidders notify the tendering holders that the
    U.S.&#160;Offer has been terminated.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All Shares delivered to the Argentine Custodian will be deemed
    to have been tendered unless otherwise indicated. See
    Instruction&#160;1 of the Form of Acceptance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are in any doubt as to the procedure for acceptance of
    Shares, please call the U.S.&#160;Information Agent at the
    telephone numbers set forth on the back cover of this
    U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Defects in Tendering in the Offer.&#160;&#160;Falsehood or
    Inaccuracy of Tendering Holder&#146;s
    Representations.</I>&#160;&#160;All questions as to the form of
    documents and the validity, form, eligibility (including time of
    receipt) and acceptance for payment of any tender of Shares will
    be determined by us in our sole discretion, which determination
    shall be final and binding on all parties. We reserve the
    absolute right to reject any and all tenders determined by us
    not to be in proper form. We also reserve the absolute right to
    waive any defect or irregularity in the tender of any Shares of
    any particular holder, whether or not any similar defect or
    irregularity is waived in the case of other holders. No tender
    of Shares will be deemed to have been validly made until all
    defects and irregularities have been cured or waived. Neither we
    nor any of our affiliates or assigns nor any person will be
    under any duty to give notification of any defects or
    irregularities in tenders or incur any liability for failure to
    give any such notification. Our interpretation of the terms of
    the tender offer will be final and binding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to reject the tendering of any Shares if,
    at our sole and exclusive discretion, we believe that the
    payment to be made by us or the transfer of such Shares to us is
    illegal or contrary to any judgment, order, decision or opinion
    of the competent authority. In addition, the Bidders shall have
    the right to reject any tendered Shares at any time until the
    Payment Date in the event of the lack of performance by the
    holder of Shares of any of the covenants agreed to herein or if
    any representation made proves to be false or inaccurate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders and the U.S.&#160;Receiving Agent will rely on the
    information provided to them by the Custodian in connection with
    (i)&#160;the actual deposit in the <I>cuenta comitente </I>of
    the Shares to be tendered, and (ii)&#160;the accuracy of the
    identity and capacity, and adequacy of the required consents, of
    the holder of the <I>cuenta comitente </I>to instruct its
    Custodian to effect the transfer of the Shares to the
    U.S.&#160;Tendered Shares Account. Any mistake, error, or
    inaccuracy in connection thereto will be the sole responsibility
    of the tendering holder and its Custodian.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of a rejection of tendered Shares by the Bidders,
    the Shares shall be returned to the tendering holder and no
    payment of the Offer Price shall be made to such holder if the
    U.S.&#160;Offer is consummated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='107'><B>4.&#160;Procedure for Tendering in the
    U.S.&#160;Offer&#160;&#151; Holders of ADSs.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This U.S.&#160;Offer to Purchase, the Letter of Transmittal, and
    other relevant materials will be mailed to registered holders of
    ADSs and furnished to beneficial owners thereof, if requested.
    For a holder of ADSs to validly tender ADSs pursuant to the
    U.S.&#160;Offer, a properly completed and duly executed Letter
    of Transmittal (or a copy thereof with original signatures),
    together with any required signature guarantees, or an
    Agent&#146;s Message (as defined below) in connection with a
    book-entry delivery of ADSs, and any other required documents,
    must be received by the U.S.&#160;Receiving Agent at one of its
    addresses set forth on the back cover of this U.S.&#160;Offer to
    Purchase, and ADRs evidencing such ADSs must be received by the
    U.S.&#160;Receiving Agent at one of such addresses or the ADSs
    must be received pursuant to the procedures for book-entry
    transfer set forth below (and a confirmation of receipt of such
    transfer received by the U.S.&#160;Receiving Agent) on or prior
    to the Expiration Time on the Expiration Date or the New
    Expiration Date, as applicable. All valid Letters of
    Transmittal, ADRs and other required documents delivered to the
    U.S.&#160;Receiving Agent by ADS holders will be deemed (without
    any further action by the U.S.&#160;Receiving Agent) to
    constitute acceptance of the U.S.&#160;Offer by such ADS holders
    with respect to such ADSs subject to the terms and conditions
    set forth in the Letter of Transmittal. The acceptance of the
    U.S.&#160;Offer by a tendering ADS holder pursuant to procedures
    described above, subject to <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;5. Withdrawal
    Rights&#148;</I>, will constitute a binding agreement between
    such tendering ADS holder and the Bidders upon the terms of the
    U.S.&#160;Offer. If an ADS has been tendered by an ADS holder,
    the Shares represented by such ADS may not be tendered by such
    ADS holder. ADSs held through the Book-Entry Transfer Facility
    (as defined below) must be tendered by means of delivery of an
    Agent&#146;s Message (as defined below) and of the ADSs pursuant
    to the procedures for book-entry transfer to an account opened
    and maintained for such purpose by the U.S.&#160;Receiving Agent
    within The Depository Trust&#160;Company
    <B>(&#147;DTC&#148;)</B> (the <B>&#147;Book-Entry Transfer
    Facility&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Book-Entry Transfer.</I>&#160;&#160;The U.S.&#160;Receiving
    Agent will establish an account at the Book-Entry Transfer
    Facility with respect to the ADSs held in book-entry form for
    purposes of the U.S.&#160;Offer. Any financial institution that
    is a
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    participant in the Book-Entry Transfer Facility&#146;s systems
    may make book-entry delivery of ADSs by causing the Book-Entry
    Transfer Facility to transfer such ADSs into the
    U.S.&#160;Receiving Agent&#146;s account at the Book-Entry
    Transfer Facility in accordance with the Book-Entry Transfer
    Facility&#146;s procedure for such transfer. The term
    <B>&#147;Agent&#146;s Message&#148;</B> means a message
    transmitted by the Book-Entry Transfer Facility to, and received
    by, the U.S.&#160;Receiving Agent and forming a part of a
    Book-Entry Transfer Facility confirmation system that states
    that the Book-Entry Transfer Facility has received an express
    acknowledgment from the participant in the Book-Entry Transfer
    Facility tendering the ADSs that such participant has received
    and agrees to be bound by the terms of the Letter of
    Transmittal. Delivery of documents to the Book-Entry Transfer
    Facility in accordance with the Book-Entry Transfer
    Facility&#146;s procedures does not constitute delivery to the
    U.S.&#160;Receiving Agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The method of delivery of ADSs, the Letter of Transmittal and
    all other required documents is at the option and risk of the
    tendering ADS holder. ADSs will be deemed delivered only when
    actually received by the U.S.&#160;Receiving Agent. If delivery
    is by mail, registered mail (with return receipt requested) and
    proper insurance is recommended. Delivery should be effected as
    soon as possible but no later than the Expiration Time on the
    Expiration Date or the New Expiration Date, as applicable.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Signature Guarantees.</I>&#160;&#160;No signature guarantee
    is required on the Letter of Transmittal if: (i)&#160;the Letter
    of Transmittal is signed by the registered holder of the ADSs
    tendered therewith and such registered holder has not completed
    either the box entitled <B>&#147;Special Delivery
    Instruction&#148;</B> or the box entitled <B>&#147;Special
    Issuance Instructions&#148; </B>on the Letter of Transmittal; or
    (ii)&#160;such ADSs are tendered for the account of a financial
    institution (including most banks, savings and loan associations
    and brokerage houses) which is a participant in the Securities
    Transfer Agents Medallion Program, the New York Stock Exchange
    Medallion Program or the Stock Exchange Medallion Program (an
    <B>&#147;Eligible Institution&#148;</B>). In all other cases,
    all signatures on the Letters of Transmittal must be guaranteed
    by an Eligible Institution. See Instructions&#160;1 and 5 of the
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the ADS are registered in the name of a person other than the
    signer of the Letter of Transmittal, then the tendered ADRs must
    be endorsed or accompanied by appropriate stock powers, signed
    exactly as the name or names of the registered owner or owners
    appear on the ADRs, with the signatures on the ADRs or stock
    powers guaranteed as aforesaid. See Instructions&#160;1 and 5 of
    the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Partial Tenders.</I>&#160;&#160;If Shares underlying fewer
    than all of the ADSs evidenced by ADRs delivered to the
    U.S.&#160;Receiving Agent are to be tendered, the holder thereof
    should so indicate in the Letter of Transmittal by filing in the
    number of ADSs which are to be tendered in the box entitled
    <B>&#147;Number of ADSs Representing Shares To Be
    Tendered.&#148;</B> In such case, a new ADR for the remainder of
    the ADSs represented by the old ADR will be sent to the
    person(s) signing such Letter of Transmittal (or delivered as
    such person properly indicates thereon) as promptly as
    practicable following the date the tendered ADSs are accepted
    for payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>All ADSs delivered to the U.S.&#160;Receiving Agent will be
    deemed to have been tendered unless otherwise indicated. See
    Instruction&#160;4 of the Letter of Transmittal. In the case of
    partial tenders, ADSs not tendered will not be reissued to a
    person other than the registered holder.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other provision hereof, payment for ADSs
    purchased pursuant to the U.S.&#160;Offer will in all cases be
    made only after timely receipt by the U.S.&#160;Receiving Agent
    of ADRs evidencing such ADSs (or, in the case of ADSs held in
    book-entry form, timely confirmation of a book-entry transfer of
    such ADSs into the U.S.&#160;Receiving Agent&#146;s account at
    the Book-Entry Transfer Facility pursuant to the procedures set
    forth above), a properly completed and duly executed Letter of
    Transmittal with any required signature guarantees (or, in the
    case of a book-entry transfer, an Agent&#146;s Message) and any
    other required documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Appointment as Proxy.</I>&#160;&#160;By executing the Letter
    of Transmittal as set forth above, the tendering ADS holder
    agrees that, effective from and after the date ADSs are tendered
    thereby, (i)&#160;the Bidders shall be entitled to direct the
    exercise of any votes attaching to any Shares represented by
    ADSs in respect of which the U.S.&#160;Offer has been accepted
    or is deemed to have been accepted and any other rights and
    privileges attaching to such Shares represented by ADSs,
    including any right to call a meeting of the shareholders; and
    (ii)&#160;the execution of the Letter of Transmittal and its
    delivery to the U.S.&#160;Receiving Agent will constitute:
    (a)&#160;an authority from the tendering holder of ADSs to send
    any notice, circular, document or other communications which may
    be required to be sent to such holder to the Bidders at their
    registered offices; (b)&#160;an authority to the Bidders to sign
    any consent to execute a form
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of proxy in respect of the Shares represented by the ADSs in
    respect of which the U.S.&#160;Offer has been accepted or is
    deemed to have been accepted appointing any person nominated by
    the Bidders to attend general meetings of shareholders of YPF
    and to exercise the votes attaching to such Shares on behalf of
    the tendering ADS holder; and (c)&#160;the agreement of the
    tendering holder of ADSs not to exercise any of such rights
    without the consent of the Bidders and the irrevocable
    undertaking of the tendering holder of ADSs not to appoint a
    proxy for or to attend general meetings of shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tax Withholding.</I>&#160;&#160;Under the U.S.&#160;federal
    income tax laws, the U.S.&#160;Receiving Agent may be required
    to withhold 28% of the amount of any payments made to certain
    ADS holders pursuant to the U.S.&#160;Offer. In order to avoid
    such backup withholding, each tendering ADS holder is required
    to (i)&#160;in the case of a U.S.&#160;holder, as defined in
    Section&#160;6, provide the U.S.&#160;Receiving Agent with such
    holder&#146;s correct U.S.&#160;taxpayer identification number
    and certify that such holder is not subject to such backup
    withholding by completing IRS
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    or (ii)&#160;in the case of a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder,</FONT>
    as defined in Section&#160;6, provide the U.S.&#160;Receiving
    Agent a completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    BEN (or other applicable form) prior to receipt of any payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of ADSs cannot tender ADSs directly in the Argentine
    Offer. If you hold ADSs and you wish to participate in the
    Argentine Offer, you should contact The Bank of New York Mellon,
    the depositary for the ADSs, at 101 Barclay Street,
    22<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP>&#160;Floor
    West, New York, New York, 10286, telephone number
    <FONT style="white-space: nowrap">212-815-2231,</FONT>
    in order to convert your ADSs into Class&#160;D Shares, which
    may be then tendered directly in the Argentine Offer. You will
    have to pay a fee of up to $0.05 for each ADS converted. If you
    hold ADSs and you wish to participate in the Argentine Offer,
    you should allow sufficient time to complete all required steps
    to convert your ADSs into Class&#160;D Shares prior to the
    expiration date of the Argentine Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you are in any doubt about the procedure for acceptance of
    ADSs, please call the U.S.&#160;Information Agent at its
    telephone numbers set forth on the back cover of this
    U.S.&#160;Offer to Purchase.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the form of documents and the validity,
    form, eligibility (including time of receipt) and acceptance for
    payment of any tender of ADSs will be determined by us in our
    sole discretion, which determination shall be final and binding
    to all parties. We reserve the absolute right to reject any and
    all tenders determined by us no to be in proper form. We also
    reserve the absolute right to waive any defect or irregularity
    in the tender of any ADSs of any particular holder, whether or
    not similar defect or irregularities are waived in the case of
    other holders. No tender of ADSs will be deemed to have been
    validly made until all defects and irregularities have been
    cured or waived. Neither we nor any of our affiliates or assigns
    nor any person will be under any duty to give notification of
    any defects or irregularities in tenders or incur any liability
    for failure to give any such notification. Our interpretation of
    the terms of the tender offer will be final and binding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='108'><B>5.&#160;Withdrawal Rights.</B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tenders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    made pursuant to the U.S.&#160;Offer may be withdrawn at any
    time prior to the Expiration Time on the Expiration Date or the
    New Expiration Date, as applicable or, thereafter, until such
    time as the Bidders announce that the Required Regulatory
    Approval has been obtained and that they will pay the Offer
    Price. The Bidders will announce that the Required Regulatory
    Approval has been obtained within 1 (one) business day after
    Petersen SA has been served with notice of such Required
    Regulatory Approval, by issuing a press release and amending the
    Tender Offer Statement that the Bidders filed with the SEC on
    Schedule&#160;TO.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The withdrawal of any Shares tendered in the U.S.&#160;Offer can
    only be made by presenting a signed form of withdrawal (the
    <B>&#147;Form of Withdrawal&#148;</B>) to the
    U.S.&#160;Receiving Agent. Such withdrawal will be effective
    only if the U.S.&#160;Receiving Agent timely receives the Form
    of Withdrawal at its address set forth on the back cover of this
    U.S.&#160;Offer to Purchase. The Form of Withdrawal must specify
    the name of the person who tendered the Shares to be withdrawn
    and the number of Shares to be withdrawn and the name of the
    registered holder of Shares, if different from that of the
    person who tendered such Shares, and signatures must be
    certified by a notary public.
</DIV>

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    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADSs</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be effective, a written or facsimile transmission notice of
    withdrawal must be timely received by the U.S.&#160;Receiving
    Agent at its address set forth on the back cover of this
    U.S.&#160;Offer to Purchase and must specify the name of the
    person who tendered the ADSs to be withdrawn and the number of
    ADSs to be withdrawn and the name of the registered holder of
    ADSs, if different from that of the person who tendered such
    ADSs. If the ADSs to be withdrawn have been delivered to the
    U.S.&#160;Receiving Agent, a signed notice of withdrawal with
    signatures guaranteed by an Eligible Institution (except in the
    case of ADSs tendered by an Eligible Institution) must be
    submitted prior to the release of such ADSs. In addition, such
    notice must specify, in the case ADSs tendered by delivery of
    certificates, the name of the registered holder (if different
    from that of the tendering holder) and the serial numbers shown
    on the particular certificates evidencing ADSs to be withdrawn
    or, in the case of ADSs tendered by book-entry transfer, the
    name and number of the account at one of the Book-Entry Transfer
    Facilities to be credited with the withdrawn ADSs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General
    Considerations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Withdrawals may not be rescinded (without the written consent of
    the Bidders), and Shares and ADSs withdrawn will thereafter be
    deemed not validly tendered for purposes of the U.S.&#160;Offer.
    However, withdrawn Shares and ADSs may be re-tendered following
    one of the procedures described in Section&#160;3 or
    Section&#160;4, as applicable, at any time prior to the
    Expiration Time on the Expiration Date, or thereafter, until the
    New Expiration Date, if the Bidders extended the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendering holder of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    withdraws its tendered Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    within the timeframe set forth herein and pursuant to the terms
    of the U.S.&#160;Offer, the Argentine Custodian
    <FONT style="white-space: nowrap">and/or</FONT> the
    U.S.&#160;Receiving Agent, as applicable, shall return to such
    tendering holder the tendered Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    withdrawn after deducting such customary expenses and
    commissions that may apply.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the form and validity (including time of
    receipt) of any notice of withdrawal will be determined by the
    Bidders, in their sole discretion, subject to applicable law,
    which determination shall be final and binding. None of the
    Bidders, the U.S.&#160;Receiving Agent, the
    U.S.&#160;Information Agent, the Argentine Custodian or any
    other person will be under any duty to give notification of any
    defect or irregularity in any notice of withdrawal or incur any
    liability for failure to give any such notification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='109'><B>6.&#160;Certain Tax Considerations.</B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following describes the material U.S.&#160;federal income
    tax and Argentine tax consequences of the sale of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, the term <B>&#147;U.S.&#160;holder&#148;</B>
    means a beneficial owner of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    that is (1)&#160;a U.S.&#160;citizen or resident for United
    States federal income tax purposes; (2)&#160;a United States
    domestic corporation or partnership; (3)&#160;a trust subject to
    the control of a U.S.&#160;person and the primary supervision of
    a United States court; or (4)&#160;an estate the income of which
    is subject to U.S.&#160;federal income taxation regardless of
    its source. As used herein, the term
    <B><FONT style="white-space: nowrap">&#147;non-U.S.&#160;holder&#148;</FONT></B>
    means a beneficial owner of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    that is, for United States federal income tax purposes,
    (1)&#160;a nonresident alien individual; (2)&#160;a foreign
    corporation; (3)&#160;a nonresident alien fiduciary of a foreign
    estate or trust; (4)&#160;a foreign partnership one or more of
    the members of which is, for United States federal income tax
    purposes, a nonresident alien individual, a foreign corporation
    or a nonresident alien fiduciary of a foreign estate or trust.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S. Tax
    Consequences</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following discussion is based upon United States federal
    income tax laws presently in force. This discussion is not a
    full description of all tax considerations that may be relevant
    to a decision to sell Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer. In particular, this discussion
    deals only with Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    that are held as capital assets as defined in Section&#160;1221
    of the United States Internal Revenue Code of 1986, as amended,
    and does not address the tax treatment of persons that are
    subject to special treatment under the U.S.&#160;income tax
    laws. Such persons include, but are not limited to
    (1)&#160;banks, financial institutions, securities dealers or
    traders and insurance companies, (2)&#160;tax-exempt entities,
    (3)&#160;persons that hold Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    as a hedge or as part of a straddle conversion or other
    integrated
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    transaction with other investors for tax purposes, and persons
    whose functional currency is not the U.S.&#160;dollar,
    (4)&#160;persons owning directly, indirectly or by attribution,
    currently or during the past five years, 10% or more of the
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    (5)&#160;persons who acquired Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the exercise of an employee stock option or
    otherwise as compensation or (6)&#160;certain expatriates or
    former long-term residents of the United States. Moreover, the
    effect of any applicable United States state or local tax laws
    is not discussed herein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sale of Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    ADSs.</I>&#160;&#160;U.S.&#160;holders will recognize capital
    gain or loss on the sale of Shares or ADSs pursuant to the
    U.S.&#160;Offer. Such gain or loss will be equal to the
    difference between the amount of cash received and the
    U.S.&#160;holder&#146;s tax basis in the Shares or ADSs
    exchanged therefor. Gain or loss will be determined separately
    for each block of Shares or ADSs (i.e., Shares or ADSs acquired
    at the same cost in a single transaction) tendered pursuant to
    the U.S.&#160;Offer. In general, any gain or loss realized upon
    the sale of Shares or ADSs pursuant to the U.S.&#160;Offer will
    be treated as long-term capital gain or loss if the Shares or
    ADSs have been held for more than one year and otherwise as
    short-term capital gain or loss. U.S.&#160;holders should
    consult their tax advisors regarding the treatment of capital
    gains (which may be taxed at lower rates than ordinary income
    for taxpayers who are individuals, trusts or estates) and losses
    (the deductibility of which is subject to limitations).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Foreign Tax Credits.</I>&#160;&#160;Argentine taxes that may
    be imposed on a U.S.&#160;holder upon the receipt of cash in
    exchange for Shares pursuant to the U.S.&#160;Offer will
    generally be treated as foreign income taxes eligible for credit
    against a U.S.&#160;holder&#146;s federal income tax liability
    or for deduction in computing such U.S.&#160;holder&#146;s
    taxable income. Any gain or loss generated by the sale of the
    Shares by a U.S.&#160;holder will generally be treated as
    U.S.&#160;source gain or loss. Accordingly, a U.S.&#160;holder
    may not be able to use the foreign tax credit arising from any
    Argentine taxes imposed on the disposition of the Shares unless
    such credit can be applied (subject to applicable limitations)
    against tax due on other income treated as derived from foreign
    sources in the appropriate income category. The calculation and
    availability of foreign tax credits and, in the case of a
    U.S.&#160;holder that elects to deduct foreign taxes, the
    availability of deductions, involves the application of complex
    rules that depend on a U.S.&#160;holder&#146;s particular
    circumstances. U.S.&#160;holders should consult with their own
    tax advisors with regard to the availability of foreign tax
    credits and the application of the foreign tax credit
    limitations in light of their particular situations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any tax paid by a U.S.&#160;holder that is not eligible for a
    credit or deduction shall be treated as a reduction in the
    amount of cash received by the U.S.&#160;holder on the exchange
    of the Shares, and will generally reduce the amount of gain (if
    any) recognized by the U.S.&#160;holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Backup Withholding Tax.</I>&#160;&#160;A U.S.&#160;holder may
    be subject to backup withholding at the rate of 28% on the
    proceeds from the sale of ADSs pursuant to the U.S.&#160;Offer.
    To prevent backup withholding, each U.S.&#160;holder tenders
    ADSs pursuant to the U.S.&#160;Offer must provide the
    U.S.&#160;Receiving Agent, with the holder&#146;s correct
    taxpayer identification number and certify that such holder is
    exempt from or otherwise not subject to backup withholding by
    completing IRS
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT>
    For further information concerning backup withholding, see
    &#147;Backup Withholding&#148; in the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-U
    S. Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sale of ADSs.</I>&#160;&#160;Subject to the discussion of
    backup withholding below, a
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    will generally not be subject to United States federal income or
    withholding tax on gain realized on the sale of ADSs pursuant to
    the U.S.&#160;Offer unless (i)&#160;such gain is effectively
    connected with such
    <FONT style="white-space: nowrap">non-U.S.&#160;holder&#146;s</FONT>
    conduct of a trade or business within the U.S.&#160;(or, in the
    case of a country which has a tax treaty with the United States,
    such gain is attributable to a permanent establishment or fixed
    place of business in the United States) or (ii)&#160;such gain
    is realized by an individual
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    who is present in the United States for at least 183&#160;days
    in the taxable year of the sale and certain other conditions are
    met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Backup Withholding.</I>&#160;&#160;To prevent backup
    withholding at the rate of 28% on the proceeds from the sales of
    ADSs, each
    <FONT style="white-space: nowrap">non-U.S.&#160;holder</FONT>
    who accepts the U.S.&#160;Offer must provide the
    U.S.&#160;Receiving Agent with a completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    BEN (or other applicable form) attesting to its exempt status
    prior to receipt of any payment. For further information
    concerning backup withholding, see &#147;Backup
    Withholding&#148; in the Letter of Transmittal.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Argentine
    Tax Consequences</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The following section refers to the main Argentine taxes
    applicable to the U.S.&#160;Offer. It does not contain a
    comprehensive analysis of all the tax-related matters that might
    be considered relevant in making a decision. Further, it does
    not specifically describe all the Argentine tax-related matters
    applicable to any particular holder. This analysis is based on
    the tax laws in force in Argentina applicable as of the date of
    this U.S.&#160;Offer, which may be subject to amendment and
    different interpretations. Each holder of Shares or ADSs should
    consult with its own tax advisors about the specific tax
    consequences of this U.S.&#160;Offer</I>.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tax on Dividends.</I>&#160;&#160;Dividends paid on the
    Shares, whether in cash, in kind or in other securities, are not
    subject to any income tax withholding, except for dividends paid
    in excess of the cumulative taxable income of YPF for the
    preceding fiscal period, which are subject to a 35% withholding
    tax applicable on such excess amount both in respect of domestic
    and foreign shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Capital gains tax.</I>&#160;&#160;Due to the amendments made
    to the Income Tax Law (the <B>&#147;ITL&#148;</B>) by Law
    No.&#160;25,414, Decree No.&#160;493/2001 and the subsequent
    abrogation of Law No.&#160;25,414 and its replacement by Law
    No.&#160;25,556, there is uncertainty about the effectiveness of
    certain amendments. Although Resolution No.&#160;351/2003 of the
    <I>Procurador del Tesoro de la Naci&#243;n </I>(National
    Treasury General Attorney) addressed the most relevant matters
    related to the taxation applicable on the proceeds of sales of
    shares, some issues remain uncertain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Foreign beneficiaries.</I>&#160;&#160;Capital gains obtained
    by non-residents or foreign entities as a result of the sale,
    exchange or other form of disposal of the Shares are exempt from
    income tax. Although there is some uncertainty in this regard,
    pursuant to a reasonable interpretation of the ITL and the above
    mentioned precedent, the same should apply to non-residents
    qualified as &#147;offshore entities.&#148; In this regard, an
    &#147;offshore entity&#148; is a foreign company, business
    association, established concern, facility or entity domiciled
    or, if applicable, organized abroad that due to its legal status
    or according to its by-laws is engaged in investment
    transactions, as its main activity, outside of its country of
    organization
    <FONT style="white-space: nowrap">and/or</FONT> is
    not authorized to carry out certain transactions
    <FONT style="white-space: nowrap">and/or</FONT> make
    certain investments in such country, as required by the laws or
    regulations applicable to&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Value added tax.</I>&#160;&#160;The sale of Shares under the
    U.S.&#160;Offer is exempted from the value added tax.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Stamp tax.</I>&#160;&#160;The Shareholders may be subject to
    the stamp tax in certain provinces of the Republic of Argentina
    to the extent the transfer of the Shares is made, formalized or
    has effects in said jurisdictions under written agreements. In
    the City of Buenos Aires, the stamp tax is not applicable to
    said agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Court tax.</I>&#160;&#160;If a legal action related to the
    U.S.&#160;Offer is filed in Argentina, a court tax will be
    payable (currently at a three percent rate) on the amount of any
    claim filed in the Courts of the City of Buenos Aires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Other taxes.</I>&#160;&#160;In Argentina, issuers act as
    substitute responsible agents <I>(responsable sustituto)</I>
    under the Assets Tax in cases where shares of the issuers are
    owned by individuals that reside in Argentina or abroad, by
    corporations, or by legal entities domiciled abroad, in which
    capacity they required to make an annual payment of 0.5% of its
    net wealth value. Issuers may require shareholders to reimburse
    them for such payments made pursuant to the Asset Tax. In the
    City of Buenos Aires, the minimum presumed income tax and the
    gross income tax are not applicable to the transfer or disposal
    of the Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Tax treaties.</I>&#160;&#160;Argentina has executed treaties
    to avoid double taxation with Australia, Belgium, Bolivia,
    Brazil, Canada, Chile, Denmark, Finland, France, Germany, Italy,
    the Netherlands, Norway, Spain, Sweden, Switzerland and the
    United Kingdom. Foreign Shareholders domiciled in any of the
    above-mentioned jurisdictions may be required to pay the taxes
    applicable on the sale of the Shares or any dividends thereon at
    lower rates. Argentina has not executed any treaty to avoid
    double taxation with the United States.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">ADS</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capital gains, if any, derived from the sale of ADSs pursuant to
    the U.S.&#160;Offer by individuals (whether a resident or
    non-resident of Argentina), estates located in Argentina and
    abroad and foreign entities that do not have a permanent
    establishment in Argentina, are not subject to withholding or
    income tax. In addition, pension funds,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    certain mutual funds, the Argentine Government, Provinces and
    Municipalities are, among other entities, not subject to
    withholding or income tax.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sale of ADSs pursuant to the U.S.&#160;Offer by a holder is
    not subject to value added tax or stamp, registration, transfer
    or similar taxes in Argentina.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The tax discussion set forth above is included for general
    information only and is based upon laws, regulations, rulings
    and decisions now in effect, all of which are subject to change
    (possibly retroactively). Holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    are urged to consult their tax advisors with respect to the
    specific tax consequences of the U.S.&#160;Offer to them,
    including the application and effect of state, local and foreign
    tax laws.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='110'><B>7.&#160;Price Range of Shares and ADSs;
    Dividends.</B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Price
    Range of YPF Class&#160;D Shares and ADSs</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The YPF Class&#160;D Shares trade on the Buenos Aires Stock
    Exchange (<B>&#147;BASE&#148;</B>) under the symbol
    <B>&#147;YPFd</B>.&#148; The ADSs, each representing one YPF
    Class&#160;D Share, are listed on the New York Stock Exchange
    (<B>&#147;NYSE&#148;</B>) under the trading symbol
    <B>&#147;YPF</B>.&#148; The ADSs began trading on the New York
    Stock Exchange on June&#160;29, 1993 and were issued by The Bank
    of New York Mellon, N.A. as depositary (the <B>&#147;YPF
    Depositary&#148;</B>). The following table sets forth, for the
    periods indicated, the high and low sales prices of the both the
    YPF Class&#160;D Shares on the BASE and the ADSs on the NYSE, as
    presented in the YPF 20-F for the year ended December&#160;31,
    2007 (except where otherwise noted):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>YPF Class D Shares</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>ADSs</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(Argentine pesos)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(U.S. dollars)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2005</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    190.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    128.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    161.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    142.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    205.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    195.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    159.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2006</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    177.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    159.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    168.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    115.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    123.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    152.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    131.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2007</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    153.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    126.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    143.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46.41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Third Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    143.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Fourth Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    142.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2008</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    First Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    142.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Second Quarter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    155.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    136.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Third Quarter(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    153.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    145.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Through September&#160;10, 2008. Source: Bloomberg</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;10, 2008, the last full trading day on the
    BASE and on the NYSE prior to the date of this U.S.&#160;Offer
    to Purchase, the reported closing prices of the Class&#160;D
    Shares and the ADSs were Ps.150.50 and U.S.&#160;$48.52,
    respectively. None of the Class&#160;A Shares, Class&#160;B
    Shares or Class&#160;C Shares are listed, quoted or traded on
    any securities exchange. <B>Holders of Class&#160;D Shares and
    ADSs are urged to obtain a current quotation for the
    Class&#160;D Shares and ADSs, respectively.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to YPF&#146;s
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    for the fiscal year ended December&#160;31, 2007, as of
    December&#160;31, 2007 (i)&#160;there were 393,195,669
    Class&#160;D Shares issued and outstanding and approximately
    8,336 holders of Class&#160;D shares, and (ii)&#160;there were
    approximately 224.7&#160;million ADSs outstanding and
    approximately 93 holders of record of ADSs.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Such ADSs represented approximately 57.10% of the total number
    of issued and outstanding Class&#160;D shares as of December
    2007. Repsol YPF was the holder of 222.8&#160;million of our
    ADSs at that date. Prior to the launching of the Offers and
    without giving effect to the exercise of the First Option,
    Repsol beneficially owned 84.14% of the outstanding Securities,
    Petersen SA owned 14.90% of the outstanding Securities, the
    Argentine federal and provincial governments owned less that
    0.01% of the outstanding Securities, an employee fund owned
    0.03% of the outstanding Securities, and 0.93% of the
    outstanding Securities were owned by the public.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dividends.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth for the periods and dates
    indicated, the quarterly dividend payments made by YPF,
    expressed in pesos.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="64%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pesos per Share/ADS</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year Ended December 31,</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1Q</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2Q</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3Q</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>4Q</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2003
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2004
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2005
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2008(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Through September&#160;10, 2008. Source:
    <FONT style="white-space: nowrap">http://www.ypf.com</FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='111'><B>8.&#160;Certain Information Concerning YPF.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information concerning YPF contained herein has been taken
    from or is based upon reports and other documents on file with
    the SEC or otherwise publicly available. Although the Bidders do
    not have any knowledge that would indicate that any statements
    contained herein based upon such reports and documents are
    untrue, the Bidders do not take any responsibility for the
    accuracy or completeness of the information contained in such
    reports and other documents or for any failure by YPF to
    disclose events that may have occurred and may affect the
    significance or accuracy of any such information but that are
    unknown to the Bidders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to the YPF 20-F, YPF is a fully integrated oil and gas
    company with leading market positions across the Argentine
    upstream and downstream segments. Its upstream operations
    consist of the exploration, development and production of crude
    oil, natural gas and liquefied petroleum gas. Its downstream
    operations include the refining, marketing, transportation and
    distribution of oil and a wide range of petroleum products,
    petroleum derivatives, petrochemicals, liquid petroleum gas and
    bio-fuels. YPF is organized under the laws of the Republic of
    Argentina with its principal executive offices located at
    Avenida Pte. R. S&#225;enz Pe&#241;a 777, C1035AAC, Ciudad
    Aut&#243;noma de Buenos Aires, Argentina (Telephone:
    <FONT style="white-space: nowrap">011-5411-4329-2000).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Financial Information.</I>&#160;&#160;The selected
    consolidated financial data set forth below should be read in
    conjunction with, and are qualified in their entirety by
    reference to, the YPF Consolidated Financial Statements and
    Notes thereto included in the YPF 20-F. The selected financial
    data for each of the years in the five-year period ended
    December&#160;31, 2007 set forth below have been derived from
    YPF&#146;s consolidated financial statements, which have been
    audited by Deloitte&#160;&#038; Co. S.R.L., independent public
    accountants, as indicated in their reports.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YPF&#146;s consolidated financial statements are prepared in
    accordance with generally accepted accounting principles in
    Argentina <B>(&#147;Argentine GAAP&#148;)</B>, which differ in
    certain respects from generally accepted accounting principles
    in the United States <B>(&#147;US GAAP&#148;)</B>. Note&#160;13
    to the Financial Statements included in the YPF 20-F describes
    the principal differences between Argentine GAAP and US GAAP as
    they relate to YPF. Note&#160;14 provides the effects of the
    significant differences on net income and shareholders&#146;
    equity and a reconciliation of such differences, and
    Note&#160;15 provides certain additional disclosures required
    under US GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Solely for the convenience of the reader, peso amounts as of and
    for the year ended December&#160;31, 2007 have been translated
    into U.S.&#160;dollars at the exchange rate quoted by the
    Argentine Central Bank on December&#160;28, 2007 of Ps.3.15 to
    U.S.$1.00 (the last quoted rate in December 2007), unless
    otherwise specified.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="23" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of and for Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003(2)</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>(In millions of <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom">
    <B>(In millions of pesos, <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>U.S.$, except for per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom">
    <B>except for per share and <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>share and per ADS data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom">
    <B>per ADS data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Income Statement Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Argentine GAAP</I>(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net sales(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,239
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,104
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,931
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,514
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gross profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,208
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,104
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,814
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,643
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,758
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Administrative expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (256
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (805
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (674
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (552
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (463
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (378
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Selling expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (673
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,120
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,797
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,652
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,403
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,148
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Exploration expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (166
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (522
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (460
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (280
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (382
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (277
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,113
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,657
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,883
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,161
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,471
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income on long-term investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    183
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other expenses, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (139
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (439
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (204
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (545
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (981
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (152
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (93
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (292
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (213
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (459
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (221
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (252
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other financial income (expenses) and holding gains (losses), net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    257
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    810
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    561
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    359
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    202
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from sale of long-term investments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Reversal (impairment) of other current assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (69
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income before income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,173
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,844
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,772
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,782
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,903
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (876
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,758
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,801
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,410
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,017
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,290
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income from continuing operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,297
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,086
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,457
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,362
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,765
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,613
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income on discontinued operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Income from sale of discontinued operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,297
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,086
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,457
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,362
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,907
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings per share and per ADS(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends per share and per ADS(6) (in&#160;pesos)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    n.a.
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends per share and per ADS(6)(7) (in U.S. dollars)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    n.a.
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>U.S. GAAP</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Operating income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,643
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,176
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,626
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,065
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,550
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,325
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,667
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,142
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings per share and per ADS(6) (in&#160;pesos)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    n.a.
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="23" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of and for Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003(2)</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>(In millions of <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom">
    <B>(In millions of pesos, <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>U.S.$, except for per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom">
    <B>except for per share  and <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>share and per ADS data) </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" nowrap align="center" valign="bottom">
    <B>per ADS data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Consolidated Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Argentine GAAP(3)</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    122
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    492
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    355
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Working capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,296
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,081
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,903
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,549
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,001
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,102
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,394
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,224
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,944
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total debt(8)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    994
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,453
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,930
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shareholders&#146; equity(9)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,273
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,060
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,345
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,249
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,769
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,534
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>U.S. GAAP&#160;</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,935
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,746
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,748
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,540
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shareholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,067
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,254
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,506
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,334
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Other Consolidated Financial Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>Argentine GAAP</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fixed assets depreciation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,314
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,139
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,718
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,707
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,470
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash used in fixed asset acquisitions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,163
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,002
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,867
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,418
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Consolidated income and balance sheet data for the years ended
    December&#160;31, 2005 and 2004 set forth above include the
    retroactive effect from the application of new accounting rules
    in Argentina effective since January&#160;1, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Consolidated income and balance sheet data for the year ended
    December&#160;31, 2003 set forth above do not include the
    retroactive effect from the application of new accounting rules
    in Argentina, which was not material.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    The financial statements reflect the effect of changes in the
    purchasing power of money by the application of the method for
    remeasurement in constant Argentine pesos set forth in Technical
    Resolution No.&#160;6 of the Argentine Federation of
    Professional Councils in Economic Sciences
    <B>(&#147;F.A.C.P.C.E.&#148;)</B> and taking into consideration
    General Resolution No.&#160;441 of the CNV, which established
    the discontinuation of the remeasurement of financial statements
    in constant Argentine pesos as from March&#160;1, 2003. See
    Note&#160;1 to the Audited Consolidated Financial Statements
    included in the YPF 20-F.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes Ps.1,350&#160;million for the year ended
    December&#160;31, 2007, Ps.1,451&#160;million for the year ended
    December&#160;31, 2006, Ps.1,216&#160;million for the year ended
    December&#160;31, 2005, Ps.1,122&#160;million for the year ended
    December&#160;31, 2004 and Ps.760&#160;million for the year
    ended December&#160;31, 2003 corresponding to the proportional
    consolidation of the net sales of investees in which we hold
    joint control with third parties. See Note 13(b) to the Audited
    Consolidated Financial Statements included in the YPF 20-F.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Net sales are net to YPF after payment of a fuel transfer tax,
    turnover tax and, from 2002, customs duties on hydrocarbon
    exports. Royalties with respect to YPF&#146;s production are
    accounted for as a cost of production and are not deducted in
    determining net sales. See Note&#160;2(g) to the Audited
    Consolidated Financial Statements included in the YPF 20-F.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Information has been calculated based on outstanding capital
    stock of 393,312,793&#160;shares. Each ADS represents one
    Class&#160;D share. There were no differences between basic and
    diluted earnings per share and ADS for any of the years
    disclosed.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amounts expressed in U.S. dollars are based on the exchange rate
    as of the date of payment. For periods in which more than one
    dividend payment was made, the amounts expressed in U.S. dollars
    are based on exchange rates at the date of each payment.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Total debt under Argentine GAAP includes nominal amounts of
    long-term debt of Ps.523&#160;million as of December&#160;31,
    2007, Ps.510&#160;million as of December&#160;31, 2006,
    Ps.1,107&#160;million as of December&#160;31, 2005,
    Ps.1,684&#160;million as of December&#160;31, 2004 and
    Ps.2,085&#160;million as of December&#160;31, 2003.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    YPF&#146;s subscribed capital as of December&#160;31, 2007 is
    represented by 393,312,793&#160;shares of common stock and
    divided into four classes of shares, with a par value of Ps.10
    and one vote per share. These shares are fully subscribed,
    paid-in and authorized for stock exchange listing.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Exchange Rates.</I>&#160;&#160;The Federal Reserve Bank of
    New York does not report a noon buying rate for Argentine pesos.
    The following table sets forth the annual low, high, average and
    period-end rate for U.S.&#160;dollars for each of the indicated
    periods starting in 2003 as reported by the Argentine Central
    Bank.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="57%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008(1)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="22" align="center" valign="bottom">
    <B>(Pesos per U.S. $)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Average(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    High
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Low
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Through September&#160;10, 2008</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The average of month-end rates during the period.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Available Information.</I>&#160;&#160;YPF is subject to the
    informational requirements of the Exchange Act applicable to
    foreign private issuers and in accordance therewith files
    reports and other information with the SEC relating to its
    business, financial condition and other matters. Such reports,
    statements and other information may be inspected at the public
    reference facilities maintained by the SEC at
    100&#160;F&#160;Street NE, Mail Stop 5100, Washington, DC 20549,
    and should also be available for inspection and copying at
    prescribed rates at the regional offices of the SEC in
    New&#160;York (3 World Financial Center, Suite&#160;400, New
    York, NY
    <FONT style="white-space: nowrap">10281-1022)</FONT>
    and Chicago (175&#160;W.&#160;Jackson Boulevard, Suite&#160;900,
    Chicago, IL 60604). Copies may be obtained by mail, upon payment
    of the SEC&#146;s customary charges, by writing to its principal
    office at 100&#160;F&#160;Street NE, Mail Stop 5100, Washington,
    DC 20549. Such material should also be available for inspection
    at the library of the NYSE, 20&#160;Broad Street, New York, NY
    10005, on which the ADSs are traded. YPF&#146;s SEC filings are
    also available to the public through commercial document
    retrieval services and, in the case of documents filed
    electronically, at the web site maintained by the SEC at
    <B><FONT style="white-space: nowrap">&#147;http://www.sec.gov.&#148;</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YPF is subject to the informational requirements of the CNV and
    the BASE and in accordance therewith files reports and other
    information relating to its business, financial condition and
    other matters. Such reports, statements and other information
    (including the annual and quarterly financial statements of YPF)
    may be inspected at the public reference facilities maintained
    by the BASE at Sarmiento 299, 2nd&#160;Floor, Buenos Aires,
    Argentina, and, in the case of documents filed electronically,
    at the web site maintained by the CNV at
    <B><FONT style="white-space: nowrap">&#147;http://www.cnv.gov.ar.&#148;</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='112'><B>9.&#160;Certain Information Concerning the
    Eskenazi Family, Purchaser and Holding.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Purchaser.</I>&#160;&#160;Petersen Energ&#237;a Inversora,
    S.A. is a corporation (<I>sociedad an&#243;nima) </I>organized
    and existing under the laws of the Kingdom of Spain. It was
    formed solely for the purpose of (i)&#160;becoming assignee of
    the Eskenazi Family of the First Option to purchase from Repsol
    and certain of its affiliates 0.1% of the outstanding capital
    stock of YPF and exercising such First Option, and
    (ii)&#160;making the Offers. To date, it has not carried on any
    activities other than those incidental to its formation, and in
    connection with the exercise of the First Option and the
    financing of the Offers. Its business address is Vel&#225;zquez
    9, planta 1, CP 28006, Madrid, Spain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Holding.</I>&#160;&#160;Purchaser is a direct wholly-owned
    subsidiary of Petersen Energ&#237;a Inversora Holding GmbH, a
    limited liability company (GmbH) organized under the laws of the
    Republic of Austria <B>(&#147;Holding&#148;)</B>. Holding is a
    holding whose principal assets consist of all of the outstanding
    equity interests in Purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Eskenazi Family.</I>&#160;&#160;The Eskenazi Family
    beneficially owns all of the outstanding voting equity
    securities of Holding in the following percentages: Enrique
    Eskenazi, 23%, Sebasti&#225;n Eskenazi, 38%, Mat&#237;as
    Eskenazi Storey, 38%, and Ezequiel Eskenazi Storey, 1%. As a
    result, the Eskenazi Family indirectly controls Purchaser and
    each of its members will be deemed to share beneficial ownership
    of the aggregate Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    to be acquired by Purchaser pursuant to both the First Option
    Agreement and the Offers. In addition, the Eskenazi Family
    beneficially owns all of the outstanding voting equity
    securities of Petersen Energ&#237;a Pty Ltd. <B>(&#147;Petersen
    PTY&#148;)</B>, a proprietary company limited by shares
    organized and duly registered under the laws of the Commonwealth
    of
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Australia. Petersen PTY is a holding company whose principal
    assets consist of all of the outstanding equity interests in
    Petersen SA. As a result, each member of the Eskenazi Family may
    be deemed to share beneficial ownership of the 58,603,606 ADSs
    or Class&#160;D Shares (14.9% of the outstanding capital of YPF)
    owned directly by Petersen SA and indirectly by Petersen PTY.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Additional Information.</I>&#160;&#160;The name, business
    address, citizenship, present principal occupation and
    employment history for the past five years of each of the
    members of the board of directors and the executive officers, as
    applicable, of Purchaser, Holding and each or the members of the
    Eskenazi Family are set forth in Schedule&#160;A. None of
    Purchaser, Holding, the members of the Eskenazi Family or, to
    the best knowledge of the Bidders, any of the persons listed in
    Schedule&#160;A hereto has, during the past five years, been
    convicted in a criminal proceeding (excluding traffic violations
    or similar misdemeanors). None of Purchaser, Holding, the
    members of the Eskenazi&#160;Family or, to the best knowledge of
    the Bidders, any of the persons listed in Schedule&#160;A hereto
    has, during the past five years, been a party to any judicial or
    administrative proceeding (except for matters that were
    dismissed without sanction or settlement) that resulted in a
    judgment, decree or final order enjoining the person from future
    violations of, or prohibiting activities subject to, federal or
    state securities laws, or a finding of any violation of federal
    or state securities laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as set forth elsewhere in this U.S.&#160;Offer to
    Purchase (including Schedule&#160;A hereto), (i)&#160;none of
    Purchaser, Holding, the members of the Eskenazi Family or, to
    the knowledge of the Bidders, any of the persons or entities
    listed in Schedule&#160;A hereto, beneficially owns or has a
    right to acquire any Shares, ADSs or any other equity securities
    of YPF, and (ii)&#160;none of Purchaser, Holding, the members of
    the Eskenazi Family or, to the knowledge of the Bidders, any of
    the persons or entities referred to in clause&#160;(i) above or
    any of their executive officers, directors or subsidiaries, has
    effected any transaction in the Shares, ADSs or any other equity
    securities of YPF during the past 60&#160;days.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as set forth elsewhere in this U.S.&#160;Offer to
    Purchase (including Schedule&#160;A hereto), (i)&#160;neither
    Purchaser, Holding, the members of the Eskenazi Family nor, to
    the knowledge of the Bidders, any of the persons listed on
    Schedule&#160;A hereto, has any contract, arrangement,
    understanding or relationship with any other person with respect
    to any Securities and (ii)&#160;during the two years prior to
    the date of this U.S.&#160;Offer to Purchase, there have been no
    transactions that would require reporting under the rules and
    regulations of the SEC between Purchaser, Holding, the members
    of the Eskenazi Family or, to the knowledge of the Bidders, any
    of the persons listed in Schedule&#160;A hereto, on the one
    hand, and YPF or any of its executive officers, directors
    <FONT style="white-space: nowrap">and/or</FONT>
    affiliates, on the other hand.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as set forth elsewhere in this U.S.&#160;Offer to
    Purchase, during the two years prior to the date of this
    U.S.&#160;Offer to Purchase, there have been no contracts,
    negotiations or transactions between Purchaser, Holding, the
    members of the Eskenazi Family or to the knowledge of the
    Bidders, any of the persons or entities listed in
    Schedule&#160;A hereto, on the one hand, and YPF or its
    affiliates, on the other hand, concerning a merger,
    consolidation or acquisition, a tender offer or other
    acquisition of securities, an election of directors or a sale or
    other transfer of a material amount of assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Financial Statements.</I>&#160;&#160;We do not think our
    financial condition is relevant to your decision whether or not
    to tender your Securities in the U.S.&#160;Offer because
    (1)&#160;the U.S.&#160;Offer is being made solely for cash,
    (2)&#160;the U.S.&#160;Offer is not subject to any financing
    condition and (3)&#160;the Offers are for all outstanding
    Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='113'><B>10.&#160;Source and Amount of Funds; Certain
    Requirements with Respect to the Offer Price under the
    Offers.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Option Agreements, Repsol and certain of its
    affiliates have agreed to finance or guarantee the financing of
    up to 100% of the price that the Bidders would be required to
    pay to effect the Offers subject to certain terms and conditions
    contained in the Option Agreements. If all outstanding Shares
    not held by Repsol or the Bidders and their subsidiaries (less
    than 1.0% of the outstanding Securities) are tendered in the
    Offers, we will need up to approximately U.S.&#160;$190,000,000
    (one hundred and ninety million dollars), in the aggregate, to
    purchase Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    tendered in the U.S.&#160;Offer and the Argentine Offer, as
    applicable. The Purchaser has entered into a loan agreement with
    Banco Santander, S.A., a sociedad an&#243;nima organized under
    the laws of the Kingdom of Spain <B>(&#147;Banco
    Santander&#148;)</B> providing Purchaser with a commitment of up
    to U.S.&#160;$198,500,000 (one hundred and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ninety eight million five hundred thousand dollars) (such
    commitment, the <B>&#147;Tender Offer Financing
    Commitment&#148;)</B>, which is available to finance the Offers
    and pay related fees and expenses, and which repayment is
    guaranteed by Repsol. The Tender Offer Financing Commitment is
    limited to a maximum amount equivalent to the aggregate price
    necessary to purchase approximately 0.9% of YPF&#146;s shares
    (including shares represented by ADSs) in the aggregate, which
    is the percentage of outstanding capital stock of YPF not owned
    by either Repsol and certain of its affiliates or the Bidders
    and certain of their affiliates immediately prior to the Offers.
    Any amounts committed under the Tender Offer Financing
    Commitment must be drawn no later that January&#160;15, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Tender Offer Financing Commitment contains various customary
    representations and warranties, covenants, including covenants
    with respect to mandatory prepayments, restrictive covenants
    with respect to incurring additional indebtedness or guarantees,
    creating liens or other encumbrances, and events of default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offers are not conditioned upon the Bidders obtaining
    financing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Minimum
    Price Provisions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The By-laws impose certain minimum price requirements on any
    offer, including the U.S.&#160;Offer, that will result in any
    person owning, directly or indirectly, 15% or more of the equity
    capital of YPF and require that holders be offered cash
    consideration in any such offer. Under the By-laws,
    U.S.&#160;Offer must provide for the same Offer Price for all
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    tendered, which Offer Price may not be less than the highest of
    the following (the <B>&#147;Minimum Price&#148;)</B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the highest price paid by or on behalf of the Bidders
    for Class D Shares or convertible securities during the two
    years prior to the notice of the Offers provided to YPF, subject
    to certain anti-dilution adjustments with respect to
    Class&#160;D Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the highest closing offer price for Class&#160;D
    Shares on the BASE during the
    <FONT style="white-space: nowrap">30-day</FONT>
    period immediately preceding the notice of the Offers provided
    to YPF, subject to certain anti-dilution adjustments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the price resulting from clause&#160;(ii) above times
    a fraction, the numerator of which shall be the highest price
    paid by or on behalf of the Bidders for Class&#160;D Shares
    during the two years immediately preceding the date of the
    notice provided to YPF and the denominator of which shall be the
    closing selling price for Class&#160;D Shares on the BASE on the
    date immediately preceding the first day in such two-year period
    on which the Bidders acquired any interest in or right to any
    Class&#160;D Shares, in each case subject to certain
    anti-dilution adjustments;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the net earnings per Class&#160;D Share during the
    four most recent full fiscal quarters immediately preceding the
    date of the notice provided to YPF, multiplied by the higher of
    (A)&#160;the price/earnings ratio during such period for
    Class&#160;D Shares (if any) and (B)&#160;the highest
    price/earnings ratio for YPF in the two-year period immediately
    preceding the date of the notice provided to YPF, in each case
    determined in accordance with standard practices in the
    financial community.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;23, 2008, the Board of Directors of YPF issued a
    favorable opinion on the reasonableness of the Offer Price under
    the Offers and recommended the acceptance of the Offers to the
    holders of Shares of YPF, issuing the corresponding report on
    the Offer Price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='114'><B>11.&#160;Background of the Offers; Past
    Contacts, Transactions or Negotiations with YPF.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Throughout 2006, several media reports indicated Repsol&#146;s
    intention to reduce its stake in YPF, while keeping control of
    the company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At that point in time, the Eskenazi Family was considering a
    diversification strategy with particular focus on the energy
    sector.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to contacting Repsol, the Eskenazi Family analyzed the
    conditions of the international financial markets given that any
    prospective acquisition would largely depend on the availability
    of acquisition financing.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During December 2006 and January 2007, representatives of the
    Eskenazi Family and Repsol held preliminary meetings in Buenos
    Aires, Argentina, and Madrid, Spain, aimed at corroborating
    Repsol&#146;s intention to sell a stake in&#160;YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;17, 2007, Repsol and the Eskenazi Family
    entered into a confidentiality agreement in connection with the
    Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Repsol and the Eskenazi Family initially intended to structure
    the transaction as a single purchase and sale of YPF Securities
    representing 25% of the outstanding capital of YPF. Towards the
    end of November 2007, the parties decided to effect the proposed
    purchase and sale in stages, including as a first step the
    Acquisition, to be followed by the First Option, the Offers and
    the Second Option. For purposes of this section, we will refer
    to both structures together as the
    <B>&#147;Transaction&#148;</B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;20, 2007, representatives of the Eskenazi Family,
    Repsol, Credit Suisse (as financial advisors to the Eskenazi
    Family), and UBS (as financial advisors to Repsol) met in
    Madrid, Spain, and reviewed the timing of the overall process
    for the Transaction and discussed valuations and key assumptions
    in connection thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between May 21 and May&#160;23, 2007, representatives of the
    Eskenazi Family, Repsol, Credit Suisse, and UBS met in Madrid,
    Spain, and discussed key terms of the Transaction&#146;s
    structure including financing structure, valuation, due
    diligence requirements and timing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between May 25 and May&#160;29, 2007, a series of meetings were
    held in Madrid, Spain, among representatives of Repsol, the
    Eskenazi Family, Credit Suisse, UBS, Cleary, Gottlieb
    Steen&#160;&#038; Hamilton, LLP (<B>&#147;CGSH&#148;</B>) (legal
    advisors of the Eskenazi Family in the United States),
    Brons&#160;&#038; Salas (<B>&#147;Brons&#148;</B>) (legal
    advisors of the Eskenazi Family in Argentina), J&#038;A
    Garrigues, S.L.P. (<B>&#147;Garrigues&#148;</B>) (legal advisors
    to the Eskenazi Family in Spain), and Deloitte Touche Tohmatsu
    (tax advisors to the Eskenazi Family) to discuss and negotiate
    the general structure of the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between June 7 and June&#160;8, 2007, representatives of the
    Eskenazi Family, Repsol, Credit Suisse, UBS, and
    Latham&#160;&#038; Watkins, LLP (<B>&#147;L&#038;W&#148;</B>)
    (legal advisors to Repsol in Spain) met in Buenos Aires,
    Argentina, and discussed key terms of Transaction&#146;s
    structure including financing structure, syndication process,
    corporate governance considerations, and other aspects of the
    Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;14, 2007, representatives of the Eskenazi Family,
    Repsol, Credit Suisse, and UBS met in Buenos&#160;Aires,
    Argentina and discussed issues related to the financing of the
    Transaction and initiated the negotiation of a term sheet for a
    financing facility to be arranged by Credit Suisse.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between June 25 and June&#160;29, 2007, representatives of the
    Eskenazi Family, its U.S., Argentine and Spanish&#160;counsel,
    Repsol, Credit Suisse, Milbank Tweed Hadley&#160;&#038; McCloy,
    LLP (<B>&#147;Milbank&#148;</B>) (legal advisors to Credit
    Suisse in the United States), and Marval,
    O&#146;Farrel&#160;&#038; Mairal (<B>&#147;Marva</B>l&#148;)
    (legal advisors to Credit Suisse in Argentina) attended meetings
    in Madrid, Spain, at which Repsol&#146;s representatives made
    presentations regarding YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;4, 2007, counsel to Repsol submitted drafts of the
    SPA and the SHA to representatives of the Eskenazi&#160;Family
    and their legal advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;30, 2007, representatives of Repsol and Garrigues
    held a meeting in Madrid, Spain, to discuss the legal and tax
    structure of the Acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between August 28 and August&#160;30, 2007, representatives of
    the Eskenazi Family, Repsol, L&#038;W, Brons and P&#233;rez
    Alati, Grondona, Benites, Arntsen, &#038; Mart&#237;nez de Hoz
    (<B>&#147;PAGBAM&#148;</B>) (legal advisors to Repsol in
    Argentina) met in Buenos Aires, Argentina, to discuss issues
    related to the proposed financing of the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;2, 2007, representatives of Repsol and
    representatives of the Eskenazi Family, including their
    respective legal advisors, held a conference call and continued
    the negotiations of the SPA and the SHA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between November 21 and November&#160;23, 2007, representatives
    of the Eskenazi Family, Repsol, Credit Suisse, and UBS met in
    Madrid, Spain, and discussed matters relating to YPF and issues
    related to the proposed financing of the Transaction.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;27, 2007, representatives of the Eskenazi
    Family, Repsol, and Credit Suisse met in Madrid, Spain, and
    discussed outstanding issues relating to the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On December&#160;3, 2007, counsel to the Eskenazi Family
    submitted to counsel to Repsol a first draft of a memorandum of
    understanding (the <B>&#147;MOU&#148;</B>) to be entered into by
    Repsol and the Eskenazi Family, and of the First Option
    Agreement and the Second Option Agreement, to Repsol and the
    Eskenazi Family.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between December 15 and December&#160;16, 2007, several meetings
    were held in Buenos Aires, Argentina, between representatives of
    Repsol and the representatives of the Eskenazi Family to
    finalize the negotiation of the MOU.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On December&#160;21, 2007, Repsol and the Eskenazi Family
    executed the MOU in Madrid, Spain. The MOU established
    February&#160;15, 2008, as the deadline for the execution of the
    SPA, the SHA, the Senior Secured Term Loan Facility, the Seller
    Credit Agreement, the First Option Agreement, the Second Option
    Agreement and other related agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between February 5 and February&#160;7, 2008, representatives of
    the Eskenazi Family, Repsol, Credit Suisse, CGSH and Brons met
    in Buenos Aires, Argentina, to negotiate the SPA, the SHA, the
    Senior Secured Term Loan Facility, the Seller Credit Agreement,
    the First Option Agreement, the Second Option Agreement and
    other related agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;13, 2008, the Board of Directors of Petersen SA
    approved the transaction and authorized Petersen SA to enter
    into any and all the agreements related thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;14, 2008, Repsol and the Eskenazi Family
    amended the MOU and extended the deadline for the execution of
    the SPA, the SHA, the Senior Secured Term Loan Facility, the
    Seller Credit Agreement, the First Option Agreement, the Second
    Option Agreement and other related agreements until
    February&#160;21, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between February 17 and February&#160;21, 2008, representatives
    of the Eskenazi Family, Repsol, Credit Suisse, UBS, CGSH,
    Garrigues, L&#038;W, Milbank, Brons and Marval met in Madrid,
    Spain, to finalize the negotiations in connection with the
    Transaction and the agreements related thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008 (i)&#160;Repsol sold to Petersen SA,
    and Petersen SA purchased from Repsol, 58,603,606 ADSs
    (representing 58,603,606 Class&#160;D Shares) representing 14.9%
    of the outstanding capital stock of YPF for a purchase rice of
    U.S.&#160;$2.235&#160;billion pursuant to the SPA;
    (ii)&#160;Repsol and certain of its affiliates granted the
    Eskenazi Family options to purchase from Repsol and such
    affiliates, at any time on or prior to February&#160;21, 2012,
    Class&#160;D Shares or ADSs representing up to an additional
    10.1% in the aggregate of the outstanding capital stock of YPF
    pursuant to the First Option Agreement for the purchase of 0.1%
    of the outstanding capital stock of YPF and a separate Second
    Option Agreement for the purchase of up to 10% of the
    outstanding capital stock of YPF, in each case at a price per
    share determined in accordance with the formula described in
    each agreement; (iii)&#160;Repsol granted Petersen SA a role in
    the management of YPF, including the right to appoint certain
    directors and officers of YPF, and customary protections for
    minority shareholders, pursuant to the SHA; (iv)&#160;Petersen
    SA entered into the U.S.&#160;$1,026,000,000 Senior Secured Term
    Loan Facility, the proceeds of which Petersen SA used to pay a
    portion of the price paid for the securities purchased in the
    Acquisition that served as collateral for the Senior Secured
    Term Loan Facility, and to pay for certain costs and expenses
    incurred in connection with the Transaction; (v)&#160;Repsol and
    YPF granted the lenders under the Senior Secured Term Loan
    Facility registration rights with respect to the securities of
    YPF purchased pursuant to the SPA (other than certain excluded
    securities) pursuant the Registration Rights Agreement;
    (vi)&#160;Repsol, Petersen SA and the Eskenazi Family entered
    into a registration rights agreement with respect to the
    securities subject to the Options (which agreement was executed
    and delivered by YPF on March&#160;11, 2008)&#160;granting to
    the parties that extended financing in connection with the
    exercise of the Options, registration rights that are
    substantially equivalent to those set forth in the Registration
    Rights Agreement; (vii)&#160;Petersen SA entered into the Seller
    Credit Agreement with Repsol and The Bank of New York Mellon, as
    collateral agent, in the principal amount of
    U.S.&#160;$1,015,000,000, the proceeds of which were used by
    Petersen SA to pay a portion of the price for the securities
    purchased pursuant to the SPA; (viii)&#160;Repsol entered into
    an agreement with the administrative agent under the Senior
    Secured Term Loan Facility to make certain specified payments if
    certain conditions subsequent contained in the SPA should not
    occur; (ix)&#160;Petersen SA, Repsol and YPF entered into an
    agreement pursuant to which Petersen SA agreed to assign to
    Repsol its share of the extraordinary dividend
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    declared by the shareholders&#146; meeting of YPF on
    February&#160;7, 2008, in an amount equal to Ps.10.76 per
    Class&#160;D Share, dividends which were distributed on
    February&#160;29, 2008; and (x)&#160;Petersen SA and Repsol
    entered into an agreement stipulating the consequences of the
    failure to comply with certain specified obligations under the
    SHA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;5, 2008, the Eskenazi Family requested Repsol&#146;s
    written consent to assign its rights and obligations under the
    First Option, as prescribed under the First Option Agreement. On
    May&#160;6, 2008, Repsol consented in writing to such
    assignment. On May&#160;7, 2008, the Eskenazi Family assigned
    all of its rights and obligations under the First Option in
    favor of Purchaser. On that same date, the Eskenazi Family and
    Purchaser notified Repsol of such assignment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;20, 2008 Purchaser exercised the First Option by
    means of a written notification to Repsol pursuant to the First
    Option Agreement and informed YPF that it had exercised the
    First Option, thereby complying with the By-laws and the
    regulations of the CNV.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Starting as of May 21 and May&#160;22, 2008, and each week
    thereafter, Purchaser has published announcements of the
    Argentine Offer in Argentine and New York newspapers,
    respectively, pursuant to the By-laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;23, 2008, the Board of Directors of YPF issued a
    favorable opinion on the reasonableness of the Offer Price under
    the Offers, considering that the Offer Price complied with the
    requirements of the By-laws and was therefore reasonable, and
    recommended the acceptance of the Offers to the holders of
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    of YPF, issuing the corresponding report on the Offer Price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;2, 2008, holders of Class&#160;A Shares approved
    the &#147;acquisition of control&#148; of YPF (as defined in
    Article&#160;7(d) and (e)&#160;the By-laws) and the Offers,
    pursuant to Articles&#160;7(e)(i) and 7 (f)(ii) of the By-laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;4, 2008, the CNV approved the prospectus for
    the Argentine Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For further information on the Transaction and the background of
    the Offers, see Schedule&#160;13D which Petersen SA, Petersen
    PTY and the members of the Eskenazi Family filed with the SEC on
    February&#160;28, 2008, and all amendments thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='115'><B>12.&#160;Purpose of the Offers; Plans for
    YPF.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offers are being made by the Bidders to comply with certain
    provisions of the By-laws in connection with the acquisition by
    Purchaser from Repsol and certain of its affiliates, of 0.1% of
    the outstanding capital stock of YPF, upon exercise of such
    First Option by Purchaser on May&#160;20, 2008. After the
    consummation of the acquisition pursuant to the First Option,
    the Eskenazi Family will indirectly hold 15% of the total
    outstanding Securities. Accordingly, under the By-laws, the
    Eskenazi Family, acting directly or through an affiliate, is
    required to make an offer to purchase all remaining outstanding
    Securities. Repsol has agreed under the terms of the First
    Option and the SHA not to tender Securities held by it and its
    subsidiaries into the Offers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Forward-Looking
    Statements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Section contains certain forward-looking statements about
    the Bidders and their proposed investment in YPF. Although the
    Bidders believe their expectations are based on reasonable
    assumptions, any forward-looking statements may be influenced by
    factors that could cause actual outcomes and results to be
    materially different from those projected. The forward-looking
    statements in this Section may be identified by the words
    &#147;anticipates,&#148; &#147;believes,&#148;
    &#147;expects,&#148; &#147;intends,&#148; and similar
    expressions appearing in such statements. These forward-looking
    statements are subject to numerous risks and uncertainties.
    Important factors that could cause actual results to differ
    materially from those in forward-looking statements, certain of
    which are beyond the control of the Bidders, include among other
    things: adverse changes in the price of crude oil; a decline in
    the equity capital markets of the U.S., Argentina or Spain;
    adverse decisions by government regulators in Spain, Argentina
    or elsewhere (including with respect to the acquisition of YPF);
    exposure to fluctuations in exchange rates for foreign
    currencies. The actual results, performance or achievement by
    the Bidders and their affiliates following the acquisition could
    differ materially from those expressed in, or implied by, these
    forward-looking statements and, accordingly, no assurances can
    be given that any of the events anticipated by the
    forward-looking statements will transpire or occur, of if any of
    them do so, what impact they will have on the results of
    operations and financial condition of the businesses of the
    Bidders, their affiliates, and YPF.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Bidders&#146; (or Certain of their Affiliates&#146;) Plans for
    YPF, Transactions and Operations Following the Offers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the SHA:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Repsol and Petersen SA have agreed that after the consummation
    of the Offers, Repsol may sell capital stock of YPF held by it
    <FONT style="white-space: nowrap">and/or</FONT>
    certain of its affiliates in a public offering (the
    <I>&#147;Oferta P&#250;blica de Venta&#148;</I> or
    <B>&#147;OPV&#148;</B>). Repsol and Petersen SA agreed that the
    number of Shares owned by Repsol
    <FONT style="white-space: nowrap">and/or</FONT>
    certain of its affiliates that will be transferred through the
    OPV shall be determined only and exclusively by Repsol, without
    in any case the aggregate number of shares of YPF to be sold by
    Repsol
    <FONT style="white-space: nowrap">and/or</FONT>
    certain of its affiliates being less than ten percent (10%) of
    the YPF&#146;s capital stock. Repsol undertook not to accept
    offers to purchase and not to transfer shares of YPF in the OPV
    until the expiration of a 3 (three) months period (the
    <B>&#147;Waiting Period&#148;</B>) starting as from the
    execution of the SHA on February&#160;21, 2008. The Waiting
    Period expired on May&#160;21, 2008.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Repsol and Petersen SA agreed to enable YPF to study and
    evaluate the possible acquisition at market price and conditions
    of certain businesses and assets that Repsol and certain of its
    affiliates hold in certain jurisdictions in Latin America. The
    acquisition will be undertaken if it is beneficial and in the
    best interest and benefit of YPF. In addition, Repsol and
    Petersen SA have agreed that YPF may sell to third parties
    certain non-strategic assets in certain geographic areas.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Repsol and Petersen SA agreed to distribute as a dividend ninety
    percent (90%) of the profit of YPF, which is to be made in two
    (2)&#160;payments each year, and agreed to vote in favor of the
    corporate resolutions needed for YPF to decide to distribute a
    special dividend of U.S.&#160;$850,000,000 (eight hundred and
    fifty million dollars) which shall be paid (i)&#160;50% during
    2008 (25% during the first six months and 25% in the second half
    of the year); and (ii)&#160;the remaining 50% during the year
    2009 (25% during the first six months and 25% in the second half
    of the year).
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Repsol and Petersen SA undertook to actively perform all the
    necessary actions for YPF to amend the
    <FONT style="white-space: nowrap">By-laws</FONT> so
    as to demand the launch of a tender offer for 100% of the shares
    only in the following cases: (i)&#160;when an interest equal to
    or exceeding 15% of the capital stock of the Company is
    acquired; or (ii)&#160;when an interest equal to or exceeding
    50% of the capital stock of the Company is acquired (thus
    eliminating the obligation in the By-laws, of launching a tender
    offer each time an additional interest is acquired once 15% of
    YPF&#146;s capital stock has been previously acquired if such
    acquisition does not exceed 50% of the capital stock of YPF). On
    April&#160;24, 2008, the By-laws were amended accordingly.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Bidders nor any of their affiliates intend to make
    any material changes to YPF&#146;s business or corporate
    structure other than as otherwise discussed herein or in
    Schedule&#160;13D filed by Petersen SA with the SEC on
    February&#160;28, 2008 or any amendments thereto.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Management
    of YPF</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as described above or elsewhere in this U.S.&#160;Offer
    to Purchase, neither the Bidders nor any of their affiliates
    have present plans or proposals that would relate to or result
    in any change in YPF&#146;s Board or management other than those
    modifications decided at the shareholders&#146; meeting of YPF
    of March&#160;7, 2008 and April&#160;28, 2008, which intended to
    reflect a proportional representation of Repsol&#146;s and
    Petersen SA&#146;s interests in the outstanding capital stock of
    YPF. See
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    which YPF filed with the SEC on March&#160;12, 2008, and
    Amendment No.&#160;2 to Schedule&#160;13 D which Petersen SA
    filed with the SEC on May&#160;6, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Securities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders do not have any present plans to cause Shares and
    ADSs, which are not purchased pursuant to the Offers to be
    cashed out in a merger or similar transaction. Such a
    transaction would not be permitted under Argentine law without
    the consent of a majority of the holders of such Shares and
    ADSs. In addition, pursuant to the By-laws, the approval of the
    holders of Class&#160;A Shares would be required for such a
    transaction.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Second Option Agreement, following the
    completion of the Offers, Purchaser or one or more of its
    affiliates may at any time on or prior to February&#160;21,
    2012, seek to acquire an additional 10% of the outstanding
    Securities not owned by Purchaser or its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as described above or elsewhere in this U.S.&#160;Offer
    to Purchase, the Bidders have no present plans or proposals that
    would relate to or result in an extraordinary corporate
    transaction involving YPF or its subsidiaries, any material
    change in its capitalization or dividend policy or any other
    material change in YPF&#146;s corporate structure or business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='116'><B>13.&#160;Effect of the Offers on the Market for
    the Shares and ADSs; Registration of Shares under the Exchange
    Act and the Argentine Public Offering Law.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offers are being undertaken to satisfy the requirements of
    the By-laws. The Bidders presently anticipate that YPF will
    continue as a public company and will maintain its listing on
    the NYSE and BASE following the Bidders&#146; consummation of
    the Offers. None of the Eskenazi Family, YPF or Repsol is
    seeking to deregister or de-list the Securities from any stock
    exchange on which the Securities are listed. To the contrary,
    the acquisition of Securities by the Eskenazi Family is a
    component of Repsol&#146;s publicly disclosed intention to
    divest a substantial portion of its holdings in YPF, including
    undertaking an OPV of approximately 20% of YPF&#146;s
    outstanding capital stock pursuant to the SHA. To consummate
    such OPV, YPF must maintain the registration of its Class&#160;D
    Shares and ADSs and maintain the listing of each of those
    classes of securities on the NYSE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='117'><B>14.&#160;Extension of Offer Period; Subsequent
    Offer Period; Amendment; Termination.</B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under U.S.&#160;law, if the Bidders make a material change in
    the terms of the U.S.&#160;Offer or the information concerning
    the U.S.&#160;Offer or if they waive a material Condition of the
    U.S.&#160;Offer, the Bidders will disseminate additional tender
    offer materials and extend the U.S.&#160;Offer if and to the
    extent required by
    <FONT style="white-space: nowrap">Rules&#160;14d-4(c),</FONT>
    <FONT style="white-space: nowrap">14d-6(c)</FONT> and
    14(e)-1 under the Exchange Act (which require that material
    changes be promptly disseminated to shareholders in a manner
    reasonably designed to inform them of such changes) or
    otherwise. The minimum period during which an offer must remain
    open following material changes in the terms of the offer or
    information concerning the offer, other than a change in price
    or a change in percentage of securities sought, will depend upon
    the facts and circumstances, including the relative materiality
    of the terms or information changes. In the SEC&#146;s view, an
    offer should remain open for a minimum of 5 (five) business days
    from the date the material change is first published, sent or
    given to holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    and with respect to a change in price or a change in percentage
    of securities sought, a minimum 10 (ten)
    <FONT style="white-space: nowrap">business-day</FONT>
    period is generally required to allow for adequate dissemination
    to shareholders and investor response.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, under
    <FONT style="white-space: nowrap">Rule&#160;14d-11</FONT>
    of the Exchange Act, the Bidders may elect to provide for a
    subsequent offering period, immediately following the Expiration
    Date, of not fewer than 3 (three) business days nor more than 20
    (twenty) business days in length. If provided, a subsequent
    offering period would be an additional period of time, following
    the Expiration Date, during which holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    that were not previously tendered in the U.S.&#160;Offer may
    tender such Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    on the same terms that applied to the U.S.&#160;Offer. A
    subsequent offering period is not the same as an extension of
    the U.S.&#160;Offer, which will have been previously completed
    if a subsequent offering period is provided. Offeror will accept
    for payment, and pay for, any Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    that are validly tendered during a subsequent offering period,
    if provided, as promptly as practicable after any such Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    are validly tendered during such subsequent offering period, for
    the same price paid to holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    that were validly tendered in the U.S.&#160;Offer and not timely
    withdrawn.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Argentine law, the 20 (twenty) to 30 (thirty) business
    days initial term of the Argentine Offer must be extended for an
    additional period of 5 (five) to 10 (ten) business days, to give
    those holders that have not accepted the offer during the
    original term an opportunity to do so during such additional
    term. Purchaser may also request that the CNV authorize the
    amendment of the terms of the Argentine Offer at any time prior
    to the last 7 (seven) days of the initial offering period, as
    long as the amendment reflects an improvement of the original
    offer (e.g. by means of an increase in the consideration
    offered), which request will automatically extend the offer
    period for 7 (seven) additional business days. In addition, if
    the CNV deems it necessary, it may require that the offer period
    be further extended.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders reserve the right, at any time or from time to time,
    in their sole discretion, subject to applicable law, and
    regardless of whether or not any of the Conditions shall have
    been satisfied, to extend the period of time during which the
    U.S.&#160;Offer is open by giving oral or written notice of such
    extension to the U.S.&#160;Receiving Agent and by making a
    public announcement of such extension or to amend the
    U.S.&#160;Offer in any respect by making a public announcement
    of such amendment. There can be no assurance that the Bidders
    will exercise their right to extend or amend the
    U.S.&#160;Offer. In any case, in order for the U.S.&#160;Offer
    and the Argentine Offer to expire on the same date, the
    additional period of the Argentine Offer will expire on
    October&#160;20, 2008, and, except as required by applicable
    laws and regulations, the Bidders do not intend to make any
    amendment to the Argentine Offer or extend the Expiration Date
    of the U.S.&#160;Offer to a date later than the expiration date
    of the additional period of the Argentine Offer, nor to provide
    any subsequent offering periods under the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders also reserve the right, exercisable at any time
    prior to the Expiration Time on the Expiration Date, and in
    their sole discretion, subject to applicable law, in the event
    any of the Conditions shall not have been satisfied, to
    terminate the U.S.&#160;Offer and not accept for payment or pay
    for Shares and ADSs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any extension, termination or amendment of the U.S.&#160;Offer
    will be followed as promptly as practicable by a public
    announcement thereof. Without limiting the manner in which the
    Bidders may choose to make any public announcement, the Bidders
    will have no obligation (except as otherwise required by
    applicable law) to publish, advertise or otherwise communicate
    any such public announcement other than by making a release to
    the Dow Jones News Service and other publications required by
    the applicable regulations in Argentina. In the case of an
    extension of the U.S.&#160;Offer, the Bidders will make a public
    announcement of such extension no later than 9:00&#160;A.M., New
    York City time, on the next business day after the previously
    scheduled Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='118'><B>15.&#160;Certain Conditions of the
    U.S.&#160;Offer.</B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is not conditioned on any minimum number of
    Securities being tendered nor it is subject to a financing
    condition. However, the U.S.&#160;Offer is subject to the
    satisfaction of the following conditions (the
    <B>&#147;Conditions&#148;</B>) whether during the Offer Period
    or prior to January&#160;15, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the Required Regulatory Approval shall have been
    obtained. See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;16. Certain Legal Matters; Regulatory
    Approvals&#148;</I>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the Bidders shall have not received a Denial Notice or
    a Conditioned Approval. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;16. Certain Legal
    Matters; Regulatory Approvals&#148;</I>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;there shall have not been threatened or instituted and
    pending any action or proceeding or any demand by any government
    or governmental, regulatory or administrative agency or
    authority or tribunal or any other person, domestic or foreign,
    or before any court, authority, agency or tribunal which
    prevents the making of either Offer, the acquisition of some or
    all of the Securities pursuant to either Offer or materially
    alters the terms or conditions of either Offer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;there shall have not been any action taken, or approval
    withheld, or any statute, rule, regulation, judgment, order or
    injunction promulgated, enacted, entered, amended, enforced or
    applicable to either Offer by any court or any authority, agency
    or tribunal which would directly or indirectly (i)&#160;make the
    acceptance for payment of, or payment for, some or all of the
    Securities illegal or otherwise restrict or prohibit
    consummation of either Offer or (ii)&#160;delay or restrict the
    ability of the Bidders, or render the Bidders unable, to accept
    for payment or pay for some or all of the Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Acceptance and payment of the Offer Price will be made only
    after the Required Regulatory Approval has been obtained. If the
    Required Regulatory Approval has not been obtained prior to
    January&#160;15, 2009, the Bidders will return any tendered
    Securities promptly thereafter. Furthermore, if following the
    Expiration Time on the Expiration Date but prior to
    January&#160;15, 2009, the CNDC issues a Conditioned Approval or
    a Denial Notice, the Bidders will return all tendered Securities
    promptly after Petersen SA has been served with notice of such
    Conditioned Approval or Denial Notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tendering holders will have withdrawal rights until the
    Expiration Date or the New Expiration Date, as applicable or,
    thereafter, until such time as the Bidders announce that the
    Required Regulatory Approval has been
</DIV>

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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    obtained and that they will pay the Offer Price. See
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;5.
    Withdrawal Rights&#148; </I>and <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Conditions of the
    U.S.&#160;Offer.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, the Conditions may be waived by
    the Bidders, in whole or in part, at any time and from time to
    time in their sole discretion, subject to applicable law. The
    Bidders&#146; failure at any time to exercise any of the
    foregoing rights shall not be deemed a waiver of any such right;
    the waiver of any such right with respect to particular facts
    and circumstances shall not be deemed a waiver with respect to
    any other facts or circumstances; and each such right shall be
    deemed an ongoing right which may be asserted at any time and
    from time to time. Any determination by the Bidders concerning
    the events described above will be final and binding on all
    parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='119'><B>16.&#160;Certain Legal Matters; Regulatory
    Approvals.</B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;&#160;Based on their examination of
    publicly available information filed by YPF with the SEC and
    other publicly available information concerning YPF, the Bidders
    are not aware of (i)&#160;any governmental license or regulatory
    permit that appears to be material to YPF&#146;s business that
    might be adversely affected by the Bidders&#146; acquisition of
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    as contemplated herein, or (ii)&#160;any approval or other
    action by any government or governmental administrative or
    regulatory authority or agency, domestic or foreign, that would
    be required for the acquisition or ownership of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    by the Bidders as contemplated herein, or any approval or other
    action by any government or governmental administrative
    regulatory authority or agency, domestic or foreign, or any
    consent, waiver or other approval that would be required as a
    result of or in connection with the Offers, including but not
    limited to, any consents or other approvals under any licenses,
    concessions, permits and agreements to which YPF or the Bidders
    or any of their respective subsidiaries or affiliates is a
    party, other than:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    CNV&#146;s approval as to the form of the Argentine
    Offer,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    CNDC&#146;s Required Regulatory Approval.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Bidders&#146; obligation under the Offers to
    accept for payment and pay for Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    is subject to certain Conditions as described in <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Certain Conditions
    of the U.S.&#160;Offer.&#148;</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Argentine
    Securities Law</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registration of securities and the conduct of public offers
    in Argentina is regulated by Public Offering Law
    No.&#160;17,811, as amended, Decree No.&#160;677/01 (the
    <B>&#147;Public Offering Law&#148;</B>), and by the CNV&#146;s
    regulations. On March&#160;26, 2002, the CNV issued General
    Resolution No.&#160;401 regulating public tender and exchange
    offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Regulations, any individual or legal entity that
    proposes to launch a tender offer must file a request for
    approval of the tender offer with the CNV, which has 15
    (fifteen) business days from the filing to approve the terms and
    conditions or to request additional information (in which case
    the <FONT style="white-space: nowrap">15-day</FONT>
    period will be interrupted). Except as otherwise provided by the
    CNV, the request for approval must include, among other
    requirements, a prospectus containing the terms and conditions
    of the offer and other relevant information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Concurrently with the filing with the CNV, the offeror must
    publicly announce its intention to make the tender offer by
    publishing the principal terms and conditions for three days in
    a major Argentine newspaper and for one day in the official
    gazette of the BASE. Once the tender offer is approved, the
    offeror must publish the approval of the terms and conditions of
    the exchange offer, as originally filed or as modified, in the
    same manner in which the announcement of the exchange offer was
    previously published.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, simultaneously with the publication of the terms
    and conditions of the tender offer, the offeror must give a
    detailed notice of the terms and conditions to the target
    company. The board of directors of the target company must
    express its opinion and recommendation as to the proposed
    exchange offer within 15 (fifteen) days from receipt of the
    notification from the offeror. The opinion of the board of
    directors of the target company must cover in detail the terms
    and conditions of the tender offer, its recommendation to accept
    or reject the offer, the existence of any agreement between the
    offeror and the target or between the offeror and the members of
    the board of directors of the target, and whether the board of
    directors will obtain an opinion from a specialized independent
    consultant. The board of directors must disclose its knowledge
    of any significant decision to be adopted that, in its judgment,
    may affect the tender offer and whether the members of the board
    of directors of the target and officers
</DIV>

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    <BR>
    30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    who are shareholders of the target will accept or reject the
    tender offer. The opinion of the board of directors of the
    target must be furnished to both the BASE and the CNV and must
    be published for 2 (two) days in the official gazette of the
    BASE.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tender offer must remain open in Argentina for a period of
    no less than 20 (twenty) business days, and no more than 30
    (thirty) business days, unless an exception is obtained from the
    CNV. After the tender offer period expires, the offeror must
    keep the offer open for another 5 (five) to 10 (ten) business
    days on the same terms and conditions as the original offer.
    Once the tender offer expires, the offeror and the receiving
    agent must inform the CNV and the BASE of the results of the
    offer and must publish the results in the official gazette of
    the BASE and in a major Argentine newspaper. Concurrently, the
    BASE must notify the CNV of the aggregate number of shares of
    the target tendered. Once the results are known, the CNV will
    notify the BASE, and if applicable, the offeror and the target
    company, of the number of shares tendered. The BASE will publish
    the results in its gazette on the day following notification
    from the CNV.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If, subject to the Regulations, the offeror elects to terminate
    the offer, the offeror must notify the CNV of its decision and
    the notice of termination must be published in the same manner
    as the approval of the original offer. Once the notice of
    termination is published, all tenders will be deemed withdrawn
    and all expenses incurred by the tendering holders will be paid
    by the offeror.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Argentine
    Corporate Law</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    will not have appraisal rights as a result of the Offers.
    However, if any of the Bidders or any of their affiliates,
    Repsol, or YPF were ever to seek to delist the Shares from the
    BASE then upon the approval of the termination of the listing of
    the Shares on the BASE and of the termination of the
    registration of the Shares under the Public Offering Law, any
    holder of Shares that voted against such action or did not
    attend the meeting at which such action was approved, would have
    the right to receive the book value of such holder&#146;s
    Shares, determined on the basis of YPF&#146;s latest audited
    balance sheet prepared (or that should have been prepared) in
    accordance with Argentine laws and regulations, <I>provided</I>,
    that such holder exercises these appraisal rights on a timely
    basis. The Bidders have no reason to believe that there is a
    significant likelihood that the ADSs (and Class&#160;D Shares)
    would be de-listed or that YPF would terminate its SEC reporting
    obligations. Appraisal rights would have to be exercised by
    delivering notice to such effect to YPF within 5 (five) days of
    the adjournment of the meeting at which the resolution approving
    the delisting and termination of registration under the Public
    Offering Law was adopted, in the event that the dissenting
    holder of Shares voted against such resolution, or within 15
    (fifteen) days following such adjournment if the dissenting
    holder of Shares did not attend such meeting and can prove that
    it owned Shares on the date of such meeting. Payment on the
    appraisal rights must be made within 60 (sixty) days of the date
    of the meeting approving the delisting and termination of
    registration under the Public Offering Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There is doubt as to whether holders of ADSs will be able to
    exercise appraisal rights without converting ADSs to Shares
    prior to the date of the meeting approving the delisting and
    termination of registration under the Public Offering Law. It is
    not clear under Argentine law that a holder of Shares that votes
    both for and against a proposal approving the delisting and
    termination of registration under the Public Offering Law (as
    the ADS Depositary holding the ADSs might be required to do)
    would be able to exercise appraisal rights with respect to those
    Shares voted against the proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a holder of ADSs to withdraw the Shares underlying the ADSs
    it holds to preserve his or her ability to exercise appraisal
    rights at an extraordinary shareholders&#146; meeting, the
    holder must surrender the ADR evidencing such ADSs at the
    principal office at the ADS Depositary at 101 Barclay Street,
    22nd&#160;Floor West, New York, New York 10286, and pay any
    applicable fees required to withdraw such Shares. The ADS
    Depositary shall then be required to deliver such Shares by
    electronic delivery through Caja de Valores. The holder must
    then deposit with YPF at least 3 (three) business days prior to
    the shareholders&#146; meeting a certificate from Caja de
    Valores stating the number of Shares held by book-entry for such
    holder in order to vote at the shareholders&#146; meeting.
</DIV>

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    <BR>
    31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Antitrust
    and Regulatory Laws</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Argentina</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under Argentine Law No.&#160;25,156, as amended, the CNDC has
    jurisdiction over mergers and acquisitions that allow a party to
    acquire control of or significant influence over a company,
    where the combined volume of business of the parties involved
    exceeds certain thresholds (<B>&#147;economic
    concentration</B>s&#148;). The CNDC has authority to analyze and
    approve, including subject to satisfaction of conditions, or
    reject any such economic concentration. The CNDC has a waiting
    period of 45 business days from the date the parties complete
    the statutory filing to render its decision. However, the 45
    business day period is interrupted each time the CNDC requests
    additional information, until the information is furnished to
    the satisfaction of the CNDC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CNDC review process is structured in three sequential stages
    defined largely by the information required at each stage, and
    the CNDC may choose not to perform the review provided by any
    stage. During Stage One, the CNDC requests and reviews basic
    information on the relevant parties, the main aspects of the
    transaction and identifies the relevant market (by market size
    and relative market share). During Stage Two, the CNDC requests
    more detailed information on the relevant market, the products
    and services produced by the issuer and details on a
    transaction&#146;s impact on the manufacturing, transportation,
    service costs and consumer price for such products and services.
    In Stage Three, the CNDC can request additional details on a
    transaction or its potential effects, particularly with respect
    to competition in the market, barriers to import/export or entry
    into the relevant market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At any point during the CNDC review process, the CNDC may
    request additional or more specific information and documents
    from the parties involved or may schedule hearings with
    chambers, associations, competitors, suppliers, clients and
    others involved in or affected by a transaction to assist it its
    analysis of any possible anti-competitive concentration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SPA provides that the Acquisition is subject to approval by
    the CNDC. Similarly, the consummation of Purchaser&#146;s
    acquisition of Securities pursuant to the First Option and the
    Bidders&#146; acquisition of Securities pursuant to the Offers
    is conditioned upon obtaining CNDC approval of each such
    acquisition of Securities (such approvals, together with
    approval of the acquisition of Securities under the SPA, the
    <B>&#147;Required Regulatory Approval&#148;</B>). If the CNDC
    does not approve the acquisition of Securities under the SPA as
    described herein prior to February&#160;21, 2009, the SPA will
    terminate and the Securities purchased under the SPA will be
    returned to Repsol. Furthermore, if either the SPA is terminated
    or the acquisition of Securities under the First Option is not
    approved by the CNDC prior to February&#160;21, 2009, no
    Securities will be acquired under the First Option. Similarly,
    since the financing for the Offers must be drawn by
    January&#160;15, 2009, if the acquisition of Securities under
    the Offers is not approved by the CNDC prior to January&#160;15,
    2009, no Securities will be acquired under the Offers and any
    Securities tendered in the Offers will be returned promptly. If
    prior to January&#160;15, 2009, the CNDC issues a Conditioned
    Approval or a Denial Notice, the Bidders will promptly return
    all tendered Securities. Tendering holders will have withdrawal
    rights until the Expiration Time on the Expiration Date or the
    New Expiration Date, as applicable or, thereafter, until such
    time as the Bidders announce that the Required Regulatory
    Approval has been obtained and that they will pay the Offer
    Price. The Bidders will announce that the Required Regulatory
    Approval has been obtained within 1 (one) business day after
    Petersen SA has been served with notice of such Required
    Regulatory Approval, by issuing a press release and amending the
    Tender Offer Statement that the Bidders filed with the SEC on
    Schedule&#160;TO.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;28, 2008, Petersen SA filed with the CNDC a
    request for approval of its Acquisition pursuant to the SPA, as
    well as the acquisition of an additional 0.1% of the total
    outstanding capital stock of YPF by the Eskenazi Family or its
    assignee under the First Option, the acquisition of up to an
    additional 10% of the outstanding capital stock of YPF by the
    Eskenazi Family or its assignee under the Second Option and the
    acquisition of Securities by the Eskenazi Family or its assignee
    as a result of the Offers. On March&#160;4, 2008, the CNDC
    requested that additional information be submitted. On
    March&#160;26, 2008, Petersen SA provided the CNDC with such
    additional information. On May&#160;26, 2008, Petersen SPV gave
    the CNDC notice of its exercise of the First Option and of the
    Announcement of the Argentine Offer. On June&#160;3, 2008, the
    CNDC requested Petersen SPV and Repsol to submit additional
    information, which submission was completed on July&#160;31,
    2008. The CNDC has not yet indicated an intention to move the
    review process beyond Stage One. Once all information requested
    by the CNDC has been submitted, the CNDC is required to render
    its decision within 45 business days. If the CNDC allows such
    period to lapse without rendering any decision or requesting
    further additional information, the acquisition of Securities by
    the Eskenazi Family and its affiliates
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    pursuant to the Acquisition, the First Option, the Second Option
    and the Offers would be deemed approved. If such period lapses
    prior to the Expiration Date and, thus, the acquisition of
    Securities by the Eskenazi Family and its affiliates pursuant to
    the Acquisition, the First Option, the Second Option and the
    Offers is deemed approved, the Bidders will accept the tendered
    Securities and pay the Offer Price to all holders of tendered
    Securities promptly after the Expiration Date. Similarly, if the
    U.S.&#160;Offer (i)&#160;is extended or (ii)&#160;has expired
    but acceptance and payment for the tendered Securities has been
    postponed until the CNDC issues the Required Regulatory
    Approval, once the CNDC is deemed to have approved the
    acquisition of Securities by the Eskenazi Family at any time
    after the extension of the Offer Period, or postponement of
    acceptance and payment, as applicable, but prior to
    January&#160;15, 2009, the Bidders will announce that the
    Required Regulatory Approval has been obtained and that they are
    accepting and paying the Offer Price for the tendered Securities
    (that have not been previously withdrawn) promptly thereafter.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Other</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon the Bidders&#146; examination of publicly available
    information concerning YPF, it appears that YPF and its
    subsidiaries own property and conduct business in a number of
    foreign countries in addition to those described above. In
    connection with the acquisition of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the Offers, the laws of certain of these foreign
    countries may require the filing of information with, or the
    obtaining of the approval of, governmental authorities therein.
    After commencement of the Offers, the Bidders will seek further
    information regarding the applicability of any such laws and
    currently intend to take such action as they may require, but no
    assurance can be given that such approvals will be obtained. If
    any action is taken prior to completion of the Offers by any
    such government or governmental authority, the Bidders may not
    be obligated to accept for payment or pay for any tendered
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs.
    See <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;15.
    Certain Conditions of the U.S.&#160;Offer.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>17.&#160;<A name='120'>Fees and Expenses.</B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as set forth below, the Bidders will not pay any fees or
    expenses in connection with the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The expenses of the U.S.&#160;Offer, including the publications,
    the distribution of the documentation to holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    the expenses and fees of Caja de Valores (except for the
    expenses of issuing the Tender Certificate and the <I>Constancia
    de Saldo de Cuentas</I>), and any expenses in connection with
    the transferring of the Offer Price to the accounts of the
    holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    shall be paid by the Bidders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders shall not be responsible for any expenses derived
    from issuing Tender Certificates, certifications of signatures,
    preparation and sending
    <FONT style="white-space: nowrap">and/or</FONT>
    filing of documentation by the holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    or for the payment of any commissions or fees of the Custodians
    of the holders of Shares or advisors of the holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    or any broker, dealer or agent used by them for the purpose of
    tendering in the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders have retained The Bank of New York Mellon to act as
    the U.S.&#160;Receiving Agent in connection with the
    U.S.&#160;Offer. The U.S.&#160;Receiving Agent has not been
    retained to make solicitations or recommendations in its role as
    receiving agent. The U.S.&#160;Receiving Agent will receive
    reasonable and customary compensation for its services, will be
    reimbursed for certain reasonable out-of-pocket expenses and
    will be indemnified against certain liabilities in connection
    therewith, including certain liabilities under the
    U.S.&#160;federal securities laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Receiving Agent has retained Banco Santander
    R&#237;o S.A. to act as the Argentine Custodian in connection
    with the Offers. The Argentine Custodian has not been retained
    to make solicitations or recommendations. The Argentine
    Custodian will receive reasonable and customary compensation for
    its services, will be reimbursed for certain reasonable
    out-of-pocket expenses and will be indemnified against certain
    liabilities in connection therewith, including certain
    liabilities under the U.S.&#160;federal securities laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders have retained BNY Mellon Shareowner Services to act
    as the U.S.&#160;Information Agent in connection with the
    U.S.&#160;Offer. The U.S.&#160;Information Agent may contact
    holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    by mail, telephone, and personal interviews and may request
    brokers, dealers and other nominee shareholders to forward
    materials relating to the U.S.&#160;Offer to beneficial owners.
    The U.S.&#160;Information Agent will receive reasonable and
    customary compensation for its services, will be reimbursed for
    certain reasonable out-of-pocket expenses and will be
    indemnified against certain liabilities in connection therewith,
    including certain liabilities under the federal securities laws.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>18.&#160;<A name='121'>Miscellaneous.</B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is not being made to, nor will tenders be
    accepted from or on behalf of, holders of Shares or ADSs in any
    jurisdiction in which the making of the U.S.&#160;Offer or
    acceptance thereof would not be in compliance with the laws of
    such jurisdiction. However, the Bidders may, in their
    discretion, take such action as it may deem necessary to make
    the U.S.&#160;Offer in any such jurisdiction and extend the
    U.S.&#160;Offer to holders of Shares and ADS in such
    jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>No person has been authorized to give any information or make
    any representation on behalf of the Bidders not contained in
    this U.S.&#160;Offer to Purchase or in the Form of Acceptance,
    Form of Withdrawal, or Letter of Transmittal and, if given or
    made, such information or representation must not be relied upon
    as having been authorized.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders have filed with the SEC a Tender Offer Statement on
    Schedule&#160;TO, together with exhibits, pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14d-3</FONT>
    of the General Rules and Regulations under the Exchange Act,
    furnishing certain additional information with respect to the
    U.S.&#160;Offer. The Schedule&#160;TO and any amendments
    thereto, including exhibits, may be examined and copies may be
    obtained at the SEC&#146;s webpage
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Petersen Energ&#237;a Inversora, S.A.,
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enrique Eskenazi,
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sebasti&#225;n Eskenazi,
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mat&#237;as Eskenazi Storey, and
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ezequiel Eskenazi Storey
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    September&#160;11, 2008
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SCHEDULE&#160;A</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    CONCERNING THE MEMBERS OF THE ESKENAZI FAMILY AND THE MEMBERS OF
    THE BOARDS<BR>
    OF DIRECTORS AND <BR>
    </FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EXECUTIVE OFFICERS OF PURCHASER AND HOLDING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below are the name, position, and current principal
    occupation or employment, and material occupations, positions,
    offices or employment for the past five years of each director
    and executive officer of Purchaser and Holding. The business
    address of each such person is Cerrito 740, piso 1, (C1010AAP)
    Buenos Aires, Argentina. Each such person is a citizen of the
    Republic of Argentina.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Purchaser</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="65%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name and Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Occupation</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Directors</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Enrique Eskenazi&#160;&#151;&#160;Director and President
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Co-Chief Executive Officer, Marviol S.R.L.; President of
    Petersen Inversiones S.A., Napelgrind S.A., Banco de
    San&#160;Juan S.A., Banco de Santa Cruz S.A., Nuevo Banco de
    Santa Fe S.A., Nuevo Banco de Entre R&#237;os S.A., Petersen
    Energ&#237;a S.A. (Argentina), Petersen Energ&#237;a S.A.
    (Spain), Fundaci&#243;n Banco de Santa Cruz S.A., Fundaci&#243;n
    Nuevo Banco de Santa Fe S.A., and Fundaci&#243;n Nuevo Banco de
    Entre R&#237;os S.A.; Vice president of Mantenimientos y
    Servicios S.A. and Santa Sylvia S.A.; Member of the board of
    directors of Petersen Thiele y Cruz S.A., Estacionamientos
    Buenos Aires S.A., Petersen Energ&#237;a S.A. (Spain), Petersen
    Energ&#237;a Pty. Ltd. and Agro Franca S.A.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sebasti&#225;n Eskenazi&#160;&#151;&#160;Director and Co-Chief
    Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Co-Chief Executive Officer of Marviol S.R.L. and Petersen
    Energ&#237;a S.A. (Spain); President of Arroyo Lindo S.A. and
    Red Link S.A.; Vice president of Petersen Inversiones S.A.,
    Petersen Energ&#237;a S.A. (Argentina), Petersen Thiele y Cruz
    S.A., Mantenimientos y Servicios S.A., Banco de Santa Cruz S.A.,
    Nuevo Banco de Santa Fe S.A. and Nuevo Banco de Entre R&#237;os
    S.A.; alternate member of the board of directors of Banco de
    San&#160;Juan S.A.; and member of the board of directors of
    Petersen Energ&#237;a S.A. (Spain), Petersen Energ&#237;a Pty.
    Ltd. and Petersen Inversiones S.A.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mauro Renato Jos&#233; Dacomo&#160;&#151;&#160;Director and<BR>
    Secretary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner of ABD Law Firm; President of Inwell S.A. and Los
    Boulevares S.A.; General counsel to Fundaci&#243;n Banco de
    Santa Cruz S.A., Fundaci&#243;n Nuevo Banco de Santa Fe S.A.,
    and Fundaci&#243;n Nuevo Banco de Entre R&#237;os S.A.;
    alternate member of the board of directors of Petersen
    Energ&#237;a S.A. (Argentina), Arroyo Lindo S.A. and Nuevo Banco
    de Santa Fe S.A.; and member of the board of directors of Inwell
    S.A. and Nuevo Banco de Entre R&#237;os S.A.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ignacio Cruz Mor&#225;n&#160;&#151;&#160;Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Alternate member of the board of directors of Banco de Santa
    Cruz S.A., Nuevo Banco de Santa Fe S.A., and Red Link S.A.; and
    member of the board of directors of Banco de San&#160;Juan S.A.,
    Nuevo Banco de Entre R&#237;os S.A. and ACH S.A.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Executive Officers</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mat&#237;as Eskenazi Storey&#160;&#151;&#160;Co-Chief<BR>
    Executive Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Executive Officer of Administradora San&#160;Juan S.R.L.;
    Co-Chief Executive Officer of Petersen Energ&#237;a S.A.
    (Spain); President of Estacionamientos Buenos Aires S.A.; Vice
    president of Comercial Latino S.A. and Banco de Santa Cruz S.A.;
    alternate member of the board of directors of Mantenimientos y
    Servicios S.A., Banco de San&#160;Juan S.A. and Red Link S.A.;
    and member of the board of directors of Petersen Energ&#237;a
    S.A. (Spain), Petersen Energ&#237;a Pty. Ltd., Petersen
    Inversiones S.A, Nuevo Banco de Santa Fe S.A., Nuevo Banco de
    Entre R&#237;os S.A. and Petersen Energ&#237;a S.A. (Argentina)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Holding</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="65%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name and Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Occupation</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mat&#237;as Eskenazi Storey&#160;&#151;&#160;Managing Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    See Section &#147;1.&#160;Purchaser&#148; above
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sebasti&#225;n Eskenazi&#160;&#151;&#160;Managing Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    See Section &#147;1.&#160;Purchaser&#148; above
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mauro Renato Jos&#233; Dacomo&#160;&#151;&#160;Managing Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    See Section &#147;1.&#160;Purchaser&#148; above
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ignacio Cruz Mor&#225;n&#160;&#151;&#160;Managing Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    See Section &#147;1.&#160;Purchaser&#148; above
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pablo Cristi&#225;n Bonetto&#160;&#151;&#160;Managing Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Inhouse counsel at Nuevo Banco de Santa Fe S.A., Nuevo Banco de
    Entre R&#237;os S.A., Banco de San&#160;Juan S.A., and Banco de
    Santa Cruz S.A.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leonardo L&#243;pez&#160;&#151; Managing Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Inhouse counsel at Nuevo Banco de Santa Fe S.A., Nuevo Banco de
    Entre R&#237;os S.A., Banco de San&#160;Juan S.A., and Banco de
    Santa Cruz S.A.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Beneficial
    Owners</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below are the name and material occupations,
    positions, offices or employment for the past five years of each
    member of the Eskenazi Family. The business address of each such
    person is Cerrito 740, piso 1, (C1010AAP) Buenos Aires,
    Argentina. Each such person is a citizen of the Republic of
    Argentina.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="65%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Occupation</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Enrique Eskenazi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    See Section &#147;1.&#160;Purchaser&#148; above
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sebasti&#225;n Eskenazi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    See Section &#147;1.&#160;Purchaser&#148; above
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mat&#237;as Eskenazi Storey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    See Section &#147;1.&#160;Purchaser&#148; above
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ezequiel Eskenazi Storey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice president of Agro Franca S.A.; alternate member of the
    board of directors of Los Boulevares S.A. and Petersen
    Inversiones S.A.; and member of the board of directors of
    Petersen Thiele y Cruz S.A., Santa Sylvia S.A. and Agro Franca
    S.A.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The U.S.
    Receiving Agent for the U.S. Offer is:</FONT></I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE BANK OF NEW YORK MELLON</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>By Mail:</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>By Hand or Overnight or Courier:</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BNY Mellon Shareowner Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    BNY Mellon Shareowner Services
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Attn: Corporate Action Dept.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Attn: Corporate Action Dept., 27th Floor
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    P.O.&#160;Box&#160;3301
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    480 Washington Boulevard
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    South Hackensack, NJ 07606
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Jersey City, NJ 07310
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The U.S.
    Information Agent for the U.S. Offer is:</FONT></I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BNY MELLON SHAREOWNER SERVICES</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">480
    Washington Blvd.,<BR>
    Jersey City, NJ 07310<BR>
    In the United States: Call 1-877-289-0143 (Toll-Free)<BR>
    Outside the United States: Call 1-201-680-5235<BR>
    Banks and Brokers: 1-201-680-5235
    </FONT>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.A.2
<SEQUENCE>3
<FILENAME>y71140exv99waw1waw2.htm
<DESCRIPTION>EX-99.A.1.A.2: ARGENTINE OFFER TO PURCHASE
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.A.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(A).2</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This is a convenience translation into English of a Spanish
    original document. This translation is without legal effect and,
    in the event of any discrepancy with the Spanish original
    version, the Spanish original version shall prevail.</B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Public Offering authorized by Board Resolution of the
    Comisi&#243;n Nacional de Valores, dated September&#160;4, 2008.
    This authorization merely entails that the reporting
    requirements have been complied with. The Comisi&#243;n Nacional
    de Valores has not rendered its opinion on the information
    contained in this Prospectus. The management body is exclusively
    responsible for the accuracy of the accounting, financial and
    economic information, as well as any other information contained
    in this Prospectus and the supervisory body of the offering
    company and the auditors are liable, to the relevant extent, for
    the accuracy of their respective reports on the financial
    statements appended hereto. The management body represents,
    under oath, that this Prospectus includes, as of the date of its
    publication, accurate and sufficient information about any
    material fact that may affect the net worth, financial and
    economic situation of the offering company as well as any other
    information of which the shareholders should be aware in
    connection with this issue, in compliance with the regulations
    in force.</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114002.gif" alt="(COMPANY LOGO)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (hereinafter, <B>&#147;<U>PEISA</U>&#148;</B>)
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">hereby
    launches this<BR>
    Voluntary Public Tender Offer<BR>
    for all currently outstanding Class&#160;A Shares, Class&#160;B
    Shares, Class&#160;C Shares and Class&#160;D Shares, with a
    par</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>value of Ten Pesos ($10) and one vote per Share, in</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114003.gif" alt="(COMPANY LOGO)">
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 24pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    SOCIEDAD AN&#211;NIMA<BR>
    </FONT></B><FONT style="font-size: 10pt"><FONT style="font-family: 'Times New Roman', Times">(hereinafter,
    <B>&#147;<U>YPF</U>&#148;</B>)</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">at a
    price of US$49.45 (Dollars Forty-nine and forty-nine cents) per
    Share, in cash.</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA will make this voluntary public tender offer to purchase
    shares in YPF (the <B>&#147;<U>Offer</U>&#148;</B>) to all
    holders of outstanding common, book-entry, Class&#160;A Shares,
    Class&#160;B Shares, Class&#160;C Shares and Class&#160;D shares
    in YPF with a par value of ten Pesos ($10) and one vote per
    Share (hereinafter, the <B>&#147;<U>Shares</U>&#148;</B>).
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YPF is a corporation that has not adhered to the optional
    statutory system for the mandatory acquisition of shares in a
    public offering pursuant to the terms of Section&#160;24 of
    Decree 677/01.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>On February&#160;21, 2008, PETERSEN ENERGIA, S.A., a Petersen
    Group company executed a Shareholders&#146; Agreement with
    Repsol YPF, S.A., and some of its affiliates, as described in
    paragraph&#160;2, &#147;Shareholders&#146; Agreement&#148;, item
    f)&#160;&#147;Agreements entered into by and among the companies
    forming the Petersen Group&#148; in Section &#147;Subjective
    Elements of the Offer&#148; of this Prospectus. PEISA was to
    adhere to such Shareholders&#146; Agreement at the time the
    Shares purchased from the Repsol YPF Group were transferred to
    PEISA upon the exercise of the First Option (as described in
    paragraph&#160;2 &#147;Shareholders&#146; Agreement&#148; and
    paragraph&#160;3 &#147;Options&#148;, item
    f)&#160;&#147;Agreements entered into by and among the companies
    forming the Petersen Group&#148; in Section &#147;Subjective
    Elements of the Offer&#148; of this Prospectus.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Offer as well as its effectiveness, consummation and
    settlement are governed by the conditions set forth in
    Item&#160;5 &#147;Conditions for the Effectiveness and
    Consummation of the Offer&#148; in Section &#147;Objective
    Elements of the Offer&#148; of this Prospectus.</B>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE GENERAL TERM OF ACCEPTANCE OF THE OFFER SHALL START AT
    10:00&#160;A.M.&#160;ON SEPTEMBER 11, 2008,
    (&#147;<U>COMMENCEMENT DATE</U>&#148;) AND SHALL EXPIRE AT
    3:00&#160;P.M.&#160;ON OCTOBER 9, 2008 (THE &#147;<U>GENERAL
    ACCEPTANCE TERM</U>&#148;).</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE ADDITIONAL ACCEPTANCE TERM FOR THE OFFER (THE
    &#147;<U>ADDITIONAL ACCEPTANCE TERM</U>&#148;) SHALL START AT
    3:00&#160;P.M.&#160;ON OCTOBER 9, 2008 AND SHALL EXPIRE AT
    3:00&#160;P.M.&#160;ON OCTOBER 20, 2008, (the
    &#147;<U>EXPIRATION DATE</U>&#148;).</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The &#147;<U>Acceptance Term</U>&#148; shall be understood to
    be the term between the Commencement Date and the Expiration
    Date.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">Offeror:</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times"> Offer
    Agent:</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114004.gif" alt="(COMPANY LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">Petersen
    Energ&#237;a Inversora, S.A.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times"> Banco de
    Valores S.A.</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Intermediary:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Cozzani&#160;&#151; Guterman Sociedad de Bolsa S.A.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Prospectus is dated September&#160;5, 2008
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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    <B><U><FONT style="font-family: 'Times New Roman', Times">IMPORTANT</FONT></U></B>
</DIV>

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    <B>I)&#160;</B>PEISA IS A CORPORATION (<I>SOCIEDAD
    AN&#211;NIMA</I>) ORGANIZED UNDER THE LAWS OF THE KINGDOM OF
    SPAIN AND A DIRECT WHOLLY-OWNED SUBSIDIARY OF PETERSEN
    ENERG&#205;A INVERSORA HOLDING GMBH, A COMPANY ORGANIZED UNDER
    THE LAWS OF AUSTRIA (<B>&#147;<U>HOLDING</U>&#148;</B>). SUCH
    HOLDING IS IN TURN WHOLLY OWNED BY MESSRS. ENRIQUE ESKENAZI,
    SEBASTI&#193;N ESKENAZI, MAT&#205;AS ESKENAZI STOREY AND
    EZEQUIEL ESKENAZI STOREY (THE <B>&#147;<U>ESKENAZI
    FAMILY</U>&#148;</B>), AND FORMS&#160;PART, JOINTLY WITH THE
    OTHER COMPANIES SPECIFIED IN ITEM (C)&#160;&#147;ENTITIES
    BELONGING TO THE SAME GROUP AS OFFEROR. STRUCTURE OF THE GROUP
    AND IDENTITY OF OFFEROR&#146;S CONTROLLING SHAREHOLDERS&#148;,
    IN SECTION &#147;SUBJECTIVE ELEMENTS OF THE OFFER&#148;, OF THE
    <B>&#147;<U>PETERSEN GROUP</U>&#148;</B>.
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    <B>II)&#160;</B>PETERSEN ENERGIA, S.A.
    (<B>&#147;<U>PESA</U>&#148;</B>), A COMPANY BELONGING TO THE
    PETERSEN GROUP IS THE HOLDER OF AMERICAN DEPOSITARY SHARES
    (<B>&#147;<U>ADSs</U>&#148;</B>) REPRESENTING CLASS&#160;D
    SHARES IN YPF, WHICH IN TURN REPRESENT 14.9% OF THE CAPITAL
    STOCK OF YPF.
</DIV>

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    <B>III)&#160;</B>ON FEBRUARY 21, 2008, PESA, REPSOL YPF, S.A.
    (<B>&#147;<U>REPSOL YPF</U>&#148;</B>) AND SOME OF ITS
    SUBSIDIARIES EXECUTED A SHAREHOLDERS&#146; AGREEMENT WHEREBY
    PESA WAS VESTED WITH THE RIGHT TO APPOINT CERTAIN DIRECTORS AND
    MANAGERS IN YPF AND WAS FURTHER VESTED CERTAIN RIGHTS IN ITS
    CAPACITY AS MINORITY SHAREHOLDER. SOME FEATURES OF THE
    SHAREHOLDERS&#146; AGREEMENT ARE DESCRIBED IN PARAGRAPH&#160;2
    &#147;SHAREHOLDERS&#146; AGREEMENT&#148;,
    ITEM&#160;F)&#160;&#147;AGREEMENTS ENTERED INTO BY AND AMONG THE
    COMPANIES FORMING THE PETERSEN GROUP&#148; IN SECTION
    &#147;SUBJECTIVE ELEMENTS OF THE OFFER&#148;.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IV)&#160;</B>REPSOL YPF, REPSOL EXPLORACI&#211;N, S.A.,
    CAVEANT S.A. AND REPSOL YPF CAPITAL, S.L. GRANTED TO THE
    ESKENAZI FAMILY TWO PURCHASE OPTIONS IN RESPECT OF CLASS&#160;D
    YPF SHARES: ONE OF THEM IN RESPECT OF CLASS&#160;D SHARES
    REPRESENTING 0.1% OF THE CAPITAL STOCK OF YPF AND THE OTHER IN
    RESPECT OF CLASS&#160;D SHARES REPRESENTING 10% OF THE CAPITAL
    STOCK OF YPF.
</DIV>

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    <B>V)&#160;</B>THE ESKENAZI FAMILY ASSIGNED TO PEISA AND ON MAY
    20, 2008, PEISA EXERCISED THE PURCHASE OPTION IN RESPECT OF
    CLASS&#160;D SHARES IN YPF REPRESENTING 0.1% OF THE CAPITAL
    STOCK OF YPF, THAT IS, 393,313 CLASS&#160;D SHARES IN YPF, THAT
    WILL NOT BE TRANSFERRED TO PEISA UNTIL THE COMPLETION OF THE
    OFFER PROCEDURE SET FORTH IN THIS PROSPECTUS AND THE SETTLEMENT
    OF THIS OFFER BY PEISA.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>VI)&#160;</B>PURSUANT TO THE PROVISIONS OF SECTION&#160;7,
    SUBSECTION (D)&#160;OF YPF&#146;S BY-LAWS, PEISA HAS CARRIED OUT
    AN &#147;ACQUISITION OF CONTROL&#148;. IN ACCORDANCE WITH
    YPF&#146;S BY-LAWS, AN ACQUISITION OF CONTROL IS DEFINED AS A
    TRANSACTION CARRIED OUT BY ANY PERSON WHO, EITHER DIRECTLY OR
    INDIRECTLY, PURCHASES BY ANY MEANS CLASS&#160;D SHARES OR SHARES
    THAT, UPON BEING TRANSFERRED, ARE CONVERTIBLE INTO CLASS&#160;D
    SHARES IN YPF OR YPF&#146;S SECURITIES, REGARDLESS OF THEIR
    TYPE, THAT ARE CONVERTIBLE INTO CLASS&#160;D SHARES AND, AS A
    CONSEQUENCE OF SUCH PURCHASE, THE PURCHASER BECOMES THE HOLDER
    OF, OR EXERCISES CONTROL OVER, CLASS&#160;D SHARES IN YPF
    REPRESENTING FIFTEEN PER CENT (15%) OR MORE OF ITS CAPITAL
    STOCK, OR TWENTY PER CENT (20%) OR MORE OF OUTSTANDING
    CLASS&#160;D SHARES IF THE SHARES REPRESENTING SUCH TWENTY PER
    CENT (20%) SIMULTANEOUSLY REPRESENT LESS THAN FIFTEEN PER CENT
    (15%) OF THE CAPITAL STOCK.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>VII)&#160;</B>THIS OFFER IS MADE IN COMPLIANCE WITH THE
    PROVISIONS OF SECTION&#160;7, SUBSECTION (D)&#160;OF YPF&#146;S
    BY-LAWS, WHEREBY: &#147;<I>ANY PERSON WHO INTENDS TO CARRY OUT
    AN ACQUISITION OF CONTROL [...] SHALL: (i)&#160;OBTAIN THE PRIOR
    CONSENT OF A CLASS&#160;A SHAREHOLDERS&#146; MEETING AND
    (ii)&#160;LAUNCH A TENDER OFFER IN RESPECT OF ALL
    CLASSES&#160;OF COMPANY&#146;S SHARES AND ALL SECURITIES
    CONVERTIBLE INTO SHARES&#148;</I>.
</DIV>

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    <B>VIII)&#160;</B>AS OF EVEN DATE, YPF HAS NOT ISSUED SECURITIES
    CONVERTIBLE INTO SHARES AND THERE ARE NO SECURITIES CONVERTIBLE
    INTO SHARES CURRENTLY OUTSTANDING.
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    <B>IX)&#160;YPF EXTRAORDINARY SHAREHOLDERS&#146; MEETING HELD ON
    APRIL 24, 2008 APPROVED AN AMENDMENT TO SECTION&#160;7 OF
    YPF&#146;S BY-LAWS IN ORDER TO RELEASE ANY PROSPECTIVE PURCHASER
    OF SHARES IN YPF FROM THE OBLIGATION TO MAKE A PUBLIC TENDER
    OFFER IN THE FOLLOWING CASES:</B>
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    <B>(i)&#160;PURCHASES MADE BY THOSE WHO ALREADY ARE HOLDERS OR
    EXERCISE CONTROL OF SHARES REPRESENTING MORE THAN FIFTY PER CENT
    (50%) OF THE CAPITAL STOCK; AND</B>
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    <B>(ii)&#160;PURCHASES MADE BY THOSE WHO ARE ALREADY HOLDERS OR
    EXERCISE CONTROL OF SHARES REPRESENTING FIFTEEN PER CENT (15%)
    OR MORE OF THE CAPITAL STOCK OR TWENTY PER CENT (20%) OR MORE OF
    THE OUTSTANDING CLASS&#160;D SHARES, IF THE SHARES REPRESENTING
    SUCH TWENTY PER CENT (20%) SIMULTANEOUSLY REPRESENT LESS THAN
    FIFTEEN PER CENT (15%) OF THE CAPITAL STOCK, ALWAYS PROVIDED
    THAT THE SHARES HELD AND/OR TO BE HELD BY PURCHASER (INCLUDING
    THE SHARES HELD BY PURCHASER AT THE TIME OF THE PURCHASE
    TRANSACTION AND THOSE TO BE HELD BY VIRTUE THEREOF) DO NOT
    EXCEED FIFTY PER CENT (50%) OF THE CAPITAL STOCK.</B>
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THEREFORE, PURCHASES OF CLASS&#160;D SHARES MADE BY PESA,
    PEISA AND/OR THE ESKENAZI FAMILY, DIRECTLY OR INDIRECTLY, UPON
    COMPLETING THIS OFFER SHALL NOT RESULT IN THE OBLIGATION TO MAKE
    A PUBLIC TENDER OFFER OF SHARES AND/OR SECURITIES CONVERTIBLE
    INTO SHARES IN YPF UNLESS, BY VIRTUE OF SUCH PURCHASES, THE
    PURCHASED SHARES TOGETHER WITH THOSE DIRECTLY OR INDIRECTLY HELD
    BY PESA, PEISA AND THE ESKENAZI FAMILY REPRESENT MORE THAN 50%
    OF YPF&#146;S CAPITAL STOCK.</B>
</DIV>

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    <B>X)&#160;</B>ON MAY 23, 2008, YPF&#146;S BOARD OF DIRECTORS
    (i)&#160;RESOLVED TO RENDER A FAVORABLE OPINION ON THE
    REASONABLE NATURE OF THE PRICE OFFERED BY PEISA UNDER THE OFFER
    AND RECOMMEND THE ACCEPTANCE OF THE OFFER TO YPF&#146;S
    SHAREHOLDERS, BY RENDERING THE RELEVANT REPORT ON THE OFFERED
    PRICE, AS SET FORTH IN SECTION&#160;36, CHAPTER&#160;XXVII, BOOK
    9 OF THE CNV RULES, (ii)&#160;RESOLVED TO REFRAIN FROM
    REQUESTING THE OPINION OF A SPECIALIZED INDEPENDENT ASSESSOR,
    SINCE THE PRICE OFFERED IS NOT LOWER THAN THE PRICES RESULTING
    FROM THE EVENTS LISTED IN PARAGRAPHS (A), (B), (C)&#160;AND (D),
    SECTION&#160;7, SUBSECTION (F) (V)&#160;OF YPF&#146;S BY-LAWS
    AND (iii)&#160;CALLED A CLASS&#160;A SHAREHOLDERS&#146; MEETING
    TO BE HELD ON JUNE 2, 2008, IN ORDER TO CONSIDER THE APPROVAL OF
    THE ACQUISITION OF CONTROL AND THE OFFER.
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    WITHOUT DETRIMENT TO THE FOREGOING, THE BOARD OF DIRECTORS
    STATED THAT:
</DIV>

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    (i)&#160;THE RECOMMENDATION MADE BY YPF&#146;S BOARD OF
    DIRECTORS IS NOT BINDING AND THE BOARD OF DIRECTORS&#146;
    OPINION REPRESENTS ONLY ONE CIRCUMSTANCE, AMONG OTHERS, THAT
    SHOULD BE PONDERED BY THE SHAREHOLDERS TO WHOM THE OFFER IS
    ADDRESSED; THEREFORE, IT IS NOT INFLUENTIAL IN THE DECISION
    TAKEN BY THE SHAREHOLDERS AS TO THE ACCEPTANCE OR REFUSAL OF THE
    OFFER; AND
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;THE EVALUATION OF THE OFFER MUST BE BASED ON AN
    INDIVIDUAL AND SUBJECTIVE ANALYSIS TO BE MADE BY EACH
    SHAREHOLDER TO WHOM THE OFFER IS ADDRESSED, TAKING INTO ACCOUNT
    THE PARTICULAR CIRCUMSTANCES.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>MESSRS.</I>&#160;&#160;ANTONIO BRUFAU NIUBO (CHAIRMAN),
    SEBASTIAN ESKENAZI (EXECUTIVE VICE PRESIDENT), ANTONIO GOMIS
    SAEZ (CHIEF OPERATING OFFICER), ENRIQUE ESKENAZI, MATIAS
    ESKENAZI STOREY, LUIS SUAREZ DE LEZO, ANIBAL BELLONI, MARIO
    BLEJER, CARLOS BRUNO, SANTIAGO CARNERO, CARLOS DE LA VEGA,
    EDUARDO ELSTAIN, SALVADOR FONT ESTRANY, JAVIER MONZON, FEDERICO
    MA&#209;ERO, FERNANDO RAMIREZ AND MARIO VAZQUEZ WERE PRESENT AT
    YPF&#146;S BOARD OF DIRECTORS&#146; MEETING. SAVE FOR MESSRS.
    ANTONIO BRUFAU NIUBO, ENRIQUE ESKENAZI, SEBASTIAN ESKENAZI,
    MATIAS ESKENAZI STOREY, ANTONIO GOMIS
</DIV>

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    SAEZ AND LUIS SUAREZ DE LEZO, WHO REFRAINED FROM TAKING
    PART&#160;IN THE DISCUSSIONS AND VOTING, THE REMAINING DIRECTORS
    VOTED IN FAVOR OF THE RECOMMENDATION.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THE OPINION OF YPF&#146;S BOARD OF DIRECTORS WAS PUBLISHED IN
    BASE&#146;S BULLETIN&#160;FOR TWO DAYS AND IS APPENDED TO THIS
    PROSPECTUS AS EXHIBIT&#160;III.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    IN TURN, THE OPINION OF YPF&#146;S BOARD OF DIRECTORS IS
    PUBLISHED AT THE CNV&#146;S WEBSITE, <I>SECCI&#211;N EMISORAS:
    YPF S.A., INFORMACI&#211;N FINANCIERA&#160;&#151; HECHOS
    RELEVANTES ID
    N<SUP style="font-size: 85%; vertical-align: text-top">o</SUP>
    4-98502-D. </I>BOARD OF DIRECTORS&#146; MEETINGS MINUTES No. 284
    CONTAINING SUCH OPINION IS PUBLISHED UNDER THE <I>SECCI&#211;N
    EMISORAS: YPF S.A., INFORMACI&#211;N FINANCIERA&#160;&#151;
    </I>BOARD OF DIRECTORS&#146; MEETINGS MINUTES ID No 4-99758-D.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XI)&#160;</B>CLASS&#160;A SHAREHOLDER AUTHORIZED THE
    ACQUISITION OF CONTROL AND THE OFFER BY PEISA ON JUNE 2, 2008.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XII)&#160;</B>YPF IS EXCLUDED FROM THE MANDATORY PUBLIC
    TENDER OFFER SYSTEM SET FORTH IN DECREE
    <FONT style="vertical-align: text-top; font-size: 70%;">677</FONT>/<FONT style="font-size: 70%;">01</FONT>
    AND SECTIONS&#160;5 THROUGH 21, CHAPTER&#160;XXVII OF THE
    CNV&#146;S RULES, AS AMENDED.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XIII)&#160;</B>THE OFFER, ITS EFFECTIVENESS, CONSUMMATION AND
    SETTLEMENT SHALL BE SUBJECT TO COMPLIANCE BY NO LATER THAN
    JANUARY 15, 2009, OF THE FOLLOWING CONDITIONS, PURSUANT TO THE
    PROVISIONS OF ITEM&#160;5 &#147;CONDITIONS FOR EFFECTIVENESS AND
    CONSUMMATION OF THE OFFER&#148;, IN SECTION &#147;OBJECTIVE
    ELEMENTS OF THE OFFER&#148; OF THIS PROSPECTUS (IN ADDITION TO
    THE CONTINUATION OF THE AUTHORIZATIONS GRANTED BY THE CNV AND BY
    THE CLASS&#160;A SHAREHOLDER, AS EXPLAINED IN SUCH ITEM):
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (I)&#160;THE CNDC&#146;S EXPRESS AUTHORIZATION OF THE
    &#147;PURCHASE BY PESA&#148;, WITHOUT IMPOSING ANY CONDITIONS OR
    OBLIGATIONS ON THE PARTIES THERETO OR ON YPF;
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (II)&#160;THE CNDC&#146;S EXPRESS OR IMPLIED AUTHORIZATION TO
    THE GRANT OF THE &#147;OPTIONS&#148; TO THE ESKENAZI FAMILY, TO
    THE EXERCISE OF THE &#147;FIRST OPTION&#148; BY PEISA, TO THE
    &#147;OPTION PURCHASE&#148; AND TO THE &#147;OFFER
    PURCHASE&#148;;
</DIV>

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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (III)&#160;THE ABSENCE OF A NOTICE FROM THE CNDC DENYING THE
    AUTHORIZATION OF THE PURCHASE BY PESA, THE OPTION PURCHASE OR
    THE OFFER PURCHASE; AND
</DIV>

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    (IV)&#160;THE ABSENCE OF RULES, MEASURES, JUDGMENTS, AWARDS,
    ORDERS OR RESOLUTIONS ISSUED BY COURTS OR AUTHORITIES HAVING
    COMPETENT JURISDICTION DENYING THE REQUESTED AUTHORIZATIONS,
    EITHER IN ARGENTINA OR ABROAD, THAT PRECLUDE, PROHIBIT,
    CONDITION OR LIMIT THE OFFERS OR THE TRANSACTION .
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XIV)&#160;</B>THE PRICE PER SHARE OFFERED BY PEISA PURSUANT
    TO THIS OFFER HAS BEEN ASSESSED IN COMPLIANCE WITH THE
    PROVISIONS OF YPF&#146;S BY-LAWS (SECTION&#160;7, SUBSECTION (F)
    (V)).
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XV)&#160;</B>THE OFFER IS VOLUNTARY FOR THE SHAREHOLDERS WHO
    ARE FULLY AND TOTALLY FREE TO ACCEPT IT OR NOT, AS SAME MAY
    CONSIDER ADVISABLE FOR THEIR OWN COMMERCIAL OR ANY OTHER
    INTERESTS.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XVI)&#160;</B>REPSOL YPF, REPSOL EXPLORACI&#211;N, S.A.,
    CAVEANT, S.A. AND REPSOL YPF CAPITAL, S.L., WHICH HOLD SHARES
    REPRESENTING IN THE AGGREGATE 84.14% OF YPF&#146;S CAPITAL
    STOCK, HAVE EXPRESSED THEIR IRREVOCABLE COMMITMENT TO REFRAIN
    FROM TENDER UNDER THIS OFFER CLASS&#160;D SHARES IN YPF HELD BY
    THEM.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XVII)&#160;</B>REPSOL YPF HAS EXPRESSED ITS INTENTION TO MAKE
    A PUBLIC TENDER OFFER OF CERTAIN SHARES IN YPF.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>XVIII)&#160;</B>AT PRESENT, 224,650,997 CLASS&#160;D SHARES,
    REPRESENTING 57.12% OF SHARES IN YPF, ARE (AS REPORTED BY YPF IN
    <FONT style="white-space: nowrap">FORM&#160;20-F</FONT>
    SUBMITTED TO THE SECURITIES EXCHANGE COMMISSION
    (<B>&#147;<U>SEC</U>&#148;</B>) OF THE UNITED STATES FOR
    2007)&#160;SUBJECT TO AN ADS PROGRAM AND ARE LISTED
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ON THE STOCK EXCHANGE OF NEW YORK, UNITED STATES
    (<B>&#147;<U>NYSE</U>&#148;</B>). THEREFORE, IN ACCORDANCE WITH
    THE PROVISIONS OF THE SECURITIES LAWS OF THE UNITED STATES, THE
    ESKENAZI FAMILY AND PEISA, SIMULTANEOUSLY AND CONCURRENTLY WITH
    THIS OFFER, MAKE A PUBLIC TENDER OFFER OF SHARES AND ADSs IN THE
    UNITED STATES THAT SHALL BE ADDRESSED TO HOLDERS OF SHARES
    QUALIFYING AS UNITED STATES RESIDENTS AND TO HOLDERS OF ADSs,
    REGARDLESS OF WHETHER THEY ARE UNITED STATES RESIDENTS OR NOT
    (THE <B>&#147;<U>U.S.&#160;OFFER</U>&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THIS PROSPECTUS SOLELY REFERS TO THE VOLUNTARY PUBLIC TENDER
    OFFER OF SHARES IN YPF MADE BY PEISA IN ARGENTINA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus (the <B>&#147;<U>Prospectus</U>&#148;</B>) and
    the information contained herein in connection with the Offer
    shall be available to the interested parties at Banco de Valores
    S.A., domiciled at Sarmiento 310, City of Buenos Aires,
    Argentina (the <B><U>&#147;Offer Agent&#148;</U></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Queries and questions about the Offer may be addressed Monday to
    Friday during banking hours to Messrs&#160;Jorge I. S&#225;ez,
    Jorge Liwski, Walter Russ or Mrs.&#160;Delma Ferrero, at
    <FONT style="white-space: nowrap">(54-11)</FONT>
    <FONT style="white-space: nowrap">4323-6900,</FONT>
    or personally at the place where acceptance of the Offer by the
    Shareholders must be filed, that is, 25&#160;de Mayo 311,
    2nd&#160;basement, City of Buenos Aires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Intermediary Cozzani-Guterman Sociedad de Bolsa S.A., domiciled
    at San&#160;Mart&#237;n 439, 11th&#160;Floor, City of Buenos
    Aires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Prospectus includes references to information about
    companies directly and indirectly controlled by Enrique and
    Sebasti&#225;n Eskenazi and Mat&#237;as and Ezequiel Eskenazi
    Storey (the <B>&#147;<U>Eskenazi Family</U>&#148;</B>), who
    form, jointly with PEISA, the <B>&#147;<U>Petersen
    Group</U>&#148;</B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As shares in YPF are listed on the Buenos Aires Stock Exchange
    (the <B>&#147;<U>BASE</U>&#148;</B>), the most relevant
    information about YPF is in the public domain and may be
    accessed by visiting the following websites: www.cnv.gov.ar and
    www.bolsar.com. Furthermore, YPF&#146;s financial statements,
    submitted on an annual and quarterly basis before the
    <I>Comisi&#243;n Nacional de Valores </I>(the
    <B>&#147;<U>CNV</U>&#148;</B>) and the BASE and that may be
    accessed by the investor over the Internet, also contain
    information that may prove of interest. The Prospectus includes
    references to public information on YPF filed with the BASE and
    the CNV, also available for review at the following websites:
    <U>www.bolsar.com</U> and <U>www.cnv.gov.ar.</U>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Important
    Notice</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No person has been authorized to provide information or make
    statements that are not expressly included in the Offer
    Documents (as defined hereinbelow). Any information that is not
    included in the Offer Documents should not be regarded as
    information or statement that has been directly or indirectly
    authorized by PEISA or the Offer Agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The handing out of the Offer Documents in certain jurisdictions
    may be limited or prohibited under the law. PEISA and the Offer
    Agent advise those persons who receive the Offer Documents that
    they should seek information about any such limitations and
    observe same. This Offer shall not be valid and no acceptances
    may be made by persons in any jurisdiction where the Offer or
    the acceptance of the Offer by such persons may be illegal or
    otherwise contrary to the applicable law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information contained in the Offer Documents is deemed to
    have been furnished on the date stated in such Offer Documents.
    It shall not be construed, either as a consequence of the
    delivery of the Offer Documents at any time or as a result of
    any sale made under the Offer, that there has been a change in
    the information furnished in connection with PEISA or YPF as
    from such date or, should no specific date be stated, as from
    the Offer Authorization Date by the CNV, or that the information
    herein may be correct at any time after such date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information contained in the Offer Documents in connection
    with YPF is based on public information published or furnished
    by YPF and neither PEISA nor the Offer Agent make any statement
    or furnish any guarantee in connection therewith.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No information contained in the Offer Documents may be
    considered as a promise, commitment, obligation or statement in
    connection with future events or results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of Shares must make their own research and review
    (and it shall be understood, no evidence to the contrary being
    admitted, that they have done so) about the advisability of
    accepting the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the Offer Documents, unless otherwise specified or whenever
    the context so requires, (i)&#160;references to
    &#147;Dollars&#148; or &#147;US$&#148; shall mean the legal
    tender in the United States; and (ii)&#160;references to
    &#147;Pesos&#148; or &#147;$&#148; shall mean the legal tender
    in Argentina.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice
    concerning Forward Looking Statements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Forward
    Looking Statements</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any statements on future events, projections, prospects or
    expectations included in the Prospectus are subject to risks and
    uncertainties and may not be fulfilled in accordance with the
    estimates made in the Prospectus. Forward looking statements may
    refer to information about exposure to market risks related to
    Argentina, the industry, the companies of the Petersen Group and
    YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Forward-looking statements may also be identified by the use of
    words such as &#147;foresees&#148;, &#147;plans&#148;,
    &#147;expects&#148;, &#147;anticipates&#148;,
    &#147;estimates&#148;, &#147;should&#148;, &#147;intends&#148;,
    &#147;proposes&#148;, &#147;probability&#148;, &#147;risk&#148;,
    &#147;target&#148;, &#147;objective&#148;, &#147;purpose&#148;,
    &#147;estimate&#148;, &#147;future&#148; or similar expressions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The forward-looking statements contained in the Offer Documents
    only make reference to the date indicated in such Offer
    Documents and neither PEISA nor the Offer Agent undertakes to
    update any forward looking statement made for the purpose of
    reflecting events or circumstances that are subsequent to such
    date or the occurrence of unforeseeable events.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The implementation of possible management strategies by PEISA is
    subject to compliance with the majority requirements regarding
    the corporate bodies, in view of the fact that PEISA and the
    remaining companies of the group to which PEISA belongs shall
    not obtain by themselves, after the purchase of shares in YPF
    under this Offer and the agreements entered into with Repsol
    YPF, S.A., Repsol Exploraci&#243;n, S.A., Caveant, S.A. and
    Repsol YPF Capital, S.L., control over YPF.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#201'><B>Glossary</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#202'><B>INTRODUCTION</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#203'>Background</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#204'>The Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#205'>The Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#206'>The Offer is made simultaneously with the U.S.
    Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#207'><B>THE OFFER</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#208'><B>TERMS AND CONDITIONS OF THE OFFER</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#209'><B>(I)&#160;Subjective Elements of the
    Offer</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#210'>Name and registered office of the company
    concerned</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#211'>Name, registered office and corporate purpose of
    Offeror</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#212'>Entities belonging to the same group as Offeror.
    Structure of the group and identity of Offeror&#146;s
    controlling shareholders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#213'>Responsibility for the Prospectus
    (section&#160;35, Decree 677/01)</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#214'>Intermediary Entities and Agents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#215'>Negotiable securities in the company concerned
    held by Offeror or its group</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#216'>Agreements entered into by and among the
    companies forming the Petersen Group and Repsol YPF and its
    subsidiaries, including YPF</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#217'>Activity and economic and financial condition of
    the Offeror and the group to which it belongs</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#218'>Certain information about the company
    concerned</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#219'><B>(II)&#160;Objective Elements of the
    Offer</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#220'>The Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#221'>Negotiable Securities included in the Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#222'>Consideration. Payment</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#223'>Financing of the Offer. Fund&#160;Availability
    Guaranties</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#224'>Conditions for effectiveness and consummation of
    the Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    <A HREF='#225'>Antimonopoly and Antitrust Laws</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#226'><B>(III)&#160;Formal Elements of the Offer</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#227'>Commencement Date of the Offer. Acceptance
    Term</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#228'>Acceptance of the Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    <A HREF='#229'>Procedure for Acceptance of the Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    <A HREF='#230'>Form of Acceptance</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    <A HREF='#231'>Other Formal Requirements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#232'>Defects in the Acceptance of the Offer. Breach,
    Falsehood or Inaccuracy of Shareholder&#146;s Representations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#233'>Maintenance of the Shares to be Transferred and
    Distributions in Custody</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#234'>Withdrawal Rights of Accepting Shareholders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#235'>Fulfillment of Conditions. Waiver. Consummation
    Date</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#236'>Settlement of the Offer. Payment Date</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#237'>Expenses and Taxes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#238'>Limitations on Actions Available to the
    Shareholders</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#239'><B>(II)&#160;Additional Information</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#240'>Tax Regulations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#241'>Intentions of PEISA in respect of its interest in
    YPF. Plans and Proposals</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#242'>Required Authorizations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#243'>Miscellaneous</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#244'>Timeframe of the Decision-Making Process for the
    Offer</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#245'>Recommendation of the Board of Directors of
    YPF</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#246'>Arbitration</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#247'>Directors and Executive Officers of PEISA</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    EXHIBIT&#160;I&#160;&#151; FINANCING AGREEMENTS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    (A) CREDIT AGREEMENT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    (B) GUARANTOR AGREEMENT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    EXHIBIT&#160;II&#160;&#151; AUDITOR&#146;S REPORT AND CONDENSED
    INTERIM FINANCIAL STATEMENTS OF PEISA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    EXHIBIT&#160;III&#160;&#151; OPINION ON THE REASONABLENESS OF
    THE PRICE PROPOSED IN THE OFFER.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    TECHNICAL RECOMMENDATION OF THE BOARD OF DIRECTORS OF YPF
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    EXHIBIT&#160;IV&#160;&#151; FORMS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    (A) FORM&#160;OF ACCEPTANCE
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    (B) FORM&#160;OF WITHDRAWAL
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='201'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Glossary</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following captioned terms shall have the meanings
    established in this Prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Share&#148; </I>means each common book-entry
    Class&#160;A, Class&#160;B, Class&#160;C and Class&#160;D share
    in YPF S. A. with a par value of Pesos ten ($10) and one vote
    per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Purchased Shares&#148; </I>means the YPF shares
    (i)&#160;which are deposited in the Shares to be Transferred
    Account on the Consummation Date of the Offer and (ii)&#160;in
    respect of which the Offer has been accepted by means of an
    Acceptance Through MERVAL the acceptance of which has not been
    withdrawn before the Consummation Date as provided in
    Item&#160;5 &#147;Withdrawal Rights of Accepting
    Shareholders&#148; in Section &#147;Formal Elements of the
    Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shares to be Transferred&#148; </I>means the Shares
    deposited by the Shareholders accepting the Offer in the Shares
    to be Transferred Account as provided in Item&#160;2
    &#147;Acceptance of the Offer&#148; and in Item&#160;4
    &#147;Maintenance of the Shares to be Transferred and
    Distributions in Custody&#148; in Section &#147;Formal Elements
    of the Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Withdrawn Shares&#148; </I>means those Shares to be
    Transferred which were removed from sale under the Offer by the
    Accepting Shareholder that has withdrawn its acceptance of the
    Offer as provided in Item&#160;5 &#147;Withdrawal Rights of
    Accepting Shareholders&#148; in Section &#147;Formal Elements of
    the Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Accepting Shareholder&#148; </I>means the Shareholder
    that has accepted the Offer and all its terms and conditions
    (including the Conditions) by appropriately completing the
    procedure described in Item&#160;2 &#147;Acceptance of the
    Offer&#148; in Section &#147;Formal Elements of the Offer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shareholders&#148; </I>means all the holders of common
    book-entry Class&#160;A, Class&#160;B, Class&#160;C and
    Class&#160;D shares in YPF S.A. with a par value of Pesos ten
    ($10) and one vote per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Acceptance Through MERVAL&#148; </I>means the
    acceptance of the Offer and tender of the Shares through the
    stock exchange system subject to and in compliance with the
    provisions of Item&#160;2.1 &#147;Procedure for Acceptance of
    the Offer&#148;, paragraph (4)&#160;&#147;Shareholders of YPF
    Accepting the Offer Through MERVAL&#148; in Section &#147;Formal
    Elements of the Offer&#148;, applicable regulations and the
    provisions to be laid down for such purpose by MERVAL.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Acceptance&#148; </I>collectively means all the
    documents filed and the acts carried out by each Shareholder for
    the purpose of tendering its Shares under the Offer and
    accepting the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shareholders&#146; Agreement&#148; </I>means the
    agreement dated February&#160;21, 2008 entered into by and
    between PESA and the Repsol YPF Group for the purpose of
    governing the relationships of the Repsol YPF Group and PESA as
    shareholders of YPF and whereby the Repsol YPF Group gave PESA
    an active involvement in YPF&#146;s management body.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;PESA Financing Agreement&#148; </I>means the loan
    agreement in the amount of US$1,026,000,000 dated
    February&#160;21, 2008 entered into by and among PESA and Credit
    Suisse International, Goldman Sachs International Bank, BNP
    Paribas, Banco Ita&#250; Europa S.A.&#160;&#151; Offshore
    Financial Branch-, Credit Suisse, London Branch and HSBC BANK
    for financing part of the sales price of the Purchase by PESA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Repsol Financing Agreement&#148; </I>means the loan
    agreement in the amount of US$1,015,000,000 dated
    February&#160;21, 2008 entered into by and among Repsol YPF,
    S.A., Petersen Energ&#237;a, S.A. and The Bank of New&#160;York
    for financing part of the sales price of the Purchase by PESA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing Agreements&#148; </I>collectively means the
    Credit Agreement, PESA Financing Agreement and Repsol Financing
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Offer Purchase&#148; </I>means the purchase by PEISA of
    the Purchased Shares under the Offer and the Shares and ADSs
    purchased under the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Option Purchase&#148; </I>means the purchase by PEISA
    of the YPF shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    representing 0.1% of the capital stock of YPF, purchased through
    the exercise by PEISA, as assignee, of the First Option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Purchase by PEISA&#148; </I>collectively means the
    Option Purchase and the Offer Purchase.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Purchase by PESA&#148; </I>means the purchase by PESA
    of 58,603,606 ADSs representing 58,603,606 Class&#160;D shares
    in YPF representing 14.9% of the capital stock of YPF from
    Repsol YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;ADSs&#148; </I>means the American Depositary Shares
    issued by The Bank of New York representing each an outstanding
    Class&#160;D share in YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;AFIP&#148; </I>means <I>Administraci&#243;n Federal de
    Ingresos P&#250;blicos </I>(Federal Administration of Public
    Revenue).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Offer Agent&#148; </I>means Banco de Valores S.A.,
    domiciled at Sarmiento 310, City of Buenos Aires, Argentina.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;BASE&#148; </I>means the Buenos Aires Stock Exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;BONY&#148; </I>means The Bank of New York Mellon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Caja de Valores&#148; </I>means Caja de Valores S.A.,
    domiciled at 25&#160;de Mayo 362, Ground Floor, City of Buenos
    Aires, Argentina.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Capital Stock&#148; </I>means the capital stock of YPF
    S.A. amounting to $3,933,127,930 represented by 393,312,793
    common book-entry shares with a par value of Pesos ten and one
    vote per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SPA&#148; </I>means the stock purchase agreement dated
    February&#160;21, 2008 entered into by and among PESA and Repsol
    YPF, Repsol Exploraci&#243;n, S.A., Caveant S.A., and Repsol YPF
    Capital, S.L., for the purchase from Repsol YPF by PESA of
    58,603,606 common shares in YPF with a par value of Pesos ten
    and one vote per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shareholder&#146;s Ownership Certificate&#148;
    </I>means evidence of ownership of YPF Shares issued by Caja de
    Valores.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Transfer Certificate&#148; </I>means the certificate
    issued by Caja de Valores evidencing the transfer of the Shares
    by the Shareholding accepting the Offer from such
    Shareholder&#146;s <I>cuenta comitente </I>(securities account)
    to the Shares to be Transferred Account opened by the Offer
    Agent in Caja de Valores.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;CNDC&#148; </I>means (i)&#160;the Argentine Antitrust
    Commission and the Argentine Secretariat of Domestic Trade or
    the Secretariat of Industry, Commerce and Mining or
    (ii)&#160;the Argentine Antitrust Court, if such Court has been
    established, or (iii)&#160;the public agency or entity that may
    replace them in accordance with Argentine laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;CNV&#148; </I>means the Argentine Securities and
    Exchange Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Conditions&#148; </I>means the conditions to which the
    Offer, its effectiveness, consummation and settlement are
    subject as provided in Item&#160;5 &#147;Conditions for the
    Effectiveness and Consummation of the Offer&#148; in Section
    &#147;Objective Elements of the Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing Conditions&#148; </I>means the Credit
    conditions mentioned in Item&#160;4 &#147;Financing of the
    Offer. Funds Availability Guaranty&#148; in Section
    &#147;Objective Elements of the Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Account Certificate&#148; </I>means the certificate
    issued by Caja de Valores evidencing title to the Shares
    Purchased by PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consideration&#148; </I>means the purchase price in the
    amount of US$49.45 (forty-nine United States dollars and
    forty-five cents) per Share offered by PEISA under the Offer
    payable in Pesos at the asked rate published by the Banco de la
    Naci&#243;n Argentina which is current at the close of business
    on the
    6<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>&#160;(sixth)
    trading day immediately preceding the Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Credit Agreement&#148; </I>means the credit agreement
    dated June&#160;6, 2008 entered into by and among PEISA,
    Santander and Repsol YPF as guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Deposit Agreement&#148; </I>means the agreement dated
    July&#160;1, 1993 entered into by and between BONY and YPF to
    regulate the issue of ADSs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Guarantor Agreement&#148; </I>means the guarantor
    agreement dated June&#160;6, 2008 entered into by and among
    Repsol YPF, PEISA and Santander, whereby Repsol YPF undertook to
    guarantee to Santander, on a joint and several basis and at
    first demand, PEISA&#146;s payment obligations under the Credit
    Agreement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Purchase Option Agreement&#148; </I>means the
    option agreement dated February&#160;21, 2008 for YPF shares
    representing 0.1% of the capital stock of YPF entered into by
    and between the Repsol YPF Group and the Eskenazi Family.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Purchase Option Agreement&#148; </I>means the
    option agreement dated February&#160;21, 2008 for YPF shares
    representing 10% of the capital stock of YPF entered into by and
    between the Repsol YPF Group and the Eskenazi Family.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Credit&#148; </I>means the commercial credit in the
    maximum amount of US$198,500,000 (United States dollars one
    hundred and ninety-eight million, five hundred thousand) granted
    by Santander to PEISA under the Credit Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shares to be Transferred Account&#148; </I>means the
    Offer account (Depository No.&#160;1336, named &#147;BANCO DE
    VALORES SA&#160;&#151; COLOCACION&#148;, <I>Comitente
    </I>No.&#160;9, named &#147;BCO DE VALORES SA AGTE OPA
    YPF&#148;) opened by the Offer Agent in Caja de Valores.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Custodian&#148; </I>means the banks, financial
    companies or institutions, brokers, brokerage houses,
    over-the-counter or other agents registered as depositories of
    YPF Shares, including the Offer Agent, in Caja de Valores.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shareholder&#146;s Representations&#148; </I>means the
    representations made by the person signing the Form of
    Acceptance, either by itself as Shareholder
    <FONT style="white-space: nowrap">and/or</FONT> on
    behalf of other Shareholders, listed in clauses&#160;(a) to
    (n)&#160;of Item&#160;2.2: &#147;Form of Acceptance&#148; in
    Section &#147;Formal Elements of the Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Drawdown&#148; </I>means each request for remittances
    of funds PEISA may make under the Credit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Distributions&#148; </I>has the meaning established in
    Item&#160;4 &#147;Maintenance of the Shares to be Transferred
    and Distributions in Custody&#148; in Section &#147;Formal
    Elements of the Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Included Distributions&#148; </I>means the
    Distributions on the Shares tendered under the Offer by any
    Shareholder, as paid by YPF between the Commencement Date and
    the date of acceptance of the Offer by such Shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Offer Documents&#148; </I>collectively means the
    Prospectus, the Form of Acceptance, the Form of Withdrawal, the
    Transfer Certificate and other documents related to the Offer
    attached to the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Dollars&#148; </I>or &#147;<I>US$&#148; </I>means the
    legal tender of the United States of America.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Issuer&#148; </I>means YPF S.A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;By-laws&#148; </I>means the By-laws of YPF S.A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;United States&#148; </I>means the United States of
    America
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Assessor&#148; </I>means R&#237;o Bravo, a specialized
    independent assessor engaged by PEISA to assess the
    Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Eskenazi Family&#148; </I>means Messrs.&#160;Enrique
    Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey
    and Ezequiel Eskenazi Storey.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Offer Authorization Date&#148; </I>means
    September&#160;4, 2008, date on which the Offer was authorized
    by the CNV.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Expiration Date&#148; </I>means 3:00&#160;p.m. on
    October&#160;20, 2008, i.e., the last day of the Additional
    Acceptance Term.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Commencement Date&#148; </I>means 10:00&#160;a.m. on
    September&#160;11, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Payment Date&#148; </I>means the
    5<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>&#160;(fifth)
    trading day following the Consummation Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consummation Date&#148; </I>means the publication date
    of the notice informing that the Conditions have been fulfilled
    <FONT style="white-space: nowrap">and/or</FONT>
    waived and that the Purchase of the Shares under the Offer has
    become final, as provided in Item&#160;6 &#147;Fulfillment of
    Conditions. Waiver. Consummation Date&#148; in Section
    &#147;Formal Elements of the Offer&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Credit Intended Use&#148; </I>means the intended use of
    the Credit to finance (i)&#160;the purchase by PEISA from the
    Repsol YPF Group of a certain number of shares or ADSs in YPF
    representing 0.1% of the capital stock of YPF,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    pursuant to the terms of the First Purchase Option Agreement,
    (ii)&#160;the purchase of the YPF shares by PEISA under the
    Offers and (iii)&#160;the costs, expenses, exchange differences
    and taxes arising from such transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="white-space: nowrap">&#147;Form&#160;20-F&#148;</FONT>
    </I>means the form&#160;YPF shall file with the SEC on an annual
    basis, pursuant to U.S.&#160;securities regulations. The last
    statement was made by YPF on April&#160;16, 2008 and implies an
    updating of information as of December&#160;31, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Form of Acceptance&#148; </I>means the form attached
    hereto as Exhibit&#160;IV. (A).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Form of Withdrawal&#148; </I>means the form attached
    hereto as Exhibit&#160;IV. (B).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Petersen Group&#148; </I>means the group of companies
    directly or indirectly controlled by the Eskenazi Family.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Repsol YPF Group&#148; </I>collectively means
    (i)&#160;Repsol YPF, (ii)&#160;Repsol Exploraci&#243;n S.A,
    (iii)&#160;Caveant S.A. and (iv)&#160;Repsol YPF Capital, S.L.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;AL&#148; </I>means Antitrust Law No.&#160;25,156.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;ITL&#148; </I>means Income Tax Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restraining Legal Measure&#148; </I>means any rule,
    measure, judgment, award, order or resolution issued by courts
    or authorities having competent jurisdiction denying the
    requested authorizations, either in Argentina or abroad, that
    precludes, prohibit, conditions or limits the Offers or the
    Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;MERVAL&#148; </I>means Mercado de Valores de Buenos
    Aires S.A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;CNV Rules&#148; </I>means the rules issued by the
    <I>Comisi&#243;n Nacional de Valores</I>, as restated in 2001,
    approved by General Resolution 368/01, as updated
    <FONT style="white-space: nowrap">and/or</FONT>
    amended from time to time by the CNV until the date of this
    Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;NYSE&#148; </I>means the New York Stock Exchange
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Offeror&#148; </I>means PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Offer&#148; </I>means this voluntary public tender
    offer for the Shares
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;U.S.&#160;Offer&#148; </I>means the voluntary public
    tender offer for the Shares held by Shareholders that are
    U.S.&#160;residents (for the purpose of the Securities Act of
    1933)&#160;and for ADSs (irrespective of their holders&#146;
    nationality) launched by PEISA and Messrs.&#160;Enrique
    Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey
    and Ezequiel Eskenazi Storey, simultaneously and concurrently
    with this Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Offers&#148; </I>means collectively the Offer and the
    U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Transaction&#148; </I>means the Purchase by PESA, the
    granting and exercise of the Options and the purchase of the
    Shares thereunder, the launching of the Offer and the Offer
    Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Options&#148; </I>collectively means the First Option
    and the Second Option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;PEISA&#148; </I>means Petersen Energ&#237;a Inversora,
    S.A., a corporation (<I>sociedad an&#243;nima</I>) organized
    under the laws of the Kingdom of Spain, domiciled at
    Vel&#225;zquez 9, 1st&#160;Floor, Madrid, Spain, registered with
    the Public Registry of Commerce of the City of Buenos Aires,
    pursuant to Section&#160;123 of Law No.&#160;19,550 on
    May&#160;16, 2008 under Number 610, Book 58, Volume B of Foreign
    By-laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;PESA&#148; </I>means Petersen Energ&#237;a, S.A., a
    corporation (<I>sociedad an&#243;nima</I>) organized under the
    laws of the Kingdom of Spain, domiciled at Vel&#225;zquez 9,
    1st&#160;Floor, Madrid, Spain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Pesos&#148; </I>or &#147;<I>$&#148; </I>means Argentine
    currency.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Additional Acceptance Term&#148; </I>means the period
    commencing at 3:00&#160;p.m. on October&#160;9, 2008, and ending
    at 3:00&#160;p.m. on October&#160;20, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Acceptance Term&#148; </I>means the period between the
    Commencement Date and the Expiration Date.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;General Acceptance Term&#148; </I>means the period
    commencing on the Commencement Date and ending at 3:00&#160;p.m.
    on October&#160;20, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Option&#148; </I>means the option to purchase YPF
    shares representing 0.1% of the capital stock of YPF granted by
    the Repsol YPF Group to the Eskenazi Family in the First
    Purchase Option Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Prospectus&#148; </I>means this prospectus as amended
    and supplemented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;YPF Stock Ledger&#148; </I>means the record of holders
    of YPF Shares kept by Caja de Valores.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Repsol YPF&#148; </I>means Repsol YPF, S.A.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SEC&#148; </I>means the United States Securities and
    Exchange Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Santander&#148; </I>means Banco Santander, S.A., a
    company organized under the laws of the Kingdom of Spain,
    domiciled at Paseo Pereda 9-12, Santander, Cantabria, C.I.F.
    <FONT style="white-space: nowrap">A-39000013.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Option&#148; </I>means the option to purchase
    YPF shares representing 10% of the capital stock of YPF granted
    by the Repsol YPF Group to the Eskenazi Family in the Second
    Purchase Option Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Holding&#148; </I>means Petersen Energ&#237;a Inversora
    Holding GmbH, a company organized under the laws of Austria.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Convertible Securities&#148; </I>means securities
    convertible into Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;YPF&#148; </I>means YPF S.A., a corporation
    (<I>sociedad an&#243;nima</I>) organized under the laws of
    Argentina (Decree No.&#160;2778 dated 12.31.1990) registered
    with the Public Registry of Commerce on February&#160;5, 1991
    under No.&#160;404, Book 108, Volume A of Corporations.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
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<A name='202'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">INTRODUCTION</FONT></U></B>
</DIV>
</A>
<A name='203'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Background.</FONT></B>
</DIV>
</A>
<A name='204'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Offer.</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the Conditions, PEISA irrevocably undertakes to
    purchase at the price and in the terms and conditions of this
    Offer as established in this Prospectus and the other Offer
    Documents, all the Shares (as defined below) from the
    Shareholders accepting the Offer and tendering such Shares as
    provided in this Prospectus and in the other Offer Documents
    during the Acceptance Term and in respect of which such
    Shareholders shall have not withdrawn their acceptance of the
    Offer as established in Item&#160;5 &#147;Withdrawal Rights of
    Accepting Shareholders&#148; in Section &#147;Formal Elements of
    the Offer&#148;.
</DIV>
<A name='205'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Shares.</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The capital stock of YPF S.A. <B>(&#147;<U>YPF</U>&#148;)</B> is
    represented by all its common book-entry shares with a par value
    of ten Pesos ($10) and one vote per share, which are divided
    into four classes: Class&#160;A, Class&#160;B, Class&#160;C and
    Class&#160;D (the <B>&#147;<U>Shares</U>&#148;</B>). The Shares
    are registered in YPF Stock Ledger kept by Caja de Valores.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to YPF&#146;s public information available, as of
    December&#160;31, 2007, the capital stock of YPF was divided
    into 393,312,793&#160;Shares as follows: (i)&#160;3,764
    Class&#160;A shares, (ii)&#160;7,624 Class&#160;B shares,
    (iii)&#160;105,736 Class&#160;C shares and (iv)&#160;393,195,669
    Class&#160;D shares, of which 224,650,997 Class&#160;D Shares
    were represented by American Depositary Shares
    <B>(&#147;<U>ADSs</U>&#148;)</B> issued by The Bank of New York
    Mellon <B>(&#147;<U>BONY</U>&#148;</B>).
</DIV>
<A name='206'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Offer is made simultaneously with the U.S. Offer</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purpose of making the Offer to all the holders of the
    Shares (the <B>&#147;<U>Shareholders</U>&#148;)</B>, as required
    by the By-laws of YPF (the <B>&#147;<U>By-laws</U>&#148;</B>),
    and in view of the fact that the ADSs are listed on the New York
    Stock Exchange <B>(&#147;<U>NYSE</U>&#148;)</B> in the United
    States of America <B>(&#147;<U>United States</U>&#148;)</B> and
    therefore, the ADSs are subject to the rules and regulations of
    the U.S.&#160;Securities and Exchange Commission
    <B>(&#147;<U>SEC</U>&#148;</B>), the general public is hereby
    informed that simultaneously and in conjunction with this Offer
    made in Argentina, PEISA shall launch a public tender offer for
    the Shares and ADSs in the United States (the
    <B>&#147;<U>U.S.&#160;Offer</U>&#148;)</B> intended to purchase
    (1)&#160;all the Shares held by Shareholders that are
    U.S.&#160;residents and (2)&#160;all outstanding ADSs, whichever
    their holders are.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of the Offer and of the U.S.&#160;Offer (the
    <B>&#147;<U>Offers</U>&#148;)</B> shall be substantially similar
    and shall only differ as to the payment currency (which shall be
    Dollars in the U.S.&#160;Offer), the payment date (which shall
    be the third trading day following the Consummation Date in the
    U.S.&#160;Offer) and in all such other respects in which such
    different treatment is required by law and common practices in
    the pertinent domestic market. The general public is informed
    that there are no material advantages or disadvantages between
    the two Offers. The launching of the two Offers in different
    markets but &#147;simultaneously and with substantially similar
    characteristics&#148; is due to the fact that the same as
    Argentine laws, U.S.&#160;laws require that public tender offers
    for negotiable securities to be made in the domestic market also
    comply with domestic rules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The price to be paid under the U.S.&#160;Offer shall be equal to
    the Consideration as defined in Item&#160;3 &#147;Consideration.
    Payment&#148; in Section &#147;Objective Elements of the
    Offer&#148; to be paid under the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Prospectus only refers to the Share Offer launched in
    Argentina.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='207'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">THE
    OFFER<BR>
    </A></FONT></U></B><FONT style="font-family: 'Times New Roman', Times">
    <BR>
    <A name='208'><B>Terms and Conditions of the Offer</B>
    </FONT>
</DIV>
</A>
<A name='209'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">SUBJECTIVE
    ELEMENTS OF THE OFFER </FONT></U></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">a)&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='210'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Name
    and registered office of the company concerned</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The company concerned, i.e., the issuer of the Shares to be
    purchased under this Offer, is called YPF Sociedad An&#243;nima.
    YPF is a corporation (sociedad an&#243;nima) organized under the
    laws of Argentina pursuant to Decree No.&#160;2778 dated
    12.31.1990, registered in the Public Register of Commerce on
    02.05.1991 under No.&#160;404, Book 108, Volume A of
    Corporations. YPF&#146;s registered office is located at Avenida
    Pte. R. S&#225;enz Pe&#241;a 777, (1364)&#160;City of Buenos
    Aires, Argentina.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">b)&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='211'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Name,
    registered office and corporate purpose of
    Offeror.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offeror is PETERSEN ENERGIA INVERSORA, S.A., a corporation
    (sociedad an&#243;nima) organized under the laws of the Kingdom
    of Spain, registered pursuant to Section&#160;123 of Law
    No.&#160;19,550 in the Public Register of Commerce under
    No.&#160;610, Book 58, Volume B of Foreign Bylaws, on
    May&#160;16, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA&#146;s registered office is located at Velazquez 9,
    1st&#160;floor, Madrid, Spain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA&#146;s corporate purpose is to engage in investment,
    management and administration activities involving securities,
    notes, bonds
    <FONT style="white-space: nowrap">and/or</FONT>
    shares listed or not on stock exchanges
    <FONT style="white-space: nowrap">and/or</FONT>
    securities markets, representing funds of entities residing or
    not in Spain, <I>through the pertinent organization of material
    and human resources</I>.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">c)&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='212'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Entities
    belonging to the same group as Offeror. Structure of the group
    and identity of Offeror&#146;s controlling
    shareholders.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA is a direct wholly-owned subsidiary of PETERSEN ENERGIA
    INVERSORA HOLDING G.m.b.H., a company organized under the laws
    of Austria (the <B>&#147;<U>Holding</U>&#148;</B>). The Holding
    is in turn fully controlled by Enrique and Sebasti&#225;n
    Eskenazi and Mat&#237;as and Ezequiel Eskenazi Storey (the
    <B>&#147;<U>Eskenazi Family</U>&#148;</B>), in the following
    proportions: Enrique Eskenazi, 23%, Sebasti&#225;n Eskenazi,
    38%, Mat&#237;as Eskenazi Storey, 38% and Ezequiel Eskenazi
    Storey, 1%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In turn, the Eskenazi family controls, directly or indirectly,
    the following companies which, together with PEISA form the
    &#147;Petersen Group&#148;:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shareholder and<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Capital Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Line of Business</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Percentage</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Petersen, Thiele &#038; Cruz S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Construction of Public and Private Works and Civil Engineering
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Enrique Eskenazi (97.87)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mantenimientos y Servicios S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Real Property Maintenance
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Petersen, Thiele &#038; Cruz S.A. (55%) and Enrique
    Eskenazi (45)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Santa Sylvia S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agroindustry (Wines and Vegetable Oils).
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Petersen, Thiele &#038; Cruz S.A.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (99.9315%), Enrique Eskenazi
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (0.0171%), Sebasti&#225;n Eskenazi
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (0.0171%), Marviol S.R.L.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (0.0171%) and Estacionamientos Buenos Aires S.A. (0.0171)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Estacionamientos Buenos Aires S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Parking Lots
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Enrique Eskenazi (90%) and Mat&#237;as Eskenazi
    Storey (10)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Petersen Inversiones S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Finance&#160;&#151; Investment
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Enrique Eskenazi (45.31%), Sebasti&#225;n Eskenazi
    (33.70%) and Mat&#237;as Eskenazi Storey (19.90)%
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Shareholder and<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Capital Stock<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Line of Business</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Percentage</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Administradora San&#160;Juan S.R.L. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Finance (Credit Cards)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Enrique Eskenazi (87)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Marviol S.R.L. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Air Transportation Services
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Sebasti&#225;n Eskenazi (95%) and Enrique Eskenazi
    (5)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Banco de San&#160;Juan S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retail or Commercial Banking
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Petersen Inversiones SA (51.3639)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Banco de Santa Cruz S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retail or Commercial Banking
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Banco de San&#160;Juan S.A. (51)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Nuevo Banco de Santa Fe S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retail or Commercial Banking
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Banco de San&#160;Juan S.A. (93.3920)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Nuevo Banco de Entre R&#237;os S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retail or Commercial Banking
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Nuevo Banco de Santa Fe S.A. (64.42)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Napelgrind S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Investments and Real Property
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Enrique Eskenazi (95)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Comercial Latino S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Finance
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Mat&#237;as Eskenazi Storey (62.75)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Agro Franca S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Agriculture
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Petersen Thiele y Cruz S.A. (95%) and Santa Sylvia
    S.A. (5)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Arroyo Lindo S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Mixed Farming
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Sebasti&#225;n Eskenazi (90%) and Mat&#237;as
    Eskenazi Storey (10%)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PETERSEN ENERGIA S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Investments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Sebasti&#225;n Eskenazi (66.67%) and Petersen.
    Thiele &#038; Cruz (33.33)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Inwell S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Exploration and Exploitation of Oil Fields and Services related
    to the Oil and Gas Industry
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Petersen Energ&#237;a S.A. (Argentina) (95%) and
    Banco de Santa Cruz SA. (5)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Los Boulevares S.A. (Argentina)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Mixed Farming
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Ezequiel Eskenazi Storey (99.5%) and Mat&#237;as
    Eskenazi Storey (0.5)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PETERSEN ENERGIA PTY LTD. (Australia)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Investments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Enrique Eskenazi (23%); Sebasti&#225;n Eskenazi
    (38%); Mat&#237;as Eskenazi Storey (38%); and Ezequiel Eskenazi
    Storey(1%).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PETERSEN ENERGIA, S.A. (Spain)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Investments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Petersen Energ&#237;a PTY Ltd. (100)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PETERSEN ENERGIA INVERSORA HOLDING G.m.b.H. (Austria)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Investments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholders: Enrique Eskenazi (23%); Sebasti&#225;n Eskenazi
    (38%); Mat&#237;as Eskenazi Storey (38%); and Ezequiel Eskenazi
    Storey (1%).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PETERSEN ENERGIA INVERSORA, S.A. (Spain)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Investments
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Shareholder: Petersen Energ&#237;a Inversora Holding G.m.b.H.
    (100)%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    RED LINK S.A.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Finance
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Nuevo Banco de Santa Fe S.A. (5.75)%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NOVEMBER S.A.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Aeronautical business
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Matias Eskenazi Storey (95%) and Sebasti&#225;n Eskenazi (5%)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">d)&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='213'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Responsibility
    for the Prospectus</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The authenticity of the accounting, financial and economic
    information as well as of any other information disclosed herein
    is the sole responsibility of PEISA, except for such information
    about YPF and other information
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    given herein which were obtained from public sources and in
    respect of which PEISA does not make any assertion,
    representation or warranty.
</DIV>
<A name='214'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Intermediary
    Entities and Agents.</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following intermediaries participate in this Offer:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Offer Agent:</I>&#160;&#160;Banco de Valores S.A. (with
    registered office located at Sarmiento 310, City of Buenos
    Aires, Argentina). It is put on record that the Offers should be
    filed at the Offer Agent&#146;s offices located at 25&#160;de
    Mayo 311, 2nd&#160;basement, City of Buenos Aires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Intermediary:</I>&#160;&#160;Cozzani&#160;&#151; Guterman
    Sociedad de Bolsa S.A., domiciled at San&#160;Mart&#237;n 439,
    11th&#160;Floor, City of Buenos Aires.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">e)&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='215'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Negotiable
    securities in the company concerned held by Offeror or its
    group</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA, as assignee of the rights and obligations of the Eskenazi
    Family under the first purchase option agreement dated
    February&#160;21, 2008 for the shares representing 0.1% of the
    capital stock of YPF entered into by and among Repsol YPF, S.A.
    <B>(&#147;<U>Repsol YPF</U>&#148;)</B>, Repsol Exploraci&#243;n
    S.A., Caveant S.A. and Repsol YPF Capital, S.L. (collectively,
    the <B>&#147;<U>Repsol YPF Group</U>&#148;</B>), and the
    Eskenazi Family (the <B>&#147;<U>First Purchase Option
    Agreement</U>&#148;</B>), exercised on May&#160;20, 2008 the
    purchase option on the Shares representing 0.1% of the capital
    stock of YPF (the <B>&#147;<U>First Option</U>&#148;</B>). Title
    to the Shares purchased under the First Option shall not be
    transferred to PEISA and the price thereof shall not be paid to
    the Repsol Group until PEISA shall have completed the Offer
    procedure established in this Prospectus and settled the Offer
    and paid the Consideration for the Purchased Shares to the
    Accepting Shareholders who have not withdrawn their acceptance
    of the Offer in accordance with the provisions of Item&#160;5
    &#147;Withdrawal Rights of Accepting Shareholders&#148; in
    Section &#147;Formal Elements of the Offer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, Petersen Energ&#237;a, S.A.
    <B>(&#147;<U>PESA</U>&#148;</B>), a company organized under the
    laws of the Kingdom of Spain and a direct wholly-owned
    subsidiary of Petersen Energ&#237;a PTY LTD, a company organized
    under the laws of Australia, which ultimately belongs to the
    Eskenazi Family, is the holder of 58,603,606 ADSs in YPF
    (representing 58,603,606 Class&#160;D Shares in YPF)
    representing 14.9% of the aggregate outstanding capital stock of
    YPF. In turn, the Eskenazi Family are the holder of a purchase
    option on the shares representing 10% of the outstanding capital
    stock of YPF (hereinafter, the <B>&#147;<U>Second
    Option</U>&#148; </B>and, together with the First Option, the
    <B>&#147;<U>Options</U>&#148;</B>) pursuant to a second purchase
    option agreement dated February&#160;21, 2008 for the Shares
    representing 10% of the capital stock of YPF entered into by and
    between the Repsol YPF Group and the Eskenazi Family (the
    <B>&#147;<U>Second Purchase Option Agreement</U>&#148;</B>).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">f)&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='216'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Agreements
    entered into by and among the companies forming the Petersen
    Group and Repsol YPF and its subsidiaries, including
    YPF.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA and the other companies of the Petersen Group have not
    entered into any agreements with the current members of
    YPF&#146; management body nor have they assigned special
    advantages to them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the shareholders&#146; agreement dated
    February&#160;21, 2008 entered into by and between PESA and the
    Repsol YPF Group (the <B>&#147;<U>Shareholders&#146;
    Agreement</U>&#148;</B>), as specified below, PESA has the right
    nominate a certain number of regular and alternate directors of
    YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The most relevant agreements entered into by and among the
    companies forming the Petersen Group and the Repsol YPF Group
    and YPF which are currently in force and effect are described
    below:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">YPF
    stock purchase agreement </FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, PESA purchased 58,603,606 ADSs in YPF
    (representing 58,603,606 Class&#160;D Shares in YPF)
    representing 14.9% of the aggregate outstanding capital stock of
    YPF <B>(&#147;<U>Purchase by PESA</U>&#148;)</B> at US$38.13758
    per Share under the terms and conditions established in the
    stock purchase agreement entered into by and between the Repsol
    YPF Group and PESA <B>(&#147;<U>SPA</U>&#148;</B>).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Purchase by PESA is subject to the following conditions
    subsequent: (i)&#160;failure to obtain within 12&#160;months as
    from the date of the SPA the authorization of the purchase from
    the CNDC (be it as an express authorization by the CNDC or as a
    written acknowledgement issued by the Argentine Secretariat of
    Domestic Trade or such agency that may replace same in the
    future as the highest authority having jurisdiction over
    antitrust matters in Argentina, stating that an implied
    authorization has been given); or (ii)&#160;the refusal of such
    authorization; or (iii)&#160;the imposition by the CNDC of
    conditions or obligations which may have a material adverse
    effect on any of the parties to the SPA or on YPF. If any of
    conditions subsequent takes place, the SPA shall be
    automatically terminated and the parties thereto shall fully
    return to each other all considerations received.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">Shareholders&#146;
    Agreement</FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, PESA and the Repsol YPF Group entered
    into a Shareholders&#146; Agreement whereby the Repsol YPF Group
    gave PESA an active involvement in YPF&#146;s management body
    which includes the right to appoint a certain number of
    directors and managers of YPF and gives PESA certain rights in
    its capacity as a minority shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders&#146; Agreement entitles PESA to nominate five
    (5)&#160;regular directors and five (5)&#160;alternate directors
    of YPF among whom one (1)&#160;regular director and
    (1)&#160;alternate director shall meet the requirements to be
    considered independent directors. In the event the Eskenazi
    Family fail to exercise (directly or through an assignee) the
    Second Option and in addition, PESA reduces its interest in YPF
    (taking into account, for the purpose of calculating such
    interest, the interests of the other companies directly or
    indirectly controlled by the Eskenazi Family) up to a 10% by
    reason of certain sales of shares permitted under the
    Shareholders&#146; Agreement, the number of directors of PESA in
    the Board of Directors of YPF shall be reduced to three
    (3)&#160;regular director and three (3)&#160;alternate directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders&#146; Agreement entitles PESA to appoint the
    Chief Executive Officer (CEO) of YPF. The managers of the main
    business and corporate areas and other key staff shall be
    appointed and removed by the CEO and the COO (Chief Operating
    Officer) of YPF acting jointly and by mutual agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the Shareholders&#146; Meeting of YPF dated March&#160;7,
    2008, sections&#160;11 paragraph a), 18, 19 and 20 paragraphs
    a)&#160;and b)&#160;of YPF By-laws were amended. Following such
    amendment, the direction and administration of the Company was
    vested in a board of directors composed of eleven (11)&#160;to
    twenty-one (21)&#160;regular directors who shall hold office for
    one (1)&#160;to three (3)&#160;fiscal years, as determined by
    the Shareholders&#146; Meeting, and may be indefinitely
    reelected. Such meeting appointed Antonio Brufau as Chairman and
    Enrique Eskenazi as Vice Chairman, Sebasti&#225;n&#160;Eskenazi
    as Executive Vice President and CEO and Antonio Gomis Saez as
    Assistant CEO&#160;&#151; COO. The Regular Directors appointed
    were: An&#237;bal Guillermo Belloni, Mario Blejer, Carlos Bruno,
    Santiago Carnero, Carlos de la Venga, Mat&#237;as Eskenazi
    Storey, Eduardo Elsztain, Salvador Front Estrany, Javier
    Monz&#243;n, Federico Ma&#241;ero, Fernando Ram&#237;rez, Luis
    Su&#225;rez de Lezo and Mario V&#225;zquez. The Alternate
    Directors appointed were: Alejandro Diego Quiroga L&#243;pez,
    Gonzalo L&#243;pez Banjul, Alfredo Pochintesta, Rafael
    L&#243;pez Revuelta, Tom&#225;s Garc&#237;a Blanco, Fabi&#225;n
    Falco, Walter G. Forwood, Fernando Dasso, Carlos Jim&#233;nez,
    Carlos Alfonsi, Ezequiel Eskenazi Storey, Mauro Renato Jos&#233;
    Dacomo, Ignacio Cruz Moran and Eduardo Angel Garrote.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders&#146; Agreement provides that certain decisions
    may not be taken without the favorable vote of PESA and Repsol
    YPF such as: YPF capital increases
    <FONT style="white-space: nowrap">and/or</FONT>
    reimbursements in a nominal amount, in the aggregate, higher
    than Pesos two hundred and fifty million ($250,000,000), capital
    reductions, except for those required by law, merger, spin off,
    conversion, dissolution (except if required by law) of YPF or
    certain subsidiaries of YPF, spin off of YPF or any of its
    Material Subsidiaries, the issue or granting of options,
    preemptive rights, convertible bonds, warrants or other rights
    or securities convertible into shares or bonds given in exchange
    for redeemed shares (<I>bonos de goce</I>) or any interest,
    change of corporate or tax domicile outside Argentina, amendment
    to the By-laws, suspension of preemptive rights on shares
    <FONT style="white-space: nowrap">and/or</FONT>
    convertible bonds, appointment or removal of external auditors
    and delisting from the Buenos Aires Stock Exchange
    <FONT style="white-space: nowrap">and/or</FONT> the
    New York Stock Exchange listing
    <FONT style="white-space: nowrap">and/or</FONT>
    withdrawal from a tender offer involving its shares and the
    assignment or sale of a block of substantial assets
    <FONT style="white-space: nowrap">and/or</FONT>
    liabilities of YPF or any Material Subsidiary. Likewise, there
    are certain issues that require the favorable vote of the
    directors nominated by PESA and Repsol YPF, such as: the
    contracting of indebtedness, including the issue of corporate
    bonds <FONT style="white-space: nowrap">and/or</FONT>
    notes, the furnishing of guarantees or the making of investments
    which (a)&#160;contractually
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    limit the payment of dividends and (b)&#160;cause the
    consolidated debt/consolidated EBITDA ratio, calculated on a
    quarterly basis, to reach or exceed 3 to 1, the execution,
    termination of or amendment to agreements between YPF and a
    shareholder or its affiliates, the making of certain investments
    not provided for in the budget, the assignment or transfer of a
    line of business or substantial assets
    <FONT style="white-space: nowrap">and/or</FONT>
    liabilities, the filing of a petition for insolvency proceedings
    or in bankruptcy or the commencement of a debt restructuring
    out-of-court procedure and those agreements related to special
    issues to be dealt with at the meeting, among others.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders&#146; Agreement provides for certain
    restrictions on the sale of the Shares and the maintenance of a
    certain interest percentage in YPF for the parties. Likewise, it
    provides for (i)&#160;a tag along right in favor of PESA once
    the loan taken under the PESA Financing Agreement has been
    repaid and in the sale by the Repsol YPF Group of equity
    interests over 5% of the corporate capital of YPF and
    (ii)&#160;a right of first offer of one party to buy from the
    other when the latter wishes to transfer Shares representing
    more than 10% of the corporate capital of YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders&#146; Agreement does not give or assign special
    rights to the members of the board of directors of YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Finally, the Shareholders&#146; Agreement establishes that the
    parties (i)&#160;shall cause YPF to adopt and perform the
    necessary acts to allow a public tender offer permitting certain
    shares held by the Repsol YPF Group to be admitted to listing on
    regulated securities markets, (ii)&#160;shall enable YPF to
    evaluate and assess the potential purchase at market prices and
    conditions of certain business and assets of Repsol YPF in
    certain Latin American jurisdictions, and (iii)&#160;agree to
    distribute as dividend 90% of YPF&#146;s profits to be paid in
    two installments per year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See a copy of the Shareholders&#146; Agreement at the CNV
    webpage, <I>Secci&#243;n Emisoras: Repsol YPF, S.A.,
    Informaci&#243;n Financiera&#160;&#151; Hechos Relevantes </I>ID
    4-91003-D (on page&#160;45 of the file attached to the note) The
    Shareholders&#146; Agreement establishes PEISA&#146;s obligation
    to adhere thereto upon transferring to PEISA the Shares
    purchased from the Repsol YPF Group through the exercise of the
    First Option.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">Options.</FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Simultaneously with the Purchase by PESA, on February&#160;21,
    2008 the Repsol YPF Group gave the Eskenazi Family two options
    to purchase from the Repsol YPF Group, at any time on or after
    February&#160;21, 2008 and for a term of four (4)&#160;years,
    Class&#160;D Shares or ADSs representing, in the aggregate, up
    to 10.1% of the aggregate outstanding capital stock of YPF, by
    means of : (i)&#160;the First Purchase Option Agreement for the
    Shares in YPF representing 0.1% of the capital stock of YPF and
    (ii)&#160;the Second Purchase Option Agreement for the Shares in
    YPF representing 10% of the capital stock of YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The First Option was assigned to PEISA with the consent of the
    Repsol YPF Group.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Second Option may be assigned, upon prior written consent of
    the Repsol YPF Group, which consent may not be withheld in the
    following cases: (i)&#160;the Second Option is assigned to
    companies ultimately and wholly owned by the Eskenazi Family
    <FONT style="white-space: nowrap">and/or</FONT> any
    member of the Eskenazi Family, or (ii)&#160;the financial
    rights, but not the obligations, arising from the Second
    Purchase Option Agreement are assigned fully or partially to any
    person or entity to secure the fulfillment of financial
    obligations undertaken upon exercising the Options in respect of
    the Shares being purchased.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exercise price of both Options is calculated based on the
    value of the Share in YPF resulting from the following formula:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>&#160;&#160;(Total Value of YPF * Index) +/- Retained
    Earnings&#8722;Dividends +/- Capital Variances&#160;</U>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Total number of shares (issued and outstanding Shares (fully
    diluted, as specified below))
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Total Value of YPF </I>means US$15,000,000,000 (United States
    dollar fifteen billion);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Index </I>means the Consumer Price Index published on a
    monthly basis by the Bureau of Labor Statistics for the period
    between the date of execution of the Options and the date on
    which the Repsol YPF Group is notified of the intention to
    exercise same;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Dividends </I>means dividends distributed by YPF in cash,
    kind, shares or any other distribution made by YPF between the
    execution date of the Purchase Option Agreements and the
    exercise date of the Options;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Capital Variances </I>means the contributions made in cash or
    kind by members or third parties giving rise to a capital
    increase in YPF (to be added in the preceding formula) or
    payments made by YPF to its shareholders by reason of capital
    reductions (to be deducted in the preceding formula) taking
    place between the execution date of the Purchase Option
    Agreements and the exercise date of the Options, excluding any
    capitalization of profits, reserves, adjustments or any other
    capitalization giving rise to the issue of
    <FONT style="white-space: nowrap">paid-up</FONT>
    stock or which does not result in an actual
    contribution;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Total number of Shares </I>means the number of Shares on the
    exercise date of the Options (fully diluted, i.e., including as
    calculation basis in the total number of Shares, any option,
    non-capitalized contribution, right to receive shares in YPF or
    any security or debt convertible into shares as if such right or
    conversion had materialized).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Options shall become automatically terminated and
    ineffective in the event the SPA is terminated as a consequence
    of the CNDC&#146;s failure to authorize the Purchase by PESA as
    provided for in the SPA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA, as assignee of the rights and obligations of the Eskenazi
    Family under the First Option, exercised on May&#160;20, 2008
    the First Option. However, title to such Shares representing
    0.1% of the capital stock of YPF purchased by virtue of the
    exercise of the First Option shall not be transferred to PEISA
    until PEISA has completed the Offer procedure established in
    this Prospectus and settles this Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Repsol YPF, Repsol Exploraci&#243;n, S.A., Caveant, S.A. and
    Repsol YPF Capital, S.L., holders of shares representing 84.14%
    of the capital stock of YPF, have expressed their irrevocable
    commitment to refrain from tendering their Class&#160;D shares
    in YPF under this Offer. For these purposes, such companies have
    filed with the CNV, the SEC and the <I>Comisi&#243;n Nacional
    del Mercado de Valores</I> (Argentine Securities and Exchange
    Commission) of Madrid, Spain, a formal statement informing of
    their commitment not to participate in the Offer, which is
    published on the internet at the CNV website: <I>Secci&#243;n
    Emisoras: Repsol YPF, S.A., Informaci&#243;n
    Financiera&#160;&#151; Hechos Relevantes </I>ID 4-98368-D.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">Supplementary
    Agreement.</FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, Repsol YPF, the Eskenazi Family and
    Petersen Energia Pty. Ltd., a company organized under the laws
    of Australia, duly registered in the Australian Securities and
    Investment Commission under company number 128,147,419, tax
    identification number N-8001058 J, entered into an agreement
    whereby the parties thereto undertook to regulate certain
    specific cases in which Repsol YPF would purchase the shares
    from YPF&#146;s direct shareholders, indirectly owned by the
    Eskenazi Family.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See this supplementary agreement at the CNV webpage,
    <I>Secci&#243;n Emisoras: Repsol YPF, S.A., Informaci&#243;n
    Financiera-Hechos Relevantes </I>ID 4-91003-D (on page&#160;279
    of the file attached to the note).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">PESA
    Financing Agreement and the Options </FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, PESA entered into a financing
    agreement (the <B>&#147;<U>PESA Financing
    Agreement</U>&#148;)</B> with international credit institutions
    including Credit Suisse International, Goldman Sachs
    International Bank, BNP Paribas and Banco Ita&#250; Europa S.A.,
    whereby PESA was given a loan in the amount of US$1,026,000,000
    which PESA used to partially pay the price for the ADSs
    purchased under the SPA as well as transaction costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>PESA Financing Agreement expires on May&#160;15,
    2012.</I>&#160;&#160;Interest should be paid on a semi-annual
    basis, commencing on May&#160;15, 2008. Principal should be paid
    on a semi-annual basis commencing on May&#160;15, 2008. The
    annual interest rate is equal to the LIBO Rate on principal
    ranging from US$50&#160;million to
    US$71.8&#160;million&#160;&#151; as defined in the loan
    agreement&#160;&#151; plus a margin of 5.65% per year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To secure fulfillment of the PESA Financing Agreement 48,770,787
    ADSs purchased by PESA under the SPA were pledged.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">Repsol
    Financing Agreement.</FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, Repsol YPF and PESA entered into a
    loan agreement in the amount of US$1,015,000,000 (Dollars one
    billion fifteen million) which PESA used to partially pay the
    price for the ADSs purchased under the SPA (the
    <B>&#147;<U>Repsol Financing Agreement</U>&#148;</B>). This
    amount was increased by US$1,474,636, as established in the
    dividend right assignment agreement described in Item&#160;8
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To secure fulfillment of the Repsol Financing Agreement,
    9,832,819 ADSs purchased by PESA under the SPA were pledged, and
    the obligation to pledge the Shares released from the pledge
    under the PESA Financing Agreement was established.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Repsol Financing Agreement expires on February&#160;21,
    2018. The applicable interest rate is 8.12% annually until
    May&#160;15, 2013, inclusive and 7.0% annually thereafter.
    Interest accrues on an annual basis; however, interest shall be
    paid semi-annually only as from May&#160;15, 2013. Payments of
    principal ranging from US$50&#160;million to
    US$71.8&#160;million shall be made semi-annually as from
    May&#160;15, 2013. Repsol agreed to subordinate its rights
    against PESA arising from the Repsol Financing Agreement to the
    creditors&#146; rights arising from the PESA Financing Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">Registration
    Rights Agreement.</FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, Repsol YPF, YPF and PESA and certain
    financial institutions entered into a registration rights
    agreement with the SEC intended to facilitate the enforcement in
    the United States of the pledge on the ADSs. The terms of such
    agreement may be extended to the additional Shares or ADSs
    purchased by the Eskenazi Family under certain terms and
    conditions, including Shares or ADSs purchased under the Offers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><U><FONT style="font-family: 'Times New Roman', Times">Dividend
    Right Assignment Agreement </FONT></U></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, PESA, Repsol YPF and YPF entered into
    a dividend right assignment agreement whereby PESA assigned
    Repsol YPF the right to receive the dividends to be distributed
    by YPF for the fiscal year ended December&#160;31, 2006 which
    PESA should collect as holder of the YPF shares acquired by the
    Repsol Group under the SPA (which amounted to $630,547,801).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to section&#160;2.4 of the dividend right assignment
    agreement, if the amount received by YPF, according to the
    prevailing exchange rate, were lower than US$201,150,000, the
    difference should be added to the amount committed under the
    Repsol Financing Agreement. Similarly, if the amount received
    were higher than such Dollar amount, the difference should be
    deducted from the principal amount of the loan to be paid by
    PESA under such Repsol Financing Agreement. Considering that
    dividend was paid at a ratio of $10.76 per Share and the
    exchange rate applied was $3.158 per US$1, the Dollar amount
    received by Repsol YPF amounted to US$199,675,364. Consequently,
    the difference in the amount of US$1,474,636 in favor of Repsol
    increased the amount due under the Repsol Financing Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">g)&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='217'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Activity
    and economic and financial condition of the Offeror and the
    group to which it belongs</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA is an investment company engaged in investment, management
    and administration activities involving securities, notes, bonds
    <FONT style="white-space: nowrap">and/or</FONT>
    shares listed or not on stock exchanges
    <FONT style="white-space: nowrap">and/or</FONT>
    securities markets, representing funds of entities residing or
    not in Spain, through the pertinent organization of material and
    human resources.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA was incorporated on March&#160;26, 2008 and its fiscal
    year ends on December 31 of each year. To date, as the first
    fiscal year since the commencement of its activities has not
    ended, PEISA does not have yet year-end financial statements for
    which reason an Auditor&#146;s Report and Condensed Interim
    Financial Statements are attached hereto as Exhibit&#160;II.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA&#146;s registered office is located at Velazquez 9,
    1<SUP style="font-size: 85%; vertical-align: text-top">st</SUP>&#160;floor,
    Madrid, Spain and its telephone number is +34 915750008 (FISA
    CONSULTORES, SL, Attn. Luis Maria Morales).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holding&#146;s registered office is located at Teinfaltstrasse
    8/4, 1010 Wien, Austria.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The companies of the &#147;Petersen Group&#148; to which PEISA
    belongs does not group together under the structure of a
    consolidated business group according to Argentine laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Petersen Group is formed by a group of companies controlled
    by the Eskenazi Family which develop their activities in
    different lines of business, particularly the banking,
    financing, investment, construction, real estate and mixed
    farming businesses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">h)&#160;&#160;</FONT></I></B>
</TD>
    <TD>
    <A name='218'></A><B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    information about the company concerned.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information concerning YPF contained herein constitutes
    public information and has been taken from or is based upon
    reports and other documents on file with the CNV and the SEC or
    otherwise publicly available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although PEISA does not have any information that would indicate
    that any statements contained herein based upon such reports and
    documents are incorrect, PEISA does not take any responsibility
    for the accuracy or completeness of the information contained in
    such reports and other documents or for any failure by YPF to
    disclose events that may have occurred and which, if occurred,
    may affect the significance or accuracy of any such information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YPF is subject to the reporting requirements of the CNV and the
    BASE and in accordance therewith files reports and other
    information relating to its business, financial condition and
    other matters. Such reports, statements and other information
    (including the annual and quarterly financial statements of YPF)
    may be reviewed at the BASE at Sarmiento 299, City of Buenos
    Aires, Argentina, on business days from 10:00&#160;a.m. to 6:00
    p.m. (Technical Management Division) and on the Internet at
    www.bolsar.com.ar. They may also be reviewed at the CNV website:
    <B><U><FONT style="white-space: nowrap">http://www.cnv.gov.ar</FONT></U></B>.
</DIV>
<A name='219'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">OBJECTIVE
    ELEMENTS OF THE OFFER </FONT></U></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='220'></A><B><FONT style="font-family: 'Times New Roman', Times">The
    Offer.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the terms and conditions and subject to the
    Conditions established in the Offer, PEISA irrevocably
    undertakes to purchase all the Shares held by the Shareholders
    accepting the Offer and tendering such Shares as provided in
    Item&#160;2 &#147;Acceptance of the Offer&#148; in Section
    &#147;Formal Elements of the Offer&#148; during the Acceptance
    Term, always provided that the Shareholders have not withdrawn
    their acceptance of the Offer as provided in Item&#160;5
    &#147;Withdrawal Right of Accepting Shareholders&#148; in
    Section &#147;Formal Elements of the Offer&#148;, within the
    term established therein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='221'></A><B><FONT style="font-family: 'Times New Roman', Times">Negotiable
    Securities included in the Offer.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer includes all Class&#160;A, Class&#160;B, Class&#160;C
    and Class&#160;D Shares in YPF. The Shares shall be acquired
    together with all rights attaching thereto, including voting
    rights and the right to collect any Distributions (as defined in
    Item&#160;4 &#147;Maintenance of the Shares to be Transferred
    and Distributions in Custody&#148; in Section &#147;Formal
    Elements of the Offer&#148; of this Prospectus), including those
    declared before the Commencement Date which, as of the such
    date, were unpaid and those declared on or after such
    Commencement Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to YPF&#146;s public information available, the
    capital stock of YPF as of December&#160;31, 2007 was divided
    into 393,312,793&#160;Shares of which: (i)&#160;3,764 were
    Class&#160;A shares, (ii)&#160;7,624 were Class&#160;B shares,
    (iii)&#160;105,736 were Class&#160;C shares, and
    (iv)&#160;393,195,669 were Class&#160;D shares. 224,650,997
    Class&#160;D shares were represented by ADSs issued by BONY. The
    holders of ADSs in YPF that wish to tender them under the tender
    offer launched by PEISA shall do so under the U.S.&#160;Offer.
    This Offer does not include ADSs. For the purpose of tendering
    the Shares underlying the ADSs under this Offer, the holders of
    ADSs shall request from BONY that the Shares underlying their
    ADSs be returned as provided in the agreement entered into by
    and between BONY and YPF on July&#160;1, 1993 governing the
    issuance of ADSs (the <B>&#147;<U>Deposit
    Agreement</U>&#148;</B>) and then, once such Shares are
    registered to their names, follow the Offer acceptance procedure
    described in Item&#160;2 &#147;Acceptance of the Offer&#148; in
    Section &#147;Formal Elements of the Offer&#148;.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    YPF By-laws make it mandatory to include in this Offer all the
    securities convertible into shares issued by YPF. According to
    YPF&#146;s public information, as of the date of this Offer,
    there are no outstanding securities convertible into shares
    issued by YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='222'></A><B><FONT style="font-family: 'Times New Roman', Times">Consideration.
    Payment</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consideration offered by PEISA amounts to US$49.45 (Dollars
    forty-nine and forty-five cents) per Share (the
    <B>&#147;<U>Consideration</U>&#148;</B>), payable in cash as
    provided in Item&#160;7 &#147;Settlement of the Offer. Payment
    Date&#148; in Section &#147;Formal Elements of the Offer&#148;
    and within the terms stated therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer is subject to the Conditions stated in Item&#160;5
    &#147;Conditions for Effectiveness and Consummation of the
    Offer&#148; in Section &#147;Objective Elements of the
    Offer&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The By-laws require that the Offer establish the same
    consideration for each and every Share and that such
    consideration not be lower than the highest price per Share
    among the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the highest price per Share or security paid by or on
    account of the Offeror in connection with any purchase of
    Class&#160;D Shares or securities convertible into Class&#160;D
    Shares within the two-year period immediately preceding
    May&#160;20, 2008, date on which Offeror gave notice to YPF of
    the &#147;Acquisition of Control&#148;, as adjusted by reason of
    any share splitting, stock dividend, subclassification or
    reclassification affecting or relating to Class&#160;D
    shares,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the highest closing price during the thirty (30)-day
    period immediately preceding the notice given to YPF mentioned
    in (i)&#160;above, for a Class&#160;D Share, as listed on the
    BASE, in each case as adjusted by reason of any share splitting,
    stock dividend, subclassification or reclassification affecting
    or relating to Class&#160;D shares,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the price per Share equal to the market price per
    Class&#160;D Share determined as provided in (ii)&#160;above
    times the ratio between (a)&#160;the price indicated in
    (i)&#160;and (b)&#160;such market price per Class&#160;D Share
    on the date immediately preceding the first day of the two-year
    period in which the Offeror acquired any interest in or right to
    any Class&#160;D Share. In each case, the price shall be
    adjusted taking into account any subsequent share splitting,
    stock dividend, subclassification or reclassification affecting
    or relating to Class&#160;D shares,&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the net earnings of YPF per Class&#160;D Share during
    the four (4)&#160;most recent full fiscal quarters immediately
    preceding May&#160;20, 2008, times the higher of the following
    ratios: the price/earnings ratio during such period for
    Class&#160;D Shares (if any) or the highest price/earnings ratio
    for YPF in the two-year period immediately preceding
    May&#160;20, 2008. Such multiples shall be determined in
    accordance with standard calculation and reporting practices in
    the financial community.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;6, 2008, the specialized independent assessor
    R&#237;o Bravo (the <B>&#147;<U>Assessor</U>&#148;)</B>
    confirmed that the Consideration is not lower than the prices
    resulting from the cases enumerated in paragraphs (a), (b),
    (c)&#160;and (d)&#160;of Section&#160;7, subsection (f)
    (v)&#160;of YPF By-laws. As a result, the Assessor made the
    following calculations for the analysis of the Consideration in
    the Offer on the basis of the pricing criteria set forth in the
    By-laws:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The most significant transaction in the last few years
    was the acquisition of 14.9% of the shares in YPF by PESA on
    February&#160;21, 2008 at a price of US$38.13758 per Share. The
    Consideration offered by PEISA in the Offer exceeds such price
    by more than 29% (twenty-nine percent).
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Equity value of the shares in Pesos:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders&#146; Equity as per Annual Balance Sheet ended on
    12.31.06: $24.345MM
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders&#146; Equity as per Annual Balance Sheet ended on
    12.31.07: $26,060MM
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders&#146; Equity as per Quarterly Balance Sheet ended
    on 03.31.08: $23.046MM
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Number of shares: 393,312,793<BR>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Equity value per share:
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mar. 2008: $58.59/US$18.51 ($3.165/US$1) Dec. 2007:
    $66.25/US$20.99 ($3.155/US$1)
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dec. 2006: $61.89 / US$20.12 ($3.075/US$1)
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b)&#160;Listing price of the shares on the market:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Market capitalization according to the BASE as of
    <FONT style="white-space: nowrap">06/06/08:</FONT>
    $59.390MM
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Share value on the BASE as of
    <FONT style="white-space: nowrap">06/05/08:</FONT>
    $151 (US$48.70 per share/Exchange rate: $3.08/US$1 applicable as
    of this date)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Share value on the NYSE as of
    <FONT style="white-space: nowrap">06/05/08:</FONT>
    US$47
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Listing price of the shares during the previous year:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BASE:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between May 2007 and May 2008, it ranged from $130 to $150 per
    Share
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsequently to PEISA&#146;s offer, it reached $151 (US$48.70
    per Share)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The value of the Public Tender Offer has not been reached in any
    of these periods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NYSE:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between May 2007 and June 2008, it ranged from US$33.80 to
    US$48.80 per Share
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The value of the Public Tender Offer has not been reached in
    this market either.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Likewise, it informed that the Consideration is consistent with
    acceptable criteria for the fair price determination established
    in Decree 677/2001, section&#160;32, stating as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;that the Consideration exceeds the Shares equity value
    as it arises from YPF&#146;s financial statements as of
    December&#160;31, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;that the Consideration exceeds the average market value
    of the Share during the six-month period immediately preceding
    the date on which the announcement of the Offer was published.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Likewise, it was informed that the Assessor did not calculate
    the price by cash flow or YPF liquidating value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Consideration shall be paid on the Payment Date (as defined
    in Item&#160;7 &#147;Settlement of the Offer. Payment Date&#148;
    in Section &#147;Formal Elements of the Offer&#148;) in Pesos,
    at the asked exchange rate published by the <I>Banco de la
    Naci&#243;n Argentina</I>, current on the close of business on
    the six trading day immediately preceding the Payment Date and
    as provided in Item&#160;7 &#147;Settlement of the Offer.
    Payment Date&#148; in Section &#147;Formal Elements of the
    Offer&#148; .
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The price per Share or ADS offered in the U.S.&#160;Offer shall
    be equal to the Consideration and payable in Dollars.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='223'></A><B><FONT style="font-family: 'Times New Roman', Times">Financing
    of the Offer. Fund&#160;Availability Guaranties.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA intends to pay for the Shares tendered by the Shareholders
    with funds obtained from bank financing, as explained below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall finance its purchase of the Shares tendered under
    the Offer and the ADSs tendered under the U.S.&#160;Offer (the
    <B>&#147;<U>Offer Purchase</U>&#148;</B>), with funds obtained
    by PEISA from a loan given by Banco Santander, S.A., a Spanish
    company, domiciled at Paseo Pereda, 9-12, 39004 Santander,
    Cantabria, C.I.F.
    <FONT style="white-space: nowrap">A-39000013</FONT>
    <B>(&#147;<U>Santande</U></B>r&#148;). Santander has committed
    financing under such loan to pay for the Offer Purchase, the
    Shares and ADSs in YPF representing 0.1% of the capital stock of
    YPF, purchased through PEISA&#146;s exercise, as assignee, of
    the First Option (the <B>&#147;<U>Option
    Purchase</U>&#148;</B>), and the costs, expenses, exchange
    differences and taxes arising from said transactions (the Offer
    Purchase and the Option Purchase, the <B>&#147;<U>Credit
    Intended Use</U>&#148;</B>).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For these purposes, on June&#160;6, 2008, PEISA entered into a
    credit agreement with Santander and Repsol YPF as guarantor (the
    <B>&#147;<U>Credit Agreement</U>&#148;</B>), whereby Santander
    gave PEISA a commercial credit in a maximum amount of
    US$198,500,000 (Dollars one hundred and ninety-eight million,
    five hundred thousand) (the <B>&#147;<U>Credit</U>&#148;</B>).
    Likewise, Repsol YPF undertook to guarantee to Santander, on a
    joint and several basis and at first demand, PEISA&#146;s
    payment obligations under the Credit Agreement , by virtue of a
    guarantor agreement dated June&#160;6, 2008 entered into by and
    among Repsol YPF, PEISA and Santander (the <B>&#147;<U>Guarantor
    Agreement</U>&#148;</B>). In turn, PEISA undertook under the
    Guarantor Agreement to enter into a pledge agreement with Repsol
    as per the form attached to the Guarantor Agreement which is in
    turn attached to the Credit Agreement. The main terms and
    conditions of the Credit Agreement and the Guarantor Agreement
    are described in Exhibit&#160;I to this Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA may make one or several drawdowns under the Credit (each
    one , a <B>&#147;<U>Drawdown</U></B>&#148;, as defined in the
    Credit Agreement attached hereto as Exhibit&#160;I)&#160;as from
    the Offer Authorization Date until the date on which six
    (6)&#160;months plus one day have elapsed since the commencement
    of the Offer Acceptance Term (the <B>&#147;<U>Drawdown
    Period</U>&#148; </B>as defined in the Credit Agreement attached
    hereto as Exhibit&#160;I)&#160;always provided that the
    following conditions (the <B>&#147;<U>Financing
    Conditions</U>&#148;)</B> are met both on the date of the
    request for the pertinent Drawdown as well as on the anticipated
    date of disbursement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a)&#160;no Early Termination Event of the Credit Agreement (as
    defined in the Credit Agreement attached hereto as
    Exhibit&#160;I)&#160;shall have occurred nor shall any of such
    events take place as a consequence of the Drawdown;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b)&#160;the Offer shall have been authorized by the CNV and the
    U.S.&#160;Offer shall not have been objected to by the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Drawdown Period may not extend beyond January&#160;15, 2009,
    date on which it shall be regarded as expired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Credit Agreement provides that the Credit shall be
    exclusively used to pay for the Credit Intended Use. PEISA
    represents that such funds shall be used, in the first place, to
    pay the Consideration for the Purchased Shares and, once such
    Consideration has been paid up, to pay the price for the Option
    Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    According to the Credit Agreement, Drawdowns on the Credit
    intended to pay for the Purchased Shares (as provided in
    Item&#160;6 &#147;Fulfillment of Conditions. Waiver.
    Consummation Date&#148; in Section &#147;Formal Elements of the
    Offer&#148;) under the Offer shall be accompanied by a
    certification issued by the Offer Agent (or, failing which, by
    the documents received from PEISA to that end specifying the
    amounts to be paid under the Offer Purchase), before or during
    the Offer settlement period stating the amount PEISA should pay
    the Accepting Shareholders for the Purchased Shares and such
    Drawdowns shall be disbursed by Santander.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following PEISA&#146;s irrevocable instructions, the Offer Agent
    shall assign the amounts of the Drawdowns transferred by
    Santander under the Credit Agreement to settle the Offer and pay
    the Consideration for the Purchased Shares as provided in
    Item&#160;7 &#147;Settlement of the Offer. Payment Date&#148; in
    Section &#147;Formal Elements of the Offer&#148; and to defray
    such costs, expenses, exchange differences and taxes arising
    from such transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Credit Agreement contains representations and warranties and
    imposes on PEISA obligations which are customary in this kind of
    agreements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='224'></A><B><FONT style="font-family: 'Times New Roman', Times">Conditions
    for Effectiveness and Consummation of the Offer.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer is subject to the satisfaction, within the terms
    stated below, of the following conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Offer was subject to the satisfaction of the
    following conditions prior to the commencement of the Acceptance
    Term:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;approval of the &#147;Acquisition of Control&#148; (as
    defined in YPF By-laws) and the Offer at a Special Meeting of
    Holders of Class&#160;A Shares of YPF, as provided in
    section&#160;7, paragraphs (e)(i) and 7 (f)(ii) of YPF
    By-laws,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;authorization of the Offer by the CNV.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Acceptance Term shall not commence until the conditions
    described in (a)(i) and (a)(ii) above have been fulfilled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;2, 2008, the only Class&#160;A Shareholder of YPF
    approved the Acquisition of Control and the public tender offer
    for YPF shares, whose authorization was requested by PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The CNV authorized the Offer on September&#160;4, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Offer, its effectiveness, consummation and
    settlement shall be subject to the fulfillment, by no later than
    January&#160;15, 2009, of all of the following conditions on a
    jointly basis and to such Conditions remaining fulfilled until
    the Payment Date (the <B>&#147;<U>Conditions</U>&#148;)</B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the CNDC&#146;s express authorization to the Purchase
    by PESA, without imposing any conditions or obligations on the
    parties thereto or on YPF;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the CNDC&#146;s express or implied authorization to
    the grant of the Options to the Eskenazi Family, to the exercise
    of the First Option by PEISA, to the Option Purchase and to the
    Offer Purchase;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the absence of a notice from the CNDC denying the
    authorization of the Purchase by PESA, the Option Purchase or
    the Offer Purchase;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the absence of rules, measures, judgments, awards,
    orders or resolutions issued by courts or authorities having
    competent jurisdiction denying the requested authorizations,
    either in Argentina or abroad, that preclude, prohibit,
    condition or limit the Offers or the Transaction
    <B>(&#147;<U>Restraining Legal Measure</U>&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except for the aforementioned Conditions and the maintenance of
    the authorizations and conditions mentioned in Item
    (a)&#160;above, the effectiveness and consummation of the Offer
    is not subject to any other conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Failure to fulfill any of the Conditions within the stated term
    shall entitle PEISA to withdraw the Offer, rendering it
    ineffective and in such case, PEISA shall not be obliged to
    accept, purchase or pay for any of the Shares tendered under the
    Offer by the Shareholders. In this case, the Shares to be
    Transferred shall be returned to the Accepting Shareholders
    together with the Distributions deposited in the Shares to be
    Transferred Account and the payment of the Consideration or any
    compensation shall not be in order. The Offer Agent shall return
    the Shares to be Transferred and, if any, the Distributions
    thereon deposited in the Shares to be Transferred Account, to
    the accounts of the same Custodians and <I>comitentes </I>from
    which the Shares were transferred to the Shares to be
    Transferred Account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If upon expiration of the Acceptance Term, the Conditions
    established in paragraphs (i)&#160;and (ii)&#160;of Item
    (b)&#160;above have not been fulfilled but the CNDC has not
    denied the authorization established in such paragraphs
    (i)&#160;and (ii), the settlement and payment of the Offer shall
    be automatically postponed until the CNDC grants such
    authorizations (in this case, the Offer Agent shall withhold in
    the Shares to be Transferred Account the Shares tendered by the
    Accepting Shareholders pursuant to the terms and conditions
    established in Item&#160;4 &#147;Maintenance of the Shares to be
    Transferred and Distributions in Custody&#148; in Section
    &#147;Formal Elements of the Offer&#148;). This notwithstanding,
    PEISA may waive the Conditions established in items (b)(i) and
    (b)(ii) above and proceed with the settlement and payment of the
    Offer as established in Items&#160;6: &#147;Fulfillment of
    Conditions. Waiver. Consummation Date&#148; and 7:
    &#147;Settlement of the Offer. Payment Date&#148; in Section
    &#147;Formal Elements of the Offer&#148;. Waiver of any of the
    conditions to which the U.S.&#160;Offer
    <FONT style="white-space: nowrap">and/or</FONT> the
    settlement and payment thereof is/are subject will not imply
    that PEISA shall be bound to waive the aforementioned Conditions
    or settle or pay the Offer. The Acceptance Term shall always
    expire on the Expiration Date, and the Shareholders may not
    accept the Offer or tender their Shares thereunder once such
    Acceptance Term has expired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The termination of the effectiveness of the Offer shall be
    followed by a public announcement made in a newspaper of general
    circulation in Argentina.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA&#146;s failure to exercise at any time any of the
    foregoing rights shall not be deemed a waiver of any such right;
    the waiver of any such right with respect to particular facts
    and circumstances shall not be deemed a waiver with respect to
    any other facts or circumstances; and each such right shall be
    deemed an ongoing right which may be
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    asserted at any time and from time to time. Any determination by
    PEISA concerning the events described above will be final and
    binding on all parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer shall be subject to the same Conditions to
    which the Offer is subject.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='225'></A><B><FONT style="font-family: 'Times New Roman', Times">Antimonopoly
    and Antitrust Laws</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since the Purchase by PESA and therefore, the exercise of the
    First Option and the Offer by PEISA fall within the scope of
    Sections&#160;6 and 8 of Antitrust Law No.&#160;25,156 (the
    <B>&#147;<U>AL</U>&#148;</B>), the Purchase by PESA, the
    exercise of the First Option, the Offer and the Purchase by
    PEISA were submitted for approval of the CNDC on
    February&#160;28, 2008; exercise by PEISA of the First Option
    and the launching of the Offer were notified on May&#160;26,
    2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aforementioned transactions are subject to the approval of
    the CNDC, pursuant to section&#160;8 of the AL which, by virtue
    of the provisions of Section&#160;13 of the AL, has forty-five
    (45)&#160;business days to authorize the transaction, impose
    conditions or else refuse its authorization. Requests for
    information made by the CNDC during the processing of the notice
    stay the aforementioned term. If the CNDC has not rendered its
    decision upon expiration of the term established in
    Section&#160;13, the Offer shall be considered tacitly approved.
</DIV>
<A name='226'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORMAL
    ELEMENTS OF THE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='227'></A><B><FONT style="font-family: 'Times New Roman', Times">Commencement
    Date of the Offer. Acceptance Term.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer may be accepted by the holders of the Shares during
    the Acceptance Term.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Acceptance Term shall commence at 10:00&#160;a.m. (Buenos
    Aires time) on September&#160;11, 2008 and shall end at
    3:00&#160;p.m. (Buenos Aires time) on October&#160;9, 2008. The
    postponement of the settlement and payment of the Offer as
    provided in Item&#160;5 &#147;Conditions for Effectiveness and
    Consummation of the Offer&#148; in Section &#147;Objective
    Elements of the Offer&#148; shall not imply an extension of the
    Acceptance Term, which shall lapse on the Expiration Date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='228'></A><B><FONT style="font-family: 'Times New Roman', Times">Acceptance
    of the Offer.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Acceptance and delivery of the Shares by any Shareholder in
    accordance with the procedures for acceptance of the Offer
    provided for in this Prospectus shall constitute a binding
    agreement between the Shareholder and PEISA under the terms and
    subject to the Conditions of the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the terms of the Offer and subject to the Conditions
    thereof, PEISA will acquire the Shares validly tendered during
    the Acceptance Term of the Offer subject to the fulfillment of
    the requirements listed below and always provided that the
    acceptance of the Offer is not withdrawn by the Shareholder as
    provided in Item&#160;5 &#147;Withdrawal Rights of Accepting
    Shareholders&#148; in Section &#147;Formal Elements of the
    Offer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notice given by PEISA to YPF shall be sent by mail by YPF,
    at PEISA&#146;s expense, to the holders of the Shares as
    recorded in YPF Stock Ledger kept by Caja de Valores. The
    Prospectus of this Offer, the Form of Acceptance and other
    relevant materials may be obtained in Argentina at the BASE and
    at the offices of the Offer Agent, at the addresses appearing on
    the back cover of this Offer, on business days from
    10:00&#160;a.m. to 3:00&#160;p.m. (Buenos Aires time) until the
    Expiration Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    However, the fact that any person may fail to receive any
    document related to this Offer shall not invalidate this Offer
    or any aspect hereof.
</DIV>
<A name='229'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2.1&#160;&#160;<U>Procedure
    for Acceptance of the Offer</U>:</FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders deciding to accept the Offer, in respect of all
    or any portion of the Shares held by them, shall follow the
    procedures described below in order to tender their Shares under
    the Offer.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">(1)&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">Shareholders
    of YPF whose Shares are recorded directly to the name of such
    Shareholders in YPF Stock Ledger kept by Caja de
    Valores.</FONT></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Shareholder holding Shares directly recorded to its name in
    YPF Stock Ledger kept by Caja de Valores deciding to tender the
    Shares under the Offer shall first transfer its Shares to the
    collective deposit system of Caja de Valores and follow the
    procedure described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Shareholder having no <I>cuenta comitente </I>with the
    collective deposit system of Caja de Valores through an
    intermediary, be it a bank, financial company or institution,
    stockbroker, brokerage house, over-the-counter agent or other
    agent registered as depository with Caja de Valores (the
    <B>&#147;<U>Custodian</U>&#148;</B>) holding Shares in custody,
    may apply for the opening of such <I>cuenta comitente</I> to its
    name through any Custodian, including the Offer Agent. In this
    case, the Custodian, including the Offer Agent, shall open a
    <I>cuenta comitente </I>with Caja de Valores to the name of the
    Shareholder where it shall deposit the shareholder&#146;s
    ownership certificate issued by Caja de Valores
    <B>(&#147;<U>Shareholders&#146; Ownership
    Certificate</U>&#148;</B>), together with a cash account, to the
    name of the Shareholder. Both the cash account and the <I>cuenta
    comitente </I>opened with the Offer Agent shall be free of
    charge for the Shareholder for 30 calendar days following the
    Payment Date (as defined in Item&#160;7 &#147;Settlement of the
    Offer. Payment Date&#148; in this Section &#147;Formal Elements
    of the Offer&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For as long as the Shares are not credited to the <I>cuenta
    comitente </I>of the Shareholder in Caja de Valores, the Shares
    may not be tendered under the Offer. The procedure required to
    open a <I>cuenta comitente </I>with a Custodian, including the
    Offer Agent, for subsequent tender of the Shares under the Offer
    may take some time; therefore, it is recommended that such
    procedure be started as soon as possible. Once the relevant
    requirements are fulfilled and the <I>cuenta comitente </I>is
    opened, the Shareholder may proceed as provided for in this
    item&#160;2.1(1).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once the Shares are credited to the <I>cuenta comitente </I>of
    the Shareholder with Caja de Valores, the Shares may be tendered
    under the Offer, except for Shares tendered under the Offer
    through any stock exchange system pursuant to the MERVAL
    provisions, according to the following steps:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;A Shareholder shall instruct its Custodian, in its
    capacity as intermediary, to transfer the Shares to the Offer
    Agent under the terms set forth in this Prospectus to the
    account of the Offer (Depository No.&#160;1336, named
    &#147;BANCO VALORES SA&#160;&#151; COLOCACION&#148;,
    <I>Comitente </I>N&#176; 9, named &#147;BCO DE VALORES SA AGTE
    OPA YPF&#148;) opened with Caja de Valores (the
    <B>&#147;<U>Shares to be Transferred Account&#148;</U> </B>). It
    is provided that, once such transfer is completed, any dividends
    and any other Distributions relevant to such Shares (as defined
    hereinbelow, in Item&#160;4 &#147;Maintenance of the Shares to
    be Transferred and Distributions in Custody&#148; in this
    Section) made by YPF as from such date shall be transferred in
    favor of the Offer Agent to the Shares to be Transferred Account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Custodians shall obtain a certificate issued by
    Caja de Valores evidencing that the Shares tendered under the
    Offer by the Shareholder are owned by such Shareholder and that
    same have been transferred and registered in favor of the Offer
    Agent in the Shares to be Transferred Account (the
    <B>&#147;<U>Transfer&#160;Certificate</U>&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order for the Transfer Certificate to record all the data
    specified below, each Shareholder shall provide such data to its
    Custodian, which shall transmit such information to Caja de
    Valores prior to the request for a Transfer Certificate. If the
    above is not complied with, PEISA reserves its right to reject
    any acceptance of any Shareholder as provided in Item&#160;3
    &#147;Defects in Acceptance of the Offer. Breach, Falsehood or
    Inaccuracy of Shareholder&#146;s Representations&#148; in this
    Section.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Transfer Certificate shall state the transfer date, the
    number of Shares transferred to the Shares to be Transferred
    Account and, in the case of legal entities, the corporate name,
    registration data with the Public Register of Commerce and the
    tax identification number (CUIT) and, in the case of
    individuals, the name and the type and number of identity
    document and the tax identification number (CUIT or CUIL) of the
    Shareholder accepting the Offer. In the event that a dividend
    were paid or any Distribution were made by YPF to the
    Shareholders between the Commencement Date and the date of
    acceptance of the Offer by any Shareholder, then the amount of
    such Distributions on the Shares tendered under the Offer by
    such Shareholder (the <B>&#147;<U>Included
    Distributions</U>&#148;</B>) shall be discounted from the amount
    to be collected by that Shareholder as Consideration for the
    Shares at the time of making the settlement of the Offer and the
    payment of the Consideration.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Once the relevant transfer is made, the Shareholders
    shall submit to the Offer Agent at its offices located at
    25&#160;de Mayo 311, 2nd&#160;basement, City of Buenos Aires, on
    business banking days, from 10.00&#160;a.m. to 3.00&#160;p.m.
    (Buenos Aires time), by no later than the Expiration Date, the
    Form of Acceptance duly completed and signed, in accordance with
    the instructions printed on such form, together with the
    Transfer Certificate issued by Caja de Valores evidencing the
    fact mentioned in (b)&#160;above and any other documentation
    that may possibly be requested by the Offer Agent
    <FONT style="white-space: nowrap">and/or</FONT> PEISA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">(2)&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">Shareholders
    of YPF whose shares are deposited in the collective deposit
    system of Caja de Valores.</FONT></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Shareholder whose Shares are deposited with the collective
    deposit system of Caja de Valores that wishes to accept and
    tender its Shares under the Offer shall, except for the Shares
    tendered under the Offer through any stock exchange system
    pursuant to the MERVAL provisions, take the following steps:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Each Shareholder shall request its Custodian, in its
    capacity as intermediary, to transfer the Shares to the Offer
    Agent under the terms of this Prospectus to the Shares to be
    Transferred Account. Once such transfer is made, any dividends
    and any other Distributions on such Shares (as defined
    hereinbelow in Item&#160;4 &#147;Maintenance of the Shares to be
    Transferred and Distributions in Custody&#148; in this Section)
    made by YPF on and after such date shall be transferred in favor
    of the Offer Agent to the Shares to be Transferred Account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Custodians shall obtain the Transfer Certificate.
    The Transfer Certificate shall state the date of the transfer,
    the number of Shares transferred to the Shares to be Transferred
    Account, and the name, registration data with the Public
    Register of Commerce or type and number of identity document, as
    applicable, and the tax identification number (CUIT or CUIL) of
    the Shareholder accepting the Offer. In the event that Included
    Distributions were paid on the Shares tendered under the Offer
    by any Shareholder, the amount of such Included Distributions
    shall be deducted from the amount to be received as
    Consideration for such Shares at the time of the settlement of
    the Offer and payment of the Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to cause such Transfer Certificate to include all the
    data mentioned above, the Shareholders shall disclose such
    information to their Custodians, which shall transmit such data
    to Caja de Valores prior to the transfer. If the above is not
    fulfilled, PEISA reserves its right to reject any acceptance of
    any Shareholder, as provided for in Item&#160;3 &#147;Defects in
    Acceptance of the Offer. Breach, Falsehood or Inaccuracy of the
    Shareholder&#146;s Representations&#148; in this Section.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Once the relevant transfer is made, the Shareholders
    shall submit to the Offer Agent at its offices located at
    25&#160;de Mayo 311, 2nd&#160;basement, City of Buenos Aires, on
    business banking days, from 10.00&#160;a.m. to 3.00&#160;p.m.
    (Buenos Aires time), by no later than the Expiration Date, the
    Form of Acceptance duly completed and signed, in accordance with
    the instructions printed on such form, together with the
    Transfer Certificate issued by Caja de Valores evidencing the
    fact mentioned in (b)&#160;above and any other documentation
    that may possibly be requested by the Offer Agent
    <FONT style="white-space: nowrap">and/or</FONT> PEISA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">(3)&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">General
    Provisions.</FONT></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Shareholder shall consult with its Custodian the time required
    for the issuance of (and, the delay, if any, in issuing) the
    Transfer Certificate by Caja de Valores. The transfer of the
    Shares to the Shares to be Transferred Account and, if
    applicable, the transfer of Distributions to the Shares to be
    Transferred Account and the obtention of the Transfer
    Certificate may take some time. Neither PEISA nor the Offer
    Agent may assure to the Shareholders a time certain for
    completion of this procedure. For such reason, Shareholders are
    encouraged to start it as soon as possible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The name and number of persons identified as Shareholders,
    holders
    <FONT style="white-space: nowrap">and/or</FONT> joint
    holders in a Form of Acceptance shall match the data recorded on
    the Transfer Certificate. If the Shares are deposited with an
    account held by more than one accountholder, all the
    accountholders shall be required to execute the Form of
    Acceptance, unless the Custodian certifies that it is a
    <I>cuenta comitente </I>to the order of any one of them
    indistinctly, in which case any of the accountholders may sign
    the Form of Acceptance. If the Custodian does not certify in the
    Form of Acceptance that the Shares are deposited in an account
    with single-signing authority, then it shall be understood,
    without admission of evidence to the contrary, that any
    <I>cuenta comitente </I>held by more than one accountholder is
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    subject to joint disposal regulations, in which case the
    signature of all persons identified therein shall be required
    and all requirements, certifications and legal consents shall be
    applicable to all of them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Form of Acceptance shall contain a notarial certificate in
    connection with the identity of each signatory,
    <FONT style="white-space: nowrap">his/her</FONT>
    signature (and, if married, the identity and signature of the
    spouse, for purposes of compliance with the spousal consent
    requirements set forth in section&#160;1277 of the Civil Code)
    and powers of the individuals signing the form on behalf of the
    Shareholders (be they natural or artificial persons) mentioned
    therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Signing persons and the certifying notary public, as the case
    may be, shall be solely liable for any error, defect,
    misrepresentation or inaccuracy as to the number, identity,
    signature and marital status of the Shareholders, spousal
    consent of the Shareholders identified in the Form of Acceptance
    <FONT style="white-space: nowrap">and/or</FONT> as to
    the powers of the persons signing the Form of Acceptance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It shall be understood that (i)&#160;the existence of the number
    of Shares to be Transferred in each <I>cuenta comitente </I>from
    which transfer is ordered and (ii)&#160;the identity, capacity
    and powers of the holders of such <I>cuenta comitente </I>(and
    the required authorizations and consents) to operate such
    account and order the transfer of the Shares to be Transferred,
    have been verified by the Custodian through which the
    Shareholders hold the <I>cuenta comitente </I>in the Caja de
    Valores collective deposit system and therefore the Custodian
    has taken part in the transfer of Shares to the Shares to be
    Transferred Account and PEISA and the Offer Agent shall assume,
    without admitting evidence to the contrary, that such Custodian
    has taken all actions necessary to ensure that the information
    above mentioned and the identity, capacity and powers of the
    Shareholders (and the necessary authorizations and consents) are
    accurate and appropriate to order the transfer of the Shares to
    be Transferred to the Shares to be Transferred Account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders and their Custodians shall be solely liable for
    any error, misrepresentation or inaccuracy as to the information
    above mentioned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The method of delivery of the Transfer Certificate, the Form of
    Acceptance and any other required documents shall be at the sole
    option and risk of the holder of the tendered Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once a Shareholder has properly completed the procedure
    described in this Item&#160;2.1 &#147;Procedure for Acceptance
    of the Offer&#148; in the Section &#147;Formal Elements of the
    Offer&#148;, it shall be understood that such Shareholder (the
    <B>&#147;<U>Accepting Shareholder</U>&#148;</B>) has accepted
    the Offer and all the terms and conditions (including the
    Conditions) thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer Agent shall hold the Shares deposited in the Shares to
    be Transferred Account in custody (according to the provisions
    in Item&#160;4 &#147;Maintenance of the Shares to be Transferred
    and Distributions in Custody&#148; in this Section &#147;Formal
    Elements of the Offer&#148;) until PEISA shall have paid the
    Consideration if the Offer is consummated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As acceptor of the Offer and transferor of the Shares, the
    Shareholder shall assume the risks of the method of delivery of
    the Form of Acceptance to present its Shares and the Transfer
    Certificate and any other required documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shares shall not be deemed tendered under the Offer until
    the Offer Agent shall have received the abovementioned
    documents. Once such documents are received by the Offer Agent,
    the Accepting Shareholder may only revoke its decision to
    participate in the Offer by following the procedure described in
    Item&#160;5 &#147;Withdrawal Rights of Accepting
    Shareholders&#148; in this Section.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Shareholder, by submitting the Form of Acceptance before
    the Offer Agent, undertakes not to change the ownership or
    structure of the <I>cuenta comitente</I> from where the Shares
    have been transferred and to keep it open under the same
    conditions for as long as the Shares to be Transferred continued
    to be deposited in the Shares to be Transferred Account.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">(4)&#160;&#160;</FONT></I>
</TD>
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">Shareholders
    of YPF accepting the Offer through MERVAL.</FONT></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Alternatively, the Shareholders may accept the Offer and tender
    their Shares under the Offer through the stock exchange system
    under the conditions set forth for such purpose by MERVAL. In
    that case, Shareholders are encouraged to consult their
    Custodian. However, it is stated that acceptances received
    through MERVAL shall not
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    require the execution of the Form of Acceptance or the obtention
    of the Transfer Certificate to express the intention to accept
    this Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nevertheless, the provisions, representations and warranties
    contained below in Item&#160;2.2: &#147;Form of Acceptance&#148;
    shall apply <I>mutatis mutandis </I>to the Shareholders who have
    accepted the Offer and tendered their Shares through the stock
    exchange system, subject to and in compliance with the
    provisions of this Item&#160;2.1: &#147;Procedure for Acceptance
    of the Offer&#148;, par. (4)&#160;&#147;Shareholders of YPF
    accepting the Offer through MERVAL&#148;, applicable regulations
    and the rules issued for such purpose by MERVAL (the
    <B>&#147;<U>Acceptance Through MERVAL</U>&#148;</B>). Once such
    Acceptance Through MERVAL is made, any dividends and any other
    Distributions on the Shares made by YPF on and after the date of
    acceptance shall be transferred to the account to be designated
    by MERVAL pursuant to the regulations issued to that effect. In
    case of payment of Included Distributions on the Shares tendered
    under the Offer by any Shareholder pursuant to an Acceptance
    Through MERVAL, the amount of such Included Distributions shall
    be deducted from the amount to be received as Consideration for
    such Shares at the time of the settlement of the Offer and
    payment of the Consideration. In case of Acceptance Through
    MERVAL, the tender of Shares shall imply, in addition, the full
    and unrestricted acceptance of the rules set forth by MERVAL for
    such purpose. The Shareholders who have accepted the Offer and
    tendered their Shares by means of an Acceptance Through MERVAL
    shall be considered as &#147;Accepting Shareholders&#148; for
    the purposes of this Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It shall be understood that (i)&#160;the existence of the number
    of Shares to be Transferred in each <I>cuenta comitente </I>from
    which transfer is ordered and (ii)&#160;the identity, capacity
    and powers of the holders of such <I>cuenta comitente </I>(and
    the required authorizations and consents) to operate such
    account and order the transfer of the Shares to be Transferred,
    have been verified by the Custodian or intermediary involved in
    the Acceptance of the Offer Through MERVAL and PEISA and the
    Offer Agent shall assume, without admitting evidence to the
    contrary, that such Custodian or intermediary has taken all
    actions necessary to ensure that the information above mentioned
    and the identity, capacity and powers of the Shareholders (and
    the necessary authorizations and consents) are accurate and
    appropriate to order the transfer of the Shares to be
    Transferred to the account to be designated by MERVAL pursuant
    to the regulations issued to such effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders and the Custodians or the intermediaries shall
    be solely liable for any error, misrepresentation or inaccuracy
    as to the information above mentioned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The fees of intermediaries arising from the transactions
    intended for the sale of the Shares shall be borne by the
    Shareholders accepting the Offer; provided that PEISA shall pay
    for the costs of transfer and custody and the commissions for
    payment of dividends that Caja de Valores may charge MERVAL for
    the concentration account, securities market and stock exchange
    fees for all stock exchange purchase and sale transactions and
    intermediaries&#148; fees incurred by PEISA on account of the
    purchase transaction.
</DIV>
<A name='230'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2.2.&#160;&#160;<U>Form
    of Acceptance.</U></FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provisions hereof shall be included in the Form of
    Acceptance, attached to this Prospectus as Annex&#160;IV (A),
    and shall be made an integral part thereof. Each holder of
    Shares who has signed or in whose name a Form of Acceptance has
    been signed, irrevocably represents, warrants and covenants to
    PEISA, in the form of a sworn statement, (both as of the filing
    date of the Form of Acceptance and the Payment Date) the
    following (collectively, the <B>&#147;<U>Shareholder&#146;s
    Representations</U>&#148;</B>)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;all information contained in the Form of Acceptance and
    in the Transfer Certificate is true and accurate in all respects;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;filing of the Form of Acceptance shall constitute:
    (i)&#160;a valid and binding acceptance of the Offer in respect
    of the number of Shares set forth in the Form of Acceptance; and
    (ii)&#160;an undertaking to submit the Transfer Certificate to
    the Offer Agent as provided for in this Prospectus, to transfer
    or cause to be transferred to the Shares to be Transferred
    Account any Distributions made by YPF after such filing and to
    execute and submit together with the same any other document and
    take any other action as may be necessary so that PEISA may
    consummate the transfer of title to the Shares subject to the
    terms and conditions set forth in this Prospectus and in the
    Form of Acceptance; and (iii)&#160;an irrevocable acceptance of
    the Offer, only except for the rights of the Accepting
    Shareholder to withdraw its acceptance as set forth in
    Item&#160;5 &#147;Withdrawal Rights of Accepting
    Shareholders&#148; in this Section;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;such holder of Shares owns the Shares set forth in the
    Form of Acceptance and has full powers and authority to deliver,
    sell and transfer such Shares and all rights attached thereto to
    PEISA and there are no holders of the Shares other than the
    Shareholders identified in the Form of Acceptance;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the Shares in respect of which the Offer is accepted
    are tendered free from any and all liens, titles, encumbrances,
    privileges
    <FONT style="white-space: nowrap">and/or</FONT>
    charges, together with all rights now or hereafter attached
    thereto, including voting rights and the right to any dividends
    or other Distributions, including those declared before the
    Commencement Date but still unpaid as of such date, and those
    declared on or after the Commencement Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the submission of the Form of Acceptance to the Offer
    Agent constitutes an instruction (which will become irrevocable
    as from the Consummation Date as defined in Item&#160;6
    &#147;Fulfillment of Conditions. Waiver. Consummation Date&#148;
    in this Section) to deliver to PEISA the Shares to be
    Transferred and all dividends and other Distributions deposited
    in the Shares to be Transferred Account on the Payment Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;the submission of the Form of Acceptance constitutes
    (i)&#160;an instruction (which will become irrevocable as from
    the Consummation Date) to YPF, Caja de Valores
    <FONT style="white-space: nowrap">and/or</FONT> the
    Offer Agent to register
    <FONT style="white-space: nowrap">and/or</FONT> cause
    to be registered, as applicable, the transfer of the Purchased
    Shares in favor of PEISA on the Payment Date and to deliver to
    PEISA a certificate of ownership of the Purchased Shares
    <B>(&#147;<U>Account Certificate</U>&#148;</B>)
    <FONT style="white-space: nowrap">and/or</FONT> other
    documents evidencing title to such Shares in favor of PEISA and
    (ii)&#160;an undertaking (which shall be irrevocable as from the
    Consummation Date) to execute and file any other document and
    take any other action required so that PEISA may consummate the
    transfer of title to the Shares to be Transferred pursuant to
    the terms and conditions set forth in this Prospectus and in the
    Form of Acceptance;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;it undertakes to ratify any and all actions or
    procedures which may be taken or conducted by the Offer Agent,
    PEISA or any of its directors or agents, or YPF, or its agents,
    as applicable, on duly exercising any of their powers
    <FONT style="white-space: nowrap">and/or</FONT>
    authority under the Form of Acceptance
    <FONT style="white-space: nowrap">and/or</FONT>
    hereunder;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;it accepts that voting rights attached to the Shares to
    be Transferred and any other voting powers attached to such
    Shares shall not be exercised by the Accepting Shareholders
    while the Shares to be Transferred are deposited in the Shares
    to be Transferred Account;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;it accepts that (I)&#160;Distributions paid on the
    Shares to be Transferred, as from the date such Shares are
    tendered under this Offer, shall be deposited in the Shares to
    be Transferred Account and shall be kept in custody by the Offer
    Agent in such account during the period set forth in Item&#160;4
    &#147;Maintenance of the Shares to be Transferred and
    Distributions in Custody&#148; in Section &#147;Formal Elements
    of the Offer&#148; and shall be distributed in accordance with
    the provisions set forth therein. The Form of Acceptance shall
    constitute an irrevocable instruction to YPF in this sense and
    (II)&#160;in the event Included Distributions were paid on the
    Shares tendered under the Offer by any Shareholder, the amount
    of such Included Distributions shall be deducted from the amount
    to be received as Consideration for such Shares at the time of
    settlement of the Offer and payment of the Consideration;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;the filing of the Form of Acceptance implies an
    authorization and the grant of a power of attorney in favor of
    the Offer Agent to receive all such notices, documents or other
    communications required to be sent to the holder of the Shares
    to be Transferred and execute any documents as may be required
    to receive and hold the Shares to be Transferred and the
    Distributions to be paid on the Shares in custody;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;it agrees that, while the Shares to be Transferred are
    deposited in the Shares to be Transferred Account, it shall not
    sell, assign, transfer, pledge or encumber in any manner such
    Shares to be Transferred and it shall keep them free and clear
    from any lien, title, charge, privilege
    <FONT style="white-space: nowrap">and/or</FONT>
    encumbrance and shall not exercise any of the rights attached
    thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;it has reviewed and acknowledged the Prospectus, the
    Form of Acceptance, the Transfer Certificate and other
    Offer-related documents attached to the Prospectus (the
    <B>&#147;<U>Offer Documents</U>&#148;</B>); it has not received
    from the Offer Agent or PEISA information or statements which
    are inconsistent with or differ from the information or the
    statements contained in the Offer Documents; and that upon
    making the decision to accept the Offer it has relied on its own
    analysis performed on YPF and the Offer, it has assessed the
    benefits and risks involved and has not received any kind of
    legal, commercial, financial, tax-related
    <FONT style="white-space: nowrap">and/or</FONT> other
    advice from PEISA or the Offer Agent
    <FONT style="white-space: nowrap">and/or</FONT> any
    of their parent companies, subsidiaries, related companies or
    companies under common control;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;until and including the Payment Date, the Shareholder
    (i)&#160;shall not change the holding or holding composition of
    the <I>cuenta comitente </I>from which the Shares to be
    Transferred have been transferred and (ii)&#160;shall maintain
    such <I>cuenta comitente </I>open on the same terms in force at
    the time of transfer of such Shares;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;<U>the acquisition and purchase of the Shares by the
    Shareholder was lawful and resulted from lawful activities
    performed at all times in compliance with Money Laundering Law
    No.&#160;25,246 as amended, Decrees Nos. 169/2001 and 1500/2001
    and the Resolutions issued by the Financial Information Division
    <I>(Unidad de Informaci&#243;n Financiera)</I>, especially,
    Resolution No.&#160;2/2002 and other applicable rules and
    regulations. </U>
</DIV>
<A name='231'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">2.3&#160;&#160;<U>Other
    Formal Requirements</U></FONT></I></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither PEISA nor the Offer Agent shall be bound to accept Forms
    of Acceptance without a notary&#146;s public attestation as to
    the identity of each signatory,
    <FONT style="white-space: nowrap">his/her</FONT>
    signature (and, in case the signatory is married, the
    spouse&#146;s identity and signature, in compliance with the
    spousal consent requirements set forth in section&#160;1277 of
    the Civil Code) and the authority of the individuals signing the
    form on behalf of the Shareholders (be they natural or
    artificial persons) mentioned thereon, in accordance with the
    form of certification included in the Form of Acceptance.
    Notarial attestation expenses shall be defrayed by the
    Shareholders tendering their Shares under this Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither PEISA nor the Offer Agent assume any obligation or
    liability to obtain any kind of additional information other
    than the information specified in the Form of Acceptance and the
    Transfer Certificate attached thereto, nor shall they assume an
    obligation to verify its accuracy or the sufficiency of the
    capacity or powers of the Shareholder to conduct the
    transactions described in such form.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='232'></A><B><FONT style="font-family: 'Times New Roman', Times">Defects
    in Acceptance of the Offer. Breach, Falsehood or Inaccuracy of
    the Shareholder&#146;s Representations.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA reserves the right to reject any Acceptance from any
    Shareholder which, in its sole and exclusive discretion, fails
    to comply in due time and proper manner with all procedures,
    documentation required and other requirements established for
    the acceptance of the Offer or which is or causes the payment to
    be made by PEISA or the transfer of the Shares in favor of PEISA
    to be, in the opinion of PEISA, illegal or contrary to any
    judgment, order, resolution or opinion rendered by any competent
    authorities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither PEISA nor the Offer Agent or any other person shall be
    under the obligation to inform or give notice to the Shareholder
    or person filing the Form of Acceptance of any defect or
    irregularity as to the filings or incur any liability for
    failure to give such notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall be entitled to reject any Acceptance from any
    Shareholder at any time until the Consummation Date in the event
    of breach by the Shareholder of any of the Shareholder&#146;s
    Representations or in the event any such representation proves
    to be false or inaccurate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of rejection of an Acceptance from any Shareholder
    by PEISA, the Shares and, if applicable, the Distributions,
    shall be returned to the Accepting Shareholder and no payment of
    Consideration shall be made if the Offer is consummated. Upon
    being so instructed by PEISA, the Offer Agent shall return the
    Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Distributions to the same accounts held by the same Custodians
    and <I>comitentes </I>from which the Shares were transferred to
    the Shares to be Transferred Account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the Conditions of the Offer, all such
    Shareholders&#146; Acceptances as have not been rejected or
    objected to by PEISA on or before the tenth trading day
    subsequent to the Expiration Date of the Offer shall be deemed
    validly made (without detriment to PEISA&#146;s right to
    subsequently reject any acceptance if any Shareholder&#146;s
    Representation is breached or proves to be false or inaccurate).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall submit a report to the CNV and the BASE within three
    trading days subsequent to the Expiration Date, wherein PEISA
    shall provide an account of the Shareholders&#146; Acceptances
    received during the Acceptance Term and shall publish such
    information in the BASE&#146;s bulletin and in a leading
    newspaper in Argentina. Additionally, PEISA shall, upon
    occurrence of the Consummation Date, report to the CNV and the
    BASE the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    number of Purchased Shares and publish such information both in
    the BASE&#146;s bulletin and in a leading newspaper in Argentina.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='233'></A><B><FONT style="font-family: 'Times New Roman', Times">Maintenance
    of the Shares to be Transferred and Distributions in
    Custody</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer Agent shall hold the Shares transferred to the Shares
    to be Transferred Account (the <B>&#147;<U>Shares to be
    Transferred</U>&#148;</B>) and the Distributions transferred to
    the Shares to be Transferred Account in custody in favor of both
    PEISA and the Accepting Shareholder until the Payment Date of
    the Offer, provided that (a)&#160;the Accepting Shareholder has
    not withdrawn its acceptance and requested the withdrawal of the
    Shares to be Transferred from the Shares to be Transferred
    Account as provided in Item&#160;5 &#147;Withdrawal Rights of
    Accepting Shareholders&#148; in Section &#147;Formal Elements of
    the Offer&#148;, (b)&#160;PEISA does not reject the
    Shareholder&#146;s Acceptance as provided in Item&#160;3
    &#147;Defects in Acceptance of the Offer. Breach, Falsehood or
    Inaccuracy of the Shareholder&#146;s Representations&#148; in
    Section &#147;Formal Elements of the Offer&#148; and
    (c)&#160;the Offer continues to be in effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Distributions&#148; shall mean any payments made on the
    Shares by YPF, including, without limitation, payment of
    dividends in cash or in kind, in shares or securities of any
    type, distribution of reserves, reimbursements of capital, full
    or partial repayments or distributions due to capital reductions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While the Shares to be Transferred remain deposited in the
    Shares to be Transferred Account, the voting rights attached
    thereto shall be suspended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Distributions in cash deposited in the Shares to be Transferred
    Account shall be held in Pesos by the Offer Agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fees and costs charged by Caja de Valores on the transfer of the
    Distributions from and to the Shares to be Transferred Account
    and on the transfer of Distributions through MERVAL shall be
    borne by PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Offer were terminated by PEISA because all the Conditions
    have not been met within the terms stated for each of them in
    Item&#160;5 &#147;Conditions for Effectiveness and Consummation
    of the Offer&#148; in Section &#147;Objective Elements of the
    Offer&#148;, then the Offer Agent shall return to the Accepting
    Shareholders the Shares to be Transferred and the Distributions
    (without any interest or adjustment) deposited in the Shares to
    be Transferred Account within two (2)&#160;trading days after
    the date on which PEISA publishes notice that it has withdrawn
    from the Offer, as provided in the CNV Rules, and notice is
    given by PEISA to the Offer Agent of the termination of the
    Offer as set forth in this Prospectus. The return of the Shares
    to be Transferred and the Distributions related to them shall be
    made in the account of the same Custodian and <I>comitente
    </I>from which the Shares to be Transferred were transferred.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='234'></A><B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    Rights of Accepting Shareholders.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The acceptance of the Offer and the tender of the Shares under
    the Offer may be withdrawn by the Shareholders at any time until
    the day before the Consummation Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Withdrawal shall be made by presenting the form of withdrawal
    attached hereto as Exhibit&#160;IV (B) (the <B>&#147;Form of
    Withdrawal&#148;</B>) and as specified below and in accordance
    with the instructions contained in such Form of Withdrawal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Accepting Shareholder wishing to withdraw its Acceptance of
    the Offer shall be required to present the Form of Withdrawal
    before the Consummation Date to the Offer Agent at the address
    appearing on the back cover of this Offer, specifying the name
    of the Accepting Shareholder withdrawing its acceptance, the
    number of Withdrawn Shares and any other information appearing
    on the Form of Withdrawal in the manner specified therein. The
    Form of Withdrawal shall contain a notarial certificate in
    connection with the identity of each signatory,
    <FONT style="white-space: nowrap">his/her</FONT>
    signature and powers of the individuals signing the form on
    behalf of the Shareholders (be they natural or artificial
    persons) mentioned therein, in accordance with the form of
    certification included in the Form of Withdrawal. The Form of
    Withdrawal must be signed by all Accepting Shareholders who
    executed the Form of Acceptance whereby they accepted the Offer
    in respect of the Shares to be Transferred that they wish to
    withdraw from the Offer. Once the Shares to be Transferred are
    transferred to the Shares to be Transferred Account, such
    Accepting Shareholders signing the Form of Acceptance shall be
    the only ones authorized to withdraw their acceptance of the
    Offer.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once the Form of Withdrawal is submitted to the Offer Agent, the
    withdrawal of the Acceptance of the Offer by the Accepting
    Shareholder shall be considered irrevocable and may not be
    rescinded or rendered ineffective. Nevertheless, the Withdrawn
    Shares may be tendered once again under the Offer until the
    Expiration Date (i.e. always provided that the Acceptance Term
    shall have not expired) following once again the procedure for
    acceptance of the Offer described in Item&#160;2.1:
    &#147;Procedure for Acceptance of the Offer&#148; in Section
    &#147;Formal Elements of the Offer.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All issues concerning the manner and validity (including the
    time of receipt) of any filing of a Form of Withdrawal shall be
    determined by PEISA at its sole discretion, subject to
    applicable law, which determination shall be final and binding.
    Neither PEISA nor the Offer Agent or any other person shall be
    bound to notify any defect or irregularity in any notice of
    withdrawal nor shall they incur any liability for failure to
    give such notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Should any Accepting Shareholder exercise its withdrawal rights
    within the term allowed for that purpose and in accordance with
    the terms of the Offer, the Offer Agent shall return to such
    Accepting Shareholder, upon instructing PEISA to that effect,
    (i)&#160;the Shares to be Transferred in respect of which it has
    withdrawn acceptance (<B>the &#147;<U>Withdrawn
    Shares</U>&#148;</B>); and (ii)&#160;the relevant Distributions
    (without any interest or adjustment) as deposited in the Shares
    to be Transferred Account, after discounting customary market
    expenses and commissions that may be applicable, as provided for
    in this item.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither PEISA nor the Offer Agent shall be bound to accept Forms
    of Withdrawal unless executed by all Accepting Shareholders who
    signed the Form of Acceptance together with a notary&#146;s
    public attestation (in accordance with the form of certification
    included in the Form of Withdrawal) as to the identity of the
    signatory,
    <FONT style="white-space: nowrap">his/her</FONT>
    signature and the authority of the individuals signing such form
    on behalf of the Shareholders (be they natural or artificial
    persons) mentioned therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither PEISA nor the Offer Agent assume any obligation or
    liability to obtain any kind of additional information other
    than the information specified in the Form of Withdrawal, nor
    shall they assume an obligation to verify its accuracy or the
    sufficiency of the capacity or powers of the Shareholder to
    conduct the transactions described in such form.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA reserves its right to reject any Shareholder&#146;s
    withdrawal which, in its sole and exclusive discretion, fails to
    comply in due time and proper manner with all procedures,
    documentation required and requirements necessary to withdraw
    from the Offer or that is or causes that the act to be carried
    out by PEISA or the transfer of the Shares in favor of the
    Shareholder to be, in the opinion of PEISA, illegal or contrary
    to any judgment, order, resolution or opinion rendered by any
    competent authorities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither PEISA nor the Offer Agent or any other person shall be
    under the obligation to inform or give notice to the Shareholder
    or person filing the Form of withdrawal of any defect or
    irregularity as to the filings or incur any liability for
    failure to give such information or notice. PEISA shall be
    entitled to reject any Shareholder&#146;s withdrawal within 10
    trading days thereafter, but in no case after the Consummation
    Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Should a withdrawal be rejected by PEISA, and unless the
    Shareholder cures the defects in the Form of Withdrawal and
    repeats in due time and manner such withdrawal prior to the
    Consummation Date, the Shares and, if applicable, the
    Distributions shall be, if the Offer is consummated, transferred
    to PEISA and payment of the Consideration to the Accepting
    Shareholder shall become due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Withdrawal of Acceptance Through MERVAL
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Shareholders who have accepted the Offer through MERVAL may
    withdraw their acceptance at any time until the day before the
    Consummation Date. Withdrawal shall be implemented in accordance
    with the conditions set forth for such purpose by MERVAL, for
    which purpose Shareholders are encouraged to consult their
    Custodians. However, it is provided that withdrawals through
    MERVAL shall not require the execution of the Form of Withdrawal
    to express the intention to withdraw acceptance of this Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='235'></A><B><FONT style="font-family: 'Times New Roman', Times">Fulfillment
    of Conditions. Waiver. Consummation Date.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The acquisition of the Shares under this Offer shall become
    final upon fulfillment of the Conditions to which it is subject
    or waiver by PEISA of any unfulfilled conditions, always
    provided that so is allowed under Item&#160;5
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;Conditions for Effectiveness and Consummation of the
    Offer&#148; in Section &#147;Objective Elements of the
    Offer&#148; of this Prospectus, unless the Conditions are met
    before the Expiration Date, in which case the acquisition of the
    Shares to be Transferred under the Offer of the Accepting
    Shareholders whose acceptance was not withdrawn as provided in
    Item&#160;5 above, shall become final upon expiration of the
    Acceptance Term.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall publish a notice in the BASE Bulletin reporting the
    fulfillment or, if applicable, its waiver of the Conditions and
    shall give notice to YPF and to the Accepting Shareholders who
    have not withdrawn their acceptance until that time, that the
    acquisition of the Shares then deposited in the Shares to be
    Transferred Account and those in respect of which the Offer was
    accepted by means of an Acceptance Through MERVAL (the
    <B>&#147;<U>Purchased Shares</U>&#148;</B>) has become final. As
    from the date of publication of the abovementioned notice (the
    <B>&#147;<U>Consummation Date</U>&#148;</B>), the Accepting
    Shareholders who shall have failed to withdraw their acceptance
    of the Offer by that time may no longer withdraw from the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall inform the Offer Agent about the fulfillment of the
    Conditions for the Offer Agent not to receive any other
    withdrawals and proceed to the Settlement and Payment of the
    Offer in accordance with Item&#160;7 &#147;Settlement of the
    Offer. Payment Date&#148; in this Section.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='236'></A><B><FONT style="font-family: 'Times New Roman', Times">Settlement
    of the Offer. Payment Date.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The payment of the Consideration for the acquisition of the
    Purchased Shares shall be made on the fifth trading date
    following the Consummation Date (the <B>&#147;<U>Payment
    Date</U>&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA has given irrevocable instructions to the Offer Agent for
    the latter to request, upon consummation of the Offer, from
    Santander to transfer and deposit in the account to be
    designated by Banco de Valores, the amount in US&#160;dollars
    required to cause that, after converting such amount on the free
    foreign exchange market in Argentina, as per PEISA&#146;s
    instructions, PEISA&#146;s special current account opened in
    Banco de Valores be credited with the amount in pesos required
    to pay on the Payment Date (i)&#160;the Consideration and
    (ii)&#160;the costs, expenses and taxes arising from the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The payment for the Purchased Shares shall be made via a deposit
    or transfer of the Consideration therefor in pesos to the same
    account from where the Purchased Shares were transferred, the
    Accepting Shareholder not being authorized to give any
    instructions or directions to the contrary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to effect the settlement of the Shares purchased by
    means of an Acceptance Through MERVAL, once the Shares have been
    accepted by PEISA and the Payment Date has been specified, a
    stock exchange sale shall be simultaneously carried out by each
    of the agents and brokerage houses that have transferred the
    Shares in favor of MERVAL. The purchaser in such transactions
    shall, in all cases, be PEISA and the settlement date shall
    match the Payment Date. The payment of the Consideration in any
    Acceptance Through MERVAL shall be made by the Offer Agent via a
    deposit in the account to be designated in due course by MERVAL
    (for the account and to the order of the intermediary appointed
    by PEISA for the purchase transaction) for subsequent payment
    through the centralized settlement system of MERVAL. On the
    specified date, MERVAL shall automatically include the
    transactions generated by the settlement of each participant
    firm, which shall be made according to customary practices,
    except that all stock exchange and securities market fees
    charged for any and all purchase and sale transactions shall be
    borne by PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under no circumstances shall interest be paid on the purchase
    price of the Purchased Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall have acquired title to the Purchased Shares and to
    the funds deposited in the Shares to be Transferred Account on
    the date the aggregate relevant Consideration is made available
    to the Shareholders selling the Purchased Shares. Title to the
    Shares purchased upon exercising the First Option shall not pass
    to PEISA and the price thereof shall not be paid to the Repsol
    Group until PEISA shall have completed the Offer procedure
    provided for in this Prospectus and shall have settled the Offer
    and paid the Consideration for the Purchased Shares to the
    Accepting Shareholders who had not withdrawn their acceptance of
    the Offer in the manner stipulated in Item&#160;5
    &#147;Withdrawal Rights of the Accepting Shareholders&#148; in
    Section &#147;Formal Elements of the Offer.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='237'></A><B><FONT style="font-family: 'Times New Roman', Times">Expenses
    and Taxes.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall bear the expenses related to the Offer, including
    publication of notices, delivery of the documents PEISA
    undertakes to send to the holders of the Shares, costs of
    transfer and custody and commissions for payment of dividends
    that Caja de Valores may charge MERVAL for the concentration
    account, stock exchange and securities market fees for all stock
    exchange purchase and sale transactions and intermediaries&#146;
    fees incurred by PEISA on account of the purchase transaction.
    In addition, all expenses and fees of Caja de Valores, except
    for expenses for the issuance of the Transfer Certificate and
    the Shareholder&#146;s Ownership Certificate, shall be paid by
    PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Expenses incurred to transfer the Consideration to the Accepting
    Shareholders&#146; accounts shall be borne by PEISA. Any tax
    applicable on bank transfers shall be borne in accordance with
    current regulations. Income tax, including any withholdings that
    may be applicable and any other taxes applicable to a
    Shareholder, shall be borne by the Shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA shall not pay for expenses arising from the issuance of
    the Transfer Certificates, attestations of signatures,
    preparation and delivery of documentation by the holders of the
    Shares, or the payment of taxes, stamp taxes or withholdings
    applicable to the participants in the Offer, or commissions or
    fees of Custodians or advisors to the Shareholders or any broker
    or agent used by them or for fees of intermediaries arising from
    the sale of the Shares, all of which shall be borne by the
    Accepting Shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='238'></A><B><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Actions Available to the Shareholders.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No Shareholder shall be entitled to file an action or proceeding
    under applicable laws and regulations in connection with the
    Offer against the Offer Agent, except in case of willful
    misconduct or negligence of the Offer Agent, which shall only be
    liable if so determined by a final court decision rendered by a
    court with competent jurisdiction.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='239'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='240'></A><B><FONT style="font-family: 'Times New Roman', Times">Tax
    Regulations.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following section refers to the main tax consequences
    related to the Offer under Argentina law. It does not contain a
    comprehensive analysis of all tax considerations that may be
    relevant in making a decision. It is no applicable to all
    categories of Shareholders, some of which may be subject to
    special regulations, and does not specifically deal with all
    Argentine taxation considerations applicable to a particular
    holder. The analysis is based on Argentine tax laws as in effect
    on the date of this Prospectus, which may be subject to
    amendments and different interpretations. Each Shareholder is
    encouraged to consult with its own tax advisors about the
    specific consequences of the Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.1&#160;&#160;<U>Tax
    on Dividends.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends paid on the Shares, whether in cash, in kind or in
    stock, are not subject to any income tax withholding, except for
    dividends paid in excess of the cumulative taxable income of YPF
    as of the fiscal period prior to distribution, which are subject
    to a 35% withholding tax applicable on such excess amount both
    in respect of domestic and foreign shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.2&#160;&#160;<U>Capital
    Gains Tax.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Due to the amendments made to the Income Tax Law (the
    <B>&#147;ITL&#148;</B>) by Law No.&#160;25,414, Decree
    No.&#160;493/2001 and the subsequent abrogation of Law
    No.&#160;25,414 and its replacement by Law No.&#160;25,556,
    there is uncertainty about the effectiveness of certain
    amendments. Although Opinion No.&#160;351/2003 of the
    <I>Procurador del Tesoro de la Naci&#243;n </I>(National
    Treasury General Attorney) addressed the most relevant matters
    related to the taxation applicable on capital gains from the
    sales of shares, some issues remain uncertain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Resident individuals.</I>&#160;&#160;Pursuant to a reasonable
    construction of the ITL: (i)&#160;income obtained from the sale,
    exchange or other form of disposal of the Shares of YPF by
    resident individuals not regularly engaged in the sale or
    disposal of shares are not be subject to income tax; and
    (ii)&#160;although there is still uncertainty regarding this
    issue, based on a recent precedent of a Court of Appeals, income
    derived from the sale, exchange or other disposal of the Shares
    by resident individuals regularly engaged in the sale or
    disposal of shares&#160;&#151; other than brokers and certain
    other persons- are exempt from the income tax.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Foreign recipients.</I>&#160;&#160;Capital gains obtained by
    non-residents or foreign recipients as a result of the sale,
    exchange or other form of disposal of the Shares are exempt from
    income tax. Although there is some uncertainty in this regard,
    pursuant to a reasonable interpretation of the ITL and the above
    mentioned precedent, the same treatment should apply to foreign
    recipients qualifying as &#147;offshore entities.&#148; For tax
    purposes, an &#147;offshore entity&#148; is a company, firm,
    permanent establishment, estate or business concern domiciled
    or, if applicable, settled abroad that due to its legal status
    or according to its by-laws is mainly engaged in investment
    transactions outside of its country of organization
    <FONT style="white-space: nowrap">and/or</FONT> is
    not authorized to carry out certain transactions
    <FONT style="white-space: nowrap">and/or</FONT> make
    certain investments in such country, as required by the law or
    the by-laws applicable to&#160;it.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Argentine entities.</I>&#160;&#160;Capital gains obtained by
    Argentine entities (in general, companies organized or
    incorporated under the laws of Argentina, certain brokers and
    intermediaries, local branches of foreign institutions, sole
    proprietorships and individuals engaged in certain business
    activities in Argentina) as a result of the sale, exchange or
    other form of disposal of the Shares are subject to income tax
    at a 35% rate. Any losses arising from the sale of the Shares in
    a given fiscal period may only be offset against the same kind
    of income obtained within the next following five (5)&#160;years.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.3&#160;&#160;<U>Value
    Added Tax.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sale of the Shares under the Offer is exempted from value
    added tax.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    38
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.4&#160;&#160;<U>Tax
    on Bank Account Debits and Credits.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Law on Tax on Debits and Credits in Current Accounts and
    other accounts (hereinafter, <B>&#147;TDC&#148;</B>) establishes
    that this tax will be levied on all current account debits and
    credits and any other transfer or delivery of funds, owned by
    the account holder or any third party (even in cash) that any
    person, including those within the scope of Law No.&#160;21,526,
    may make for itself or for the account
    <FONT style="white-space: nowrap">and/or</FONT> on
    behalf of any third party, irrespective of the mechanisms used
    to do so. To the extent the Shareholders use bank accounts or
    transfer funds, they may be subject to the TDC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The general TDC rate currently in force is 0.6% of each debit
    <FONT style="white-space: nowrap">and/or</FONT>
    credit. In addition, reduced rates of 0.075% and increased rates
    of 1.2% are applicable in certain specific cases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to Decree No.&#160;534/04 (published in the Official
    Bulletin on May&#160;3, 2004), 34% of the tax paid on credits
    subject to the 0.6% rate and 17% of the tax paid on transactions
    subject to the 1.2% rate may be considered as a payment on
    account of the income tax, the minimum presumptive income tax or
    the Special Contribution on the Capital of Cooperatives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to section&#160;10 subsection a)&#160;of Decree
    No.&#160;280/2001, bank accounts exclusively used by stock
    exchanges authorized by the CNV and their agents in connection
    with transactions inherent to their specific activity and the
    drafts and transfers ordered by them to such end, are exempt
    from the tax on debits and credits.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.5&#160;&#160;<U>Stamp
    Tax.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain Argentine provinces, in the event the transfer of the
    Shares is made, formalized or has effects in said jurisdictions
    under written agreements, such agreements may be subject to
    stamp tax. In the City of Buenos Aires, stamp tax is not
    applicable to agreements providing for the transfer of shares or
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.6&#160;&#160;<U>Court
    Tax.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a legal action related to the Offer is filed in Argentina, a
    court tax will be payable (currently at a three percent rate) on
    the amount of any claim filed before the Courts of the City of
    Buenos Aires.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.7&#160;&#160;<U>Other
    Taxes.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In Argentina, the issuer of the Shares acts as substitute
    taxpayer (<I>responsable sustituto</I>) of the Tax on Personal
    Assets in cases where the Shares are owned by individuals that
    reside in Argentina or abroad
    <FONT style="white-space: nowrap">and/or</FONT>
    corporations
    <FONT style="white-space: nowrap">and/or</FONT> any
    other legal entities domiciled abroad and, consequently, it must
    pay, on an annual basis, a 0.5% rate on its net equity value
    (assets less liabilities) as shown in the most recent balance
    sheet as of December 31 of the relevant tax year and as provided
    by the laws governing this tax. YPF may require the holders of
    the Shares to reimburse it for payments of Tax on Personal
    Assets paid annually by it as substitute taxpayer. In the City
    of Buenos Aires, neither minimum presumptive income tax nor
    turnover tax are applicable to the transfer or disposal of the
    Shares. As to the application of turnover tax in other
    jurisdictions, the laws in force in any such other jurisdiction
    should be analyzed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.8&#160;&#160;<U>Treaties
    to Avoid Double Taxation.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Argentina has executed treaties to avoid double taxation with
    Germany, Australia, Belgium, Bolivia, Brazil, Canada, Chile,
    Denmark, Spain, Finland, France, Italy, Norway, the Netherlands,
    United Kingdom, Sweden and Switzerland.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Foreign recipients settled in any of the above-mentioned
    jurisdictions which have executed double taxation treaties with
    Argentina may be subject to lower rates of income tax that may
    be applicable on the sale of the Shares or any dividends thereon.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">1.9&#160;&#160;<U>Foreign
    Exchange Regulations.</U></FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer and the entry into Argentina of the funds required to
    pay the Consideration to the Accepting Shareholders of the Offer
    are subject to foreign exchange regulations currently in force
    in Argentina. Access by PEISA to the FX market for the purchase
    of foreign currency is limited. Therefore, the Consideration
    will be paid in
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    39
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pesos, after gaining access to the free foreign exchange market
    as provided in &#147;Settlement of the Offer. Payment Date&#148;
    in Section &#147;Formal Elements of the Offer&#148;.
    Availability of funds received as Consideration by an Accepting
    Shareholder of the Offer will depend on the foreign exchange
    regulations applicable to it as resident or non-resident and on
    other personal characteristics of the Accepting Shareholder of
    the Offer for which PEISA is not responsible.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='241'></A><B><FONT style="font-family: 'Times New Roman', Times">Intentions
    of PEISA in respect of its interest in YPF. Plans and
    Proposals.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA declares that, subsequently to the settlement of the Offer
    and the acquisition of the Purchased Shares, the Eskenazi Family
    or its assignee, as applicable, will analyze the advisability of
    exercising the Second Option for the acquisition of an
    additional 10% of the capital stock of YPF in order to acquire
    an interest in YPF representing almost 25% of its capital stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Eskenazi Family (through PEISA and PESA), even after
    exercising the Second Option, will not hold an interest in YPF
    giving it the control over such company. Under the
    Shareholders&#146; Agreement executed with the Repsol YPF Group
    (see Item (f)&#160;&#147;Agreements entered into by and among
    the companies forming the Petersen Group and Repsol YPF and its
    subsidiaries, including YPF&#148;, paragraph
    (2)&#160;&#147;Shareholders&#146; Agreement&#148; in Section
    &#147;Subjective Elements of the Offer&#148;), it has an
    influence on the management of YPF. The implementation of
    possible management strategies by PEISA is subject to compliance
    with the majority requirements in the company&#146;s governing
    bodies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consequently, subject to the provisions of the paragraph above,
    and as requested by applicable regulations, PEISA reports that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Repsol YPF Group and PESA agreed that the business or
    strategic plan of YPF and YPF annual budget will be consistent
    with (a)&#160;the fulfillment of YPF&#146;s concession
    agreements, (b)&#160;the efficient use of YPF&#146;s own
    resources, (c)&#160;the rearrangement of its assets increasing
    the value of YPF, (d)&#160;the characterization of the Shares of
    YPF in the markets, particularly attractive due to its payout,
    and (e)&#160;the levels of investment and project achievement
    required for the creation of YPF value;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;as regards YPF and its asset structure, PESA and
    Repsol YPF Group have represented in the Shareholders&#146;
    Agreement that they share the strategic vision of YPF as a
    leading continental company in the hydrocarbon sector. In order
    to develop such vision, they considered it advisable that YPF
    proceed with a certain expansion and diversification of the
    geographic areas where its assets are located and where business
    is conducted. For such purpose, they agreed to allow YPF the
    possibility to review and assess the possible acquisition at
    market prices and under market conditions of certain businesses
    and assets of the Repsol YPF Group in some Latin American
    jurisdictions, always provided that so proves beneficial for and
    in the best interest of YPF. In addition, for the same purpose,
    they share the criterion on the advisability of transferring to
    third parties certain non-strategic assets in specific areas.
    The generation of cash flow from such transfers may enable YPF
    to face more efficaciously the investment plans intended to
    leverage and optimize its strategic resources without cutting
    down the payment of dividends to its Shareholders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;PEISA&#146;s directors shall not collect any fees or
    benefits for the closing of the Offer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;except as provided in the Shareholders&#146;
    Agreement, (i)&#160;there are no specific plans relative to the
    use of YPF&#146;s assets as a consequence of the acquisition of
    the Shares and (ii)&#160;the implementation of plans related to
    YPF&#146;s management body are not anticipated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon completion of the Offer, the Shares shall continue to be
    subject to the public offering and listing system. The market
    for the Shares not transferred under the Offer may be less
    liquid than before the Offer. It is worth highlighting that, as
    already informed by us, if the Offer is consummated, YPF shall
    continue to be listed on the stock exchange since it is not the
    intention of PEISA or Repsol YPF to delist YPF or launch a new
    offer on the remaining outstanding Shares of YPF.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    40
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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='242'></A><B><FONT style="font-family: 'Times New Roman', Times">Required
    Authorizations.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The &#147;Acquisition of Control&#148; (as defined in the
    By-laws) and the public tender offer by PEISA have been approved
    by the Class&#160;A Shareholder of YPF on June&#160;2, 2008
    according to section&#160;7, subsection (e)(i) and (f)(ii) of
    the By-laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, pursuant to the CNV Rules, Chapter&#160;XXVII,
    section&#160;1, the CNV&#146;s authorization required for the
    Offer was granted by CNV&#146;s Board Resolution dated
    September&#160;4, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of this date, the SEC has not raised any objections against
    the implementation of the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In furtherance of Law 25,156 and section&#160;80 et seq. of
    Chapter&#160;XXVII of the CNV Rules, on February&#160;28, 2008
    PESA requested from the CNDC the approval of the Purchase by
    PESA, the grant and exercise of the Options and the acquisition
    of the Shares thereunder, the conduct of the Offer and the Offer
    Purchase (the <B>&#147;<U>Transaction</U>&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;26, 2008 PEISA reported to the CNDC the exercise of
    the First Option and the launching of the Offer, ratifying
    before the CNDC the request for authorization of the Transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of this date, no express resolution has been rendered either
    approving or rejecting the Transaction nor has the CNDC given
    its implied acceptance in respect thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='243'></A><B><FONT style="font-family: 'Times New Roman', Times">Miscellaneous.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offer is not made to, and may not be resorted to, or
    acceptances of or proposals be made for the sale of Shares in
    any jurisdiction in which the launching of the Offer or the
    acceptance thereof may be illegal or contrary to the laws of
    such jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this Offer is September&#160;11, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='244'></A><B><FONT style="font-family: 'Times New Roman', Times">Timeframe
    of the Decision-Making Process for the Offer.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008 PESA entered into the SPA, the
    Options, the Supplementary Agreement and the Shareholders&#146;
    Agreement with Repsol YPF and certain subsidiaries of Repsol YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;28, 2008 the CNDC was requested to authorize
    the acquisitions by PESA and was informed of the By-laws
    provisions to make the Offer upon exercising the Option since a
    15% shareholding was acquired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;6, 2008 Repsol YPF authorized the assignment of the
    First Option by the Eskenazi Family in favor of PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;19, 2008 the Board of Directors of PEISA decided to
    exercise the option under the First Purchase Option Agreement
    and to make the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;20, 2008 PEISA exercised the First Option and, in
    compliance with the agreement made under the First Option, gave
    notice thereof to Repsol YPF and also of its intention to make
    the Offer requesting the guarantee of Repsol YPF as per the
    terms of the First Purchase Option Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;20, 2008 notice was given to YPF of the intention to
    make the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;21, 2008 copies of the notice published by PEISA
    advising of its intention to make the Offer were filed with the
    CNV and the Buenos Aires Stock Exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notices were published on May&#160;22, 2008 in the Bulletin
    of the Buenos Aires Stock Exchange, on May&#160;21, 22 and 23,
    2008 in <I>Clar&#237;n </I>newspaper and <I>Ambito Financiero
    </I>newspaper, and on May&#160;22, 2008 in the <I>New York Post
    </I>of the City of New York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;23, 2008 the Board of Directors of YPF issued its
    opinion on the Offer and recommended its acceptance to the
    Shareholders. The Board of Directors called a Class&#160;A
    Shareholders&#146; Meeting the approval of which is required for
    the Offer pursuant to YPF&#146;s By-laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;26, 2008 notice was given to the CNDC of the
    exercise of the Option, requesting once again the authorization
    of the Offer.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;2, the Class&#160;A Shareholder approved the public
    tender offer and the &#147;Acquisition of Control&#148; in the
    manner requested in YPF&#146;s By-laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;4, 2008 the CNV authorized the Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='245'></A><B><FONT style="font-family: 'Times New Roman', Times">Recommendation
    of the Board of Directors of YPF.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to Argentine law, the Board of Directors of YPF has no
    more than 15 business days as from the date of the notice made
    on May&#160;20, 2008 in connection with the Offer to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    express its opinion on the reasonableness of the price for the
    Offer and make a technical recommendation on its acceptance or
    rejection;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    state whether it is aware or not of any significant decision
    adopted or that threatened to be adopted which, in its judgment,
    may affect the Offer;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    state if any director or executive officer holding YPF Shares
    will accept or reject the Offer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    report on the decision that will be taken by the directors and
    managers holding YPF Shares with regard to the acceptance of the
    Offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;23, 2008, the Board of Directors of YPF
    (i)&#160;resolved to render a favorable opinion on the
    reasonable nature of the price offered by PEISA under the Offer
    and recommend the acceptance of the Offer by the company&#146;s
    Shareholders, by rendering the relevant report on the offered
    price, as set forth in Section&#160;36, Chapter&#160;XXVII, Book
    9 of the CNV Rules, (ii)&#160;resolved to refrain from
    requesting the opinion of a specialized independent assessor,
    since the price offered is not lower than the prices resulting
    from the events listed in paragraphs (a), (b), (c)&#160;and (d),
    section&#160;7, subsection (f) (v)&#160;of the By-laws and
    (iii)&#160;called a Class&#160;A Shareholders&#146; Meeting to
    be held on June&#160;2, 2008, in order to consider the approval
    of the &#147;Acquisition of Control&#148; and the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without detriment to the foregoing, the Board of Directors
    stated that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the recommendation made by YPF&#146;s Board of
    Directors is not binding and the Board of Directors&#146;
    opinion represents only once circumstance, among others, that
    should be pondered by the Shareholders to whom the Offer is
    addressed; therefore, it is not influential in the decision to
    be adopted by the Shareholders as to the acceptance or refusal
    of the Offer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the evaluation of the Offer must be based on an
    individual and subjective analysis to be made by each
    Shareholder to whom the Offer is addressed, taking into account
    the particular circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Messrs.</I>&#160;Antonio Brufau Niubo (Chairman),
    Sebasti&#225;n Eskenazi (Executive Vice President), Antonio
    Gomis&#160;Saez (Chief Operating Officer), Enrique Eskenazi,
    Mat&#237;as Eskenazi Storey, Luis Su&#225;rez de Lezo,
    An&#237;bal Belloni, Mario Blejer, Carlos Bruno, Santiago
    Carnero, Carlos de la Vega, Eduardo Elstain, Salvador Font
    Estrany, Javier&#160;Monz&#243;n, Federico Ma&#241;ero, Fernando
    Ram&#237;rez and Mario V&#225;zquez were present at YPF&#146;s
    Board of Directors&#146; meeting. Save for Messrs.&#160;Antonio
    Brufau Niubo, Enrique Eskenazi, Sebasti&#225;n Eskenazi,
    Mat&#237;as Eskenazi Storey, Antonio Gomis Saez and Luis
    Su&#225;rez de Lezo, who refrain from taking part in the
    discussions and voting, the remaining directors voted in favor
    of the recommendation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The opinion of YPF&#146;s Board of Directors was published in
    BASE&#146;s Bulletin for two days and is appended to this
    Prospectus as Exhibit&#160;III.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In turn, the opinion of YPF&#146;s Board of Directors has also
    been published in the CNV&#146;s website, under the Issuers
    Section&#160;YPF S.A., Financial Information&#160;&#151;
    Outstanding Events ID
    <FONT style="white-space: nowrap">No.&#160;4-98502-D.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='246'></A><B><FONT style="font-family: 'Times New Roman', Times">Arbitration.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As provided in section&#160;38 of Decree 677/2001, any
    controversy or dispute arising in connection with the
    interpretation, validity, performance or breach of this Offer
    shall be settled by the Arbitration Panel of the BASE.
    Notwithstanding the above, the Shareholders and investors may
    resort to courts of law with competent jurisdiction.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <A name='247'></A><B><FONT style="font-family: 'Times New Roman', Times">Directors
    and Executive Officers of PEISA.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We list below the name, position and term of office of each
    PEISA director. Unless otherwise stated hereinbelow, the address
    of each director for all purposes related to the Offer is
    Cerrito 740, 1st&#160;Floor, City of Buenos Aires, Argentina.
    Unless otherwise stated, each position along the name of an
    individual refers to his employ with PEISA. Unless otherwise
    stated below in this page, all directors are Argentine citizens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="48%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="16%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Position</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year of Appointment</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>In Office Until</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Enrique Eskenazi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Chairman
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mat&#237;as Eskenazi Storey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Vice Chairman
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sebasti&#225;n Eskenazi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Advisor
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ignacio Moran
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Advisor
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mauro R. Jos&#233; Dacomo
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Advisor&#160;&#151; Secretary
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">For
    information purposes:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Questions and requests for help shall be sent to the Offer Agent
    at its address and telephone numbers appearing on the back cover
    of this Prospectus. Additional copies of this Offer, the Form of
    Acceptance and other material related to the Offer may be
    requested to the Offer Agent. A Shareholder may also contact a
    stockbroker, dealer, commercial bank, trust company or other
    representative to ask for help in respect of the Offer.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    43
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Offeror</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114002.gif" alt="(COMPANY LOGO)"><B><I> </I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Address</I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Cerrito 740, Piso 1&#176; </I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Ciudad Aut&#243;noma de Buenos Aires</I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Argentina</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Offer
    Agent</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114004.gif" alt="(COMPANY LOGO)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Banco de
    Valores S.A.<BR>
    </FONT></B><I><FONT style="font-family: 'Times New Roman', Times">Address<BR>
    Sarmiento 310<BR>
    Ciudad Aut&#243;noma de Buenos Aires<BR>
    Argentina</FONT></I>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Intermediary</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Cozzani&#160;&#151;
    Guterman Sociedad de Bolsa S.A.<BR>
    </FONT></B><I><FONT style="font-family: 'Times New Roman', Times">Address<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">San&#160;Mart&#237;n
    439, Piso 11&#176;
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Ciudad Aut&#243;noma de Buenos Aires</I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Argentina</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Legal
    Advisors to the Offeror</FONT></I></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114005.gif" alt="(COMPANY LOGO)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Brons&#160;&#038;
    Salas<BR>
    </FONT></B><I><FONT style="font-family: 'Times New Roman', Times">Address<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">Maip&#250;
    1210, 5&#176; Piso<BR>
    Ciudad Aut&#243;noma de Buenos Aires<BR>
    Argentina
    </FONT>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Legal
    Advisors to the Offer Agent<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">C&#225;rdenas,
    Di Ci&#243;, Romero, Tarsitano&#160;&#038; Lucero<BR>
    </FONT></B><I><FONT style="font-family: 'Times New Roman', Times">Address<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">Reconquista
    360, Piso 6&#176;
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ciudad Aut&#243;noma de Buenos Aires
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Argentina
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.B
<SEQUENCE>4
<FILENAME>y71140exv99waw1wb.htm
<DESCRIPTION>EX-99.A.1.B: U.S. FORM OF ACCEPTANCE FOR SHARES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.B</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(B)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THIS
    DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE
    ATTENTION.</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are in any doubt about that action to take, you should
    immediately consult your stockbroker, bank manager law
    accountant or other professional or investment advisor.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have sold all your Shares<B>, </B>please send this Form
    of Acceptance together with the accompanying documents as soon
    as possible to the Bidders or to the stockbroker, bank or other
    agent through whom the sale was affected for transmission to the
    Bidders.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This document should be read in conjunction with the
    U.S.&#160;Offer to Purchase dated September&#160;11, 2008 (the
    <B>&#147;U.S.&#160;Offer to Purchase&#148;</B>). All the
    definitions used in the U.S.&#160;Offer to Purchase apply in
    this U.S.&#160;Form of Acceptance (the &#147;Form&#148;). All
    terms and conditions contained in the U.S.&#160;Offer to
    Purchase applicable to the U.S.&#160;Offer (as defined in the
    U.S.&#160;Offer to Purchase) for Shares are deemed to be
    incorporated in and form part of this Form.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    FORM&#160;OF ACCEPTANCE</FONT></B>
</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">To Tender
    Class&#160;A Shares, Class&#160;B Shares,<BR>
    Class&#160;C Shares and Class&#160;D Shares held by U.S.
    Persons</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">of</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima</FONT></B>
</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pursuant
    to the U.S. Offer to Purchase<BR>
    dated September&#160;11, 2008</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">by</FONT></B>
</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Petersen
    Energ&#237;a Inversora, S.A.,<BR>
    Enrique Eskenazi,<BR>
    Sebasti&#225;n Eskenazi,<BR>
    Mat&#237;as Eskenazi Storey and<BR>
    Ezequiel Eskenazi Storey</FONT></B>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THIS FORM&#160;OF ACCEPTANCE OF
    THE U.S.&#160;OFFER MUST BE RECEIVED BY THE U.S.&#160;RECEIVING
    AGENT BY 5:00&#160;P.M., NEW YORK CITY TIME, ON OCTOBER 20, 2008
    UNLESS THE US. OFFER IS EXTENDED OR EARLIER
    TERMINATED.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The U.S. Receiving Agent is:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE BANK OF NEW YORK
    MELLON</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>By Mail:</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>By Hand or Overnight or Courier:</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BNY Mellon Shareowner Services
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    BNY Mellon Shareowner Services
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Attn: Corporate Action Dept.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Attn: Corporate Action Dept.,
    27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
    Floor
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    P.O.&#160;Box&#160;3301
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    480 Washington Boulevard
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    South Hackensack, NJ 07606
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Jersey City, NJ 07310
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THIS U.S.
    FORM&#160;OF ACCEPTANCE IS TO BE USED ONLY FOR TENDERING SHARES
    (AS DEFINED BELOW). DO NOT USE THIS U.S. FORM&#160;OF ACCEPTANCE
    FOR ANY OTHER PURPOSE.</FONT></B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Action to
    be taken to accept the U.S. Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please read the detailed instructions on how to complete this
    Form. This Form should only be used to accept the
    U.S.&#160;Offer if you are a registered holder of Shares and you
    are a U.S.&#160;Person or holding for a U.S.&#160;Person. Shares
    beneficially owned or held of record by persons who are not
    U.S.&#160;Persons cannot be tendered pursuant to the
    U.S.&#160;Offer and can only be tendered pursuant to the
    concurrent Argentine Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you are a holder of ADSs, you will receive and should
    complete a Letter of Transmittal and related documents in
    accordance with the instructions set out therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you wish to accept the U.S.&#160;Offer, please follow the
    instructions set forth in the U.S.&#160;Offer to Purchase and
    file this Form of Acceptance duly completed and signed, the
    Tender Certificate issued by Caja de Valores, and all other
    documentation that the U.S.&#160;Receiving Agent might request,
    with the U.S.&#160;Receiving Agent at the address indicated on
    the back cover of the U.S.&#160;Offer to Purchase, by no later
    than the Expiration Time on the Expiration Date, unless the
    U.S.&#160;Offer is extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Your acceptance of the U.S.&#160;Offer is on the terms and
    subject to the conditions contained in the U.S.&#160;Offer to
    Purchase and in this Form of Acceptance. In the event of an
    inconsistency between the terms and procedures in this Form of
    Acceptance and the U.S.&#160;Offer to Purchase, the terms and
    procedures in the U.S.&#160;Offer to Purchase shall govern.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions as to how to complete this Form of
    Acceptance, please contact the U.S.&#160;Information Agent in
    the United States at 1-877-289-0143 (Toll-Free), from outside
    the United States at 1-201-680-5235, and banks and brokers at
    1-201-680-5235.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Representations
    and Warranties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By signing this Form of Acceptance you agree that you
    irrevocably undertake, represent and warrant to and with the
    Bidders the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the presentation of this Form of Acceptance constitutes
    (i)&#160;an acceptance of the U.S.&#160;Offer with respect to
    the number of Shares indicated herein, (ii)&#160;a commitment to
    present the Tender Certificate to the U.S.&#160;Receiving Agent
    as set forth in the U.S.&#160;Offer to Purchase and to present
    any other document and to take any other steps necessary to
    allow the Bidders to consummate the transfer of ownership of the
    Shares, subject to the terms and conditions established in the
    U.S.&#160;Offer to Purchase and in this Form of Acceptance, and
    (iii)&#160;with the exception of the withdrawal rights of the
    tendering holders of Shares, an irrevocable tender of the Shares
    in the U.S.&#160;Offer;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;you are the owner of the Shares indicated on this Form
    of Acceptance and you have full authority and rights to deliver,
    sell, and transfer such Shares and rights inherent hereto to the
    Bidders;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the tendered Shares are tendered free and clear from
    all liens, titles, charges, privileges
    <FONT style="white-space: nowrap">and/or</FONT>
    encumbrances, and together with all the rights which they grant
    or may grant in the future, including the rights to vote and the
    right to receive any Distributions (as described in
    Section&#160;2 of the U.S.&#160;Offer to Purchase);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the presentation of this Form of Acceptance to the
    U.S.&#160;Receiving Agent constitutes an instruction (which
    shall become irrevocable after the Acceptance Date) to deliver
    to the Bidders the tendered Shares as of the Payment Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the presentation of this Form of Acceptance constitutes
    (i)&#160;an instruction (which shall be irrevocable as from the
    Acceptance Date) to YPF, Caja de Valores, the
    U.S.&#160;Receiving Agent, and the Argentine Custodian, as
    applicable, to cause the registration
    <FONT style="white-space: nowrap">and/or</FONT>
    register the transfer of the tendered Shares in favor of the
    Bidders and to deliver to the Bidders a certificate of ownership
    of the tendered Shares (or <I>constancia de saldo de
    cuentas</I>)
    <FONT style="white-space: nowrap">and/or</FONT> other
    documents which prove ownership of such Shares, on the Payment
    Date; and (ii)&#160;a commitment (which shall be irrevocable as
    from the Acceptance Date) to present any other document and to
    take any other measure necessary to allow the Bidders to
    consummate the transfer of ownership of the Shares, pursuant to
    the terms and conditions set forth in the U.S.&#160;Offer to
    Purchase and in this Form of Acceptance;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;you undertake to ratify any and all of the acts or
    procedures that may be performed or effected by the Bidders or
    any of its directors or agents or YPF or any of its agents, as
    the case may be, in the exercise of any of its or their
    respective powers
    <FONT style="white-space: nowrap">and/or</FONT>
    authorizations in virtue hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;you accept that the voting and any other rights
    attaching to the tendered Shares, may not be exercised by the
    you while the tendered Shares are deposited in the
    U.S.&#160;Tendered Shares&#160;Account;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;you accept that the Purchaser seeks to acquire the
    Securities together with all economic and voting rights,
    including rights to Distributions declared on or after the
    Commencement Date. Accordingly, you accept that if on or after
    the date hereof YPF should declare or pay any Distributions on,
    or issue any right with respect to, the Shares that are payable
    or distributable to stockholders of record on YPF&#146;s stock
    transfer records of Shares on a date prior to the transfer to
    the name of the Purchaser of the tendered Shares, then
    (i)&#160;the Offer Price payable by the Bidders per&#160;Share
    in the U.S.&#160;Offer will be reduced to the extent such
    Distributions are payable in cash and (ii)&#160;any non-cash
    Distributions received and held by a tendering holder shall be
    required to be promptly remitted and transferred to the
    U.S.&#160;Receiving Agent for the account of the Purchaser
    accompanied by appropriate documents of transfer. Pending such
    remittance, Purchaser will be entitled to all rights and
    privileges, as owner of any such non-cash Distributions and may
    withhold the entire Offer Price or deduct from the Offer Price
    the amount or value thereof, as determined by Purchaser in its
    sole discretion;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;you grant a power of attorney in favor of the
    U.S.&#160;Receiving Agent and the Argentine Custodian to receive
    such notifications, documents, or other communications to be
    sent to the holders of the tendered Shares, to execute any
    documents necessary to receive and keep in custody the tendered
    Shares and to exercise all other rights attaching to the
    tendered Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;you agree not to sell, assign, transfer, pledge or
    encumber in any manner the tendered Shares while they are
    deposited in the U.S.&#160;Tendered Shares&#160;Account and to
    keep the tendered Shares free and clear from any liens, charges,
    privileges
    <FONT style="white-space: nowrap">and/or</FONT>
    encumbrances, and not to exercise any of the rights appertaining
    thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;you agree not to modify or close the <I>cuenta
    comitente </I>from which the tendered Shares were transferred
    while the Shares are deposited in the U.S.&#160;Tendered
    Shares&#160;Account;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;you have reviewed the U.S.&#160;Offer documents; you
    have not received from the U.S.&#160;Receiving Agent or the
    U.S.&#160;Information Agent any information or representations
    that are inconsistent with or differing from the information or
    representations contained in the U.S.&#160;Offer documents; and
    you decision to tender in the U.S.&#160;Offer has been based on
    your own analysis of YPF and of the U.S.&#160;Offer, including
    the benefits and risks involved therein and you have not
    received any type of legal, business, financial, tax,
    <FONT style="white-space: nowrap">and/or</FONT> any
    other type of advice from the Bidders, the U.S.&#160;Receiving
    Agent or the U.S.&#160;Information Agent
    <FONT style="white-space: nowrap">and/or</FONT> any
    of their parent, subsidiary, affiliated, or related entities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;all the information contained in this Form of
    Acceptance is true and correct;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;you are a U.S.&#160;Person or holding for a
    U.S.&#160;Person.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">How to
    complete this Form</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times"> Please
    complete in BLOCK CAPITALS</FONT></B></TD>
</TR>

</TABLE>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=455 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Do not
    detach any part of this Form of Acceptance
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">The U.S.
    Offer</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To tender in the U.S.&#160;Offer write in Box 1 the total number
    of Shares which you wish tender in the U.S.&#160;Offer. If no
    number, or a number greater than your entire holding of Shares,
    is written in Box 1 and you have signed Box 2 the Bidders will
    deem that no Shares have been tendered. <B>To accept the
    U.S.&#160;Offer complete boxes 1 and 3 and, if applicable, Box
    4, and sign Box 2 below.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="10" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>BOX 1 <BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><I>Depositante/Custodian</I></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B><I>Cuenta Comitente</I></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>No. of Shares</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Class of Shares </B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>No.:</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    <B>No.:</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Name:</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <B>Name:</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Signatures</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You must execute Box 2 and, in the case of a joint holding,
    arrange for the designated common representative to sign or,
    otherwise, all joint holders to do likewise. All signatures must
    be certified.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you sign in a capacity other than that of a registered holder
    (<I>e.g.</I>, under a
    <FONT style="white-space: nowrap">Power-of-Attorney)</FONT>
    please state the capacity in which you sign and send together
    with the Form of Acceptance an authorized copy of the
    <FONT style="white-space: nowrap">Power-of-Attorney.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of Section&#160;1277 of the Argentine Civil
    Code, those holders or joint holders being married individuals,
    shall evidence the consent of their spouses in Box 2. Such
    consent may be granted by the spouses themselves or by a
    representative of the respective spouse, appointed through a
    special and sufficient
    <FONT style="white-space: nowrap">Power-of-Attorney</FONT>
    authorizing him/her to grant such consent for this transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Sign at the appropriate spaces in Box 2 to accept the US.
    Offer</B>.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>BOX 2</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Execution by Individuals
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Execution by a company
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Signed and delivered as a deed by
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Executed and delivered as a deed by
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    In presence
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 220pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=217 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Name of record holder)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 220pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=217 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 220pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=217 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Signature of record holder)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Name of Company)
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 220pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=217 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 220pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=217 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Taxpayer ID or SSN)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Taxpayer ID)
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    As evidence of the consent of the spouses in accordance with
    Section&#160;1277 of the Civil Code:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Signature:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Full name:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 220pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=217 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Representative)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Signature)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capacity: (Spouse/Representative)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 220pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=217 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Representative)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Signature)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    (The space above should be used to certify as appropriate)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Name(s)
    and address</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Complete Box 3 with the full name and address of the sole or
    first named registered holder together with the names of all
    other joint holders (if any) in BLOCK CAPITALS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Full
    name(s) and address</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="7" align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>BOX 3</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First registered holder
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-top: 1px solid #000000">
    Joint registered holder
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Joint registered holder
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1 First
    name(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    2 First
    name(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    3 First name
    (s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Mr.&#160;Mrs.&#160;Miss. Title)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    (Mr. Mrs. Miss. Title)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Mr. Mrs. Miss. Title)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Last
    name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Last
    name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Last
    name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Taxpayer ID or SSN:&#160;&#160;
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Taxpayer ID or SSN:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Taxpayer ID or SSN:
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    As evidence of the consent of the spouses in accordance with
    Section&#160;1277 of the Civil Code
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    As evidence of the consent of the spouses in accordance with
    Section 1277 of the Civil Code
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    As evidence of the consent of the spouses in accordance with
    Section 1277 of the Civil Code
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Signature
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Signature
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Signature
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Full name:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Full name:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Full name:
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capacity (Spouse/Representative)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Capacity (Spouse/Representative)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Capacity (Spouse/Representative)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joint registered holder(s)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4 First
    name(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    5
    Corporation(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Mr.&#160;Mrs.&#160;Miss. Title)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Last
    name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Taxpayer ID or SSN:&#160;&#160;
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Taxpayer ID:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=140 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    As evidence of the consent of the spouses in accordance with
    Section&#160;1277 of the Civil Code
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Signature
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Full name:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Capacity (Spouse/Representative)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Payment.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the compliance of all the terms and conditions set forth in
    the U.S.&#160;Offer, you hereby instruct the U.S.&#160;Receiving
    Agent to make the payment of consideration in respect of the
    tendered Shares (see Box No.&#160;1)&#160;pursuant to the
    U.S.&#160;Offer by a check issued to the order of the person,
    and to be mailed to the address, indicated in Box 3 for the sole
    or first named registered holder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Additional
    notes regarding the completion and submission of this Form of
    Acceptance.</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The signatures as well as the identity and capacity of each
    holder of Shares must be independently certified before a Notary
    Public. The certification expense will be for the account of the
    tendering holder of Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Argentine Custodian shall maintain the Shares transferred
    into the U.S.&#160;Tendered Shares&#160;Account in custody in
    favor of both the Bidders and the tendering holder of Shares
    until the Payment Date, provided that (i)&#160;the tendering
    holder of Shares has not withdrawn his Shares, (ii)&#160;the
    tendering of the Shares was not defective, and (iii)&#160;the
    Offer remains in effect.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.C
<SEQUENCE>5
<FILENAME>y71140exv99waw1wc.htm
<DESCRIPTION>EX-99.A.1.C: U.S. FORM OF WITHDRAWAL FOR SHARES
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.C</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(C)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THIS
    DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE
    ATTENTION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This document should be read in conjunction with the
    U.S.&#160;Offer to Purchase dated September&#160;11, 2008 (the
    <B>&#147;U.S.&#160;Offer to Purchase&#148;</B>). The definitions
    used in the U.S.&#160;Offer to Purchase apply in this Form of
    Withdrawal (the <B>&#147;Form&#148;</B>)<B>.</B> All terms and
    conditions contained in the U.S.&#160;Offer to Purchase
    applicable to the U.S.&#160;Offer (as defined in the
    U.S.&#160;Offer to Purchase) for Shares are deemed to be
    incorporated in and form a part of this Form.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    FORM&#160;OF WITHDRAWAL</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Of the
    Tendered Class&#160;A Shares, Class&#160;B Shares,<BR>
    Class&#160;C Shares and Class&#160;D Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">of</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pursuant
    to the U.S. Offer to Purchase<BR>
    dated September&#160;11, 2008</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">by</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Petersen
    Energ&#237;a Inversora, S.A.,<BR>
    Enrique Eskenazi,<BR>
    Sebasti&#225;n Eskenazi,<BR>
    Mat&#237;as Eskenazi Storey and<BR>
    Ezequiel Eskenazi Storey</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS FORM&#160;OF WITHDRAWAL OF THE U.S. OFFER MUST BE
    RECEIVED BY 5:00&#160;P.M., NEW YORK CITY TIME, ON OCTOBER 20,
    2008, OR UNTIL THE NEW EXPIRATION DATE, IF THE U.S. OFFER WERE
    EXTENDED OR, THEREAFTER, UNTIL WE ANNOUNCE THAT THE REQUIRED
    REGULATORY APPROVAL HAS BEEN OBTAINED AND THAT WE WILL PAY THE
    OFFER PRICE.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The U.S. Receiving Agent is:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Bank of New York Mellon</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B><I>By Mail:</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>By Hand or Overnight or Courier:</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    BNY Mellon Shareowner Services<BR>
    Attn: Corporate Action Dept.<BR>
    P.O.&#160;Box&#160;3301<BR>
    South Hackensack, NJ 07606
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    BNY Mellon Shareowner Services<BR>
    Attn:  Corporate Action Dept.,
    27<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>&#160;Floor<BR>
    480 Washington Boulevard<BR>
    Jersey City, NJ 07310
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Action to
    be taken to withdraw the tendered Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please read the detailed instructions on how to complete this
    Form. Tenders of Shares made pursuant to the U.S.&#160;Offer may
    be withdrawn at any time on or prior to the Expiration Time on
    the Expiration Date or the New Expiration Date, as applicable
    or, thereafter, until such time as the Bidders announce that the
    Required Regulatory Approval has been obtained and that they
    will pay the Offer Price. Any tender of Securities will be
    irrevocable after that time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you have any questions as to how to complete this Form of
    Withdrawal, please contact the U.S.&#160;Information Agent in
    the United States at 1-877-289-0143 (Toll-Free), from outside
    the United States at 1-201-680-5235, and banks and brokers at
    <FONT style="white-space: nowrap">1-201-680-5235.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Instructions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you wish to withdraw acceptance of the U.S.&#160;Offer, you
    must:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;complete and sign this Form in accordance with the
    instructions set out below and in the U.S.&#160;Offer to
    Purchase;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;forward this Form to the U.S.&#160;Receiving Agent at
    the address set forth on the back cover of the U.S.&#160;Offer
    to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the tendered Shares were timely and validly withdrawn, the
    Argentine Custodian shall return the tendered Shares to the
    tendering holders of Shares as set forth in the U.S.&#160;Offer
    to Purchase.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By signing this Form you agree that withdrawals may not be
    rescinded. Consequently, Shares withdrawn will thereafter be
    deemed not validly tendered for the purposes of the
    U.S.&#160;Offer. However, withdrawn Shares may be re-tendered
    following the procedures described in Section&#160;3 of the
    U.S.&#160;Offer to Purchase at any time prior to the Expiration
    Time on the Expiration Date, or prior to the New Expiration Date
    if the U.S.&#160;Offer were extended.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">How to
    complete this Form</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times"> Please
    complete in BLOCK CAPITALS</FONT></B></TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Do not
    detach any part of this Form</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    Rights</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To withdraw from the U.S.&#160;Offer, write in Box 1 the total
    number of Shares for which you wish to withdraw your acceptance
    of the U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="26%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="10" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>BOX 1</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><I>Depositante</I></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B><I>Cuenta Comitente</I></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    <B>No. of Shares</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Class of Shares </B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>No.:</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
    <B>No.:</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Name:</B>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <B>Name:</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Signatures</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You must execute Box 2 and, in the case of a joint holding,
    arrange for the designated common representative to sign, or
    otherwise, all joint holders to do likewise. All signatures must
    be certified. If you sign in a capacity other than that of a
    registered holder (e.<I>g. </I>under a Power-of-Attorney) please
    state the capacity in which you sing and send together with the
    Form an authorized copy of the Power-of-Attorney.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sign here to withdraw the acceptance of the U.S.&#160;Offer
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="4" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>BOX 2</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Execution by Individuals
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Execution by a company
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Signed and delivered as a deed by
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Executed and delivered as a deed by
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    In presence
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Name of record holder)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 24pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Signature of record holder)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Name of Company)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Taxpayer ID or SSN)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 24pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Representative)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Signature)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Representative)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Signature)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 5pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    &#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=242 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Taxpayer ID)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Name(s)
    and address</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Complete Box 3 with the full name and address of the sole or
    first named registered holder together with the names of all
    other joint holders (if any) in BLOCK CAPITALS
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Full name(s) and address</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>BOX 3</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    First registered holder
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-top: 1px solid #000000">
    Joint registered holder
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    Joint registered holder
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1.&#160;First
    name(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    2. First
    name(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    3. First name
    (s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Mr.&#160;Mrs.&#160;Miss. Title)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    (Mr. Mrs. Miss. Title)
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    (Mr. Mrs. Miss. Title)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Last
    name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Last
    name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Last
    name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Taxpayer ID or SSN:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Taxpayer ID or SSN:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    Taxpayer ID or SSN:
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joint registered holder(s)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4.&#160;First
    name(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    5.
    Corporation(s)&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (Mr.&#160;Mrs.&#160;Miss. Title)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Last name:
    <FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Address&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Zip
    code&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=208 iwidth=156 length=0 -->
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Taxpayer ID or SSN:
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Taxpayer ID:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The signatures as well as the identity and capacity of each
    holder of Shares must be independently certified before a Notary
    Public. The certification expense will be for the account of the
    withdrawing holders of Shares.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.D
<SEQUENCE>6
<FILENAME>y71140exv99waw1wd.htm
<DESCRIPTION>EX-99.A.1.D: FORM OF LETTER OF TRANSMITTAL
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.D</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(D)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THIS
    DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE
    ATTENTION.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you are in any doubt about what action to take, we
    recommend that you immediately consult your stockbroker, bank
    manager, lawyer, accountant or other professional or investment
    advisor.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This document should be read in conjunction with the offer to
    purchase dated September&#160;11, 2008, and any amendments or
    supplements thereto, which collectively constitute the
    <B>&#147;U.S. Offer to Purchase</B>.&#148; The definitions used
    in the U.S.&#160;Offer to Purchase apply in this Letter of
    Transmittal. All terms and conditions contained in the
    U.S.&#160;Offer to Purchase applicable to ADSs are deemed to be
    incorporated in and form part of this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LETTER OF
    TRANSMITTAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">To
    transmit all outstanding American Depositary Shares
    (&#147;ADSs&#148;)<BR>
    evidenced by American Depositary Receipts (&#147;ADRs&#148;),<BR>
    each ADS representing one Class&#160;D Share</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">at</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">U.S. $49.45 (forty-nine dollars
    and forty-five cents) per ADS (before any applicable deductions)
    pursuant to the U.S. Offer to Purchase dated September&#160;11,
    2008</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">to</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Petersen Energ&#237;a
    Inversora, S.A.,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Enrique Eskenazi,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Sebasti&#225;n
    Eskenazi,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Mat&#237;as Eskenazi Storey
    and</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Ezequiel Eskenazi
    Storey</FONT></B>
</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS U.S. OFFER CAN BE ACCEPTED BY HOLDERS OF AMERICAN
    DEPOSITARY SHARES TENDERING THROUGH THE BANK OF NEW YORK MELLON,
    AS U.S. RECEIVING AGENT, BY 5:00 P.M., NEW YORK CITY TIME, ON
    OCTOBER 20, 2008, UNLESS THE TENDER OFFER IS EXTENDED OR EARLIER
    TERMINATED.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The tender offer is subject to certain Conditions described
    in <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;15.
    Conditions of the U.S.&#160;Offer.&#148;</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ADS holders that wish to participate in the tender offer
    through the U.S.&#160;Receiving Agent must pay the fees and
    expenses described in <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;17. Fees and Expenses.&#148;</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE U.S. RECEIVING AGENT FOR THE OFFER:</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE BANK OF NEW YORK MELLON</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>By Mail:</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><I>By Hand or Overnight or Courier:</I></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BNY Mellon Shareowner Services <BR>
    Attn: Corporate Action Dept. <BR>
    P.O.&#160;Box&#160;3301 <BR>
    South Hackensack, NJ 07606
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    BNY Mellon Shareowner Services <BR>
    Attn: Corporate Action Dept., 27th&#160;Floor <BR>
    480 Washington Boulevard <BR>
    Jersey City, NJ 07310
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Delivery of this Letter of Transmittal to an address other
    than as set forth above will not constitute a valid delivery.
    Delivery of this Letter of Transmittal to YPF Sociedad
    An&#243;nima (&#147;YPF&#148;) or to The Depository
    Trust&#160;Company (&#147;DTC&#148;), the book-entry transfer
    facility for ADSs of YPF, will not constitute valid delivery to
    the U.S.&#160;Receiving Agent. The instructions accompanying
    this Letter of Transmittal should be read carefully before the
    Letter of Transmittal is completed. You must sign this Letter of
    Transmittal in the appropriate space provided and complete IRS
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    <FONT style="white-space: nowrap">W-8BEN</FONT> or
    other applicable form, as appropriate. See Instruction&#160;12
    of this Letter of Transmittal.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS LETTER OF TRANSMITTAL IS TO BE USED ONLY FOR
    TRANSMITTING ADSs. DO NOT USE THIS LETTER OF TRANSMITTAL FOR
    TENDERING SHARES HELD DIRECTLY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The method of delivery of ADSs, the Letter of Transmittal and
    all other required documents is at the option and risk of the
    tendering ADS holder. ADSs will be deemed delivered only when
    actually received by the U.S.&#160;Receiving Agent. If delivery
    is by mail, registered mail (with return receipt requested) and
    proper insurance is recommended. Delivery should be effected as
    soon as possible but no later than the Expiration Time on the
    Expiration Date, unless the U.S.&#160;Offer is extended or
    earlier terminated.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a holder of ADSs validly to tender ADSs pursuant to the
    U.S.&#160;Offer a properly completed and duly executed Letter of
    Transmittal (or a copy thereof), together with any required
    signature guarantees, or an Agent&#146;s Message (as defined in
    Instruction&#160;2 herein) in connection with a book-entry
    delivery of ADSs, and any other required documents, must be
    received by the U.S.&#160;Receiving Agent at one of its
    addresses set forth here above, and ADRs evidencing such ADSs
    must be received by the U.S.&#160;Receiving Agent at one of such
    addresses set forth here above or pursuant to the procedures for
    book-entry transfer set forth below (and a confirmation of
    receipt of such transfer received by the U.S.&#160;Receiving
    Agent) on or prior to the Expiration Time on the Expiration
    Date, unless the U.S.&#160;Offer is extended or earlier
    terminated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A duly completed Letter of Transmittal accompanied by ADRs
    evidencing ADSs, or an Agent&#146;s Message (as defined in
    Instruction&#160;2 herein) accompanied by confirmation of a
    book-entry transfer of ADSs through DTC, and other required
    documents delivered to the U.S.&#160;Receiving Agent by a holder
    of ADSs will be deemed (without any further action by the
    U.S.&#160;Receiving Agent) to constitute acceptance by such
    holder of the tender offer with respect to the Shares
    represented by such ADSs, upon the terms and subject to the
    conditions set forth in the U.S.&#160;Offer to Purchase and this
    Letter of Transmittal. The acceptance of the U.S.&#160;Offer by
    a tendering ADS holder pursuant to procedures described in
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;4.
    Procedure for Tendering in the U.S.&#160;Offer
    -&#151;&#160;Holders of ADSs&#148; </I>in the U.S.&#160;Offer to
    Purchase, will constitute a binding agreement between such
    tendering ADS holder and the Bidders upon the terms of the
    U.S.&#160;Offer. If an ADS has been tendered by an ADS holder,
    the Shares represented by such ADS may not be tendered by such
    ADS holder. ADSs held through the Book-Entry Transfer Facility
    (as hereinafter defined) must be tendered by means of delivery
    of the Letter of Transmittal by Agent&#146;s Message (as defined
    in Instruction&#160;2 herein) and of the ADSs pursuant to the
    procedures for book-entry transfer to an account opened and
    maintained for such purpose by the U.S.&#160;Receiving Agent
    within DTC (the <B>&#147;Book-Entry Transfer Facility&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As an alternative to tendering the Shares underlying its ADSs
    through the U.S.&#160;Receiving Agent, an ADS holder may also
    surrender its ADSs to The Bank of New York Mellon, as ADS
    depositary, withdraw the Shares underlying the ADSs from the ADS
    program and participate directly in the Argentine Offer or the
    U.S.&#160;Offer as a holder of Shares as described in
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;3.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of Shares&#148; </I>in the U.S.&#160;Offer to Purchase.
    ADS holders electing to participate directly in the Offers as
    holders of Shares should allow sufficient time to take all
    necessary steps and make all required arrangements described in
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;3.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of Shares&#148; </I>in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of an inconsistency between the terms and
    procedures set forth in this Letter of Transmittal and the
    U.S.&#160;Offer to Purchase, the terms and procedures set forth
    in the U.S.&#160;Offer to Purchase shall govern. Please contact
    BNY Mellon Shareowner Services, the U.S.&#160;Information Agent
    for the tender offer, in the United States at 1-877-289-0143
    (Toll-Free), from outside the United States at 1-201-680-5235,
    and banks and brokers at 1-201-680-5235.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="10" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><FONT style="font-size: 10pt">BOX 1: DESCRIPTION OF ADSs
    REPRESENTING SHARES TO BE TENDERED</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>ADSs to be tendered <BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(attach additional list if necessary)(1)</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Total Number<BR>
    </B>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Name(s) and address(es) of registered holder(s) <BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>ADR<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of ADSs<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Number of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>(Please fill in, if blank, exactly as <BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Serial<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Evidenced by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>ADSs to be<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>name(s) appear(s) on ADRs)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number(s)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>ADRs</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Tendered</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=38 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=38 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=38 length=0 -->
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=38 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <B>Total ADSs</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 12pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=48 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="10" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    (1)&#160;Unless otherwise indicated, it will be assumed that all
    ADSs delivered to the U.S.&#160;Receiving Agent are being
    tendered. See Instruction&#160;4. You must complete Box 4 in
    accordance with the instructions set out therein and, if
    appropriate, Boxes 2 and 3.
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="96%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>CHECK HERE IF ANY ADRs EVIDENCING ADSs THAT YOU OWN HAVE BEEN
    LOST, DESTROYED, MUTILATED OR STOLEN (SEE INSTRUCTION&#160;11).
    IF ANY ADRs HAVE BEEN LOST, DESTROYED, MUTILATED OR STOLEN,
    PLEASE FILL OUT THE REMAINDER OF THIS LETTER OF TRANSMITTAL AND
    INDICATE HERE THE NUMBER OF ADSs REPRESENTED BY THE LOST,
    DESTROYED, MUTILATED OR STOLEN ADRs</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTE:
    SIGNATURES MUST BE PROVIDED BELOW<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLEASE
    READ THE ACCOMPANYING INSTRUCTIONS&#160;CAREFULLY</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">To: The
    Bank of New York Mellon, as U.S. Receiving Agent:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby instructs the U.S.&#160;Receiving Agent
    to tender the above-described ADSs in the U.S.&#160;Offer, upon
    the terms and subject to the conditions set forth in the
    U.S.&#160;Offer to Purchase and this Letter of Transmittal. The
    undersigned hereby acknowledges that delivery of this Letter of
    Transmittal, the ADRs and any other required documents delivered
    to the U.S.&#160;Receiving Agent in connection herewith will be
    deemed (without any further action by the U.S.&#160;Receiving
    Agent) to constitute acceptance of the U.S.&#160;Offer by the
    undersigned with respect to the Shares represented by the
    above-described ADSs, subject to withdrawal rights described in
    <I>&#147;THE U.S.&#160;OFFER &#151;&#160;Section&#160;5.
    Withdrawal Rights&#148; </I>in the U.S.&#160;Offer to Purchase
    and the terms and conditions set forth in this Letter of
    Transmittal. See Instruction&#160;13 of this Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned understands that acceptance of the
    U.S.&#160;Offer by the undersigned pursuant to the procedures
    described herein and in the instructions hereto will constitute
    a binding agreement between the undersigned and the Bidders upon
    the terms and subject to the conditions set forth in the
    U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby delivers to the U.S.&#160;Receiving Agent
    the ADRs evidencing the above-described ADSs for tender of the
    Shares represented by such ADSs, in accordance with the terms
    and conditions set forth in the U.S.&#160;Offer to Purchase and
    this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and conditions set forth in the U.S.&#160;Offer
    to Purchase (including, if the U.S.&#160;Offer is extended or
    amended, the terms and conditions of any such extensions or
    amendments) and to the extent permitted under applicable law,
    subject to and effective upon the acceptance for purchase of the
    Shares represented by ADSs validly tendered herewith in
    accordance with the terms and conditions set forth in the
    U.S.&#160;Offer to Purchase, the undersigned hereby sells,
    assigns and transfers to, or upon the order of, the Bidders all
    right, title and interest in and to all the Shares represented
    by ADSs being tendered hereby. In addition, the undersigned
    irrevocably constitutes and appoints the U.S.&#160;Receiving
    Agent as the true and lawful agent and attorney-in-fact of the
    undersigned with respect to the ADSs and the Shares represented
    by such ADSs, with full power of substitution (such power of
    attorney being deemed an irrevocable power coupled with an
    interest), to (a)&#160;cancel the ADSs representing the Shares
    purchased in the tender offer and deliver the Shares represented
    by such ADSs or transfer the ownership of such Shares with all
    accompanying evidences of transfer and authenticity to, or upon
    the order of, the Bidders, and (b)&#160;receive all benefits and
    otherwise exercise all rights of beneficial ownership of the
    Shares represented by such ADSs, all in accordance with the
    terms set forth in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby represents and warrants that the
    undersigned has full power and authority to tender, sell, assign
    and transfer the Shares underlying the ADSs evidenced by ADRs
    tendered hereby and that when the Shares underlying the ADSs are
    purchased by the Bidders, the Bidders will acquire good and
    unencumbered title thereto, free and clear of all liens,
    restrictions, charges and encumbrances, together with all rights
    now or hereafter attaching to them, including voting rights and
    rights to all dividends, other distributions and payments
    hereafter declared, made or paid, and the Shares will not be
    subject to any adverse claims. The undersigned will, upon
    request, execute and deliver any additional documents deemed by
    the U.S.&#160;Receiving Agent or the Bidders to be necessary or
    desirable to complete the sale, assignment and transfer of the
    Shares represented by ADSs tendered hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned agrees to ratify each and every act or action
    that may be done or effected by any director of, or other person
    nominated by, the Bidders or their respective agents, as the
    case may be, in the exercise of any of his or her powers
    <FONT style="white-space: nowrap">and/or</FONT>
    authorities hereunder. The undersigned undertakes, represents
    and warrants that if any provision of this Letter of Transmittal
    shall be unenforceable or invalid or shall not operate so as to
    afford the Bidders or the U.S.&#160;Receiving Agent or their
    respective agents the benefit of the authority expressed to be
    given in this Letter of Transmittal, the undersigned shall, with
    all practicable speed, do all such acts and actions and execute
    all such documents as may be required to enable the Bidders or
    the U.S.&#160;Receiving Agent to secure the full benefits of
    this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All authority herein conferred or agreed to be conferred and all
    undertakings, representations and warranties given pursuant to
    this Letter of Transmittal shall be binding upon the successors,
    assigns, heirs, executors, administrators and legal
    representatives of the undersigned and shall not be affected by,
    and shall survive, the death or incapacity of the undersigned.
    This tender is irrevocable, subject to the withdrawal rights
    described in <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;5. Withdrawal Rights&#148; </I>in the
    U.S.&#160;Offer to Purchase.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated herein in Box 2: &#147;Special
    Issuance Instructions&#148; or Box 3: &#147;Special Delivery
    Instructions,&#148; the undersigned hereby instructs the
    U.S.&#160;Receiving Agent to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;make the transfer of the Offer Price for the Shares
    represented by ADSs purchased in the U.S.&#160;Offer, and/or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;cause to be issued any ADRs evidencing ADSs which
    represent Shares not tendered or purchased in the
    U.S.&#160;Offer, in the name(s) of the registered holder(s)
    appearing herein in Box 1: &#147;Description of ADSs
    Representing Shares To Be Tendered.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that Box 2: &#147;Special Issuance
    Instructions&#148; is completed, the undersigned hereby
    instructs the U.S.&#160;Receiving Agent to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;make the transfer of the Offer Price for the Shares
    represented by ADSs purchased in the U.S.&#160;Offer, and/or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;cause to be issued any ADRs evidencing ADSs which
    represent Shares not tendered or purchased in the
    U.S.&#160;Offer,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in each case, in the name(s) of the person or persons so
    indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that Box 3: &#147;Special Delivery
    Instructions&#148; is completed, the undersigned hereby
    instructs the U.S.&#160;Receiving Agent to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;make the transfer of the Offer Price for the Offer
    Price for the Shares represented by ADSs purchased in the
    U.S.&#160;Offer, and/or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;return, or cause to be returned, any ADRs evidencing
    any ADSs which represent Shares not tendered or purchased in the
    U.S.&#160;Offer (and accompanying documents, as appropriate),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in each case, to the address(es) of the person or persons so
    indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the case of a book-entry delivery of ADSs, the undersigned
    hereby instructs the U.S.&#160;Receiving Agent to credit the
    undersigned&#146;s account maintained at DTC with (i)&#160;the
    Offer Price for the Shares represented by ADSs purchased in the
    U.S.&#160;Offer, and (ii)&#160;ADSs representing any Shares not
    tendered or purchased in the U.S.&#160;Offer. The undersigned
    recognizes that the U.S.&#160;Receiving Agent will not transfer
    any ADSs from the name of the registered holder thereof if the
    Bidders do not purchase any of the Shares represented by ADSs so
    tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms and conditions contained in the U.S.&#160;Offer to
    Purchase, as from time to time supplemented or amended, shall be
    deemed to be incorporated in, and form part of, this Letter of
    Transmittal, which shall be read and construed accordingly. This
    Letter of Transmittal shall not be considered complete and
    valid, and delivery of the consideration pursuant to the
    U.S.&#160;Offer to Purchase shall not be made, until the ADSs
    representing the Shares being tendered and all other required
    documentation have been received by the U.S.&#160;Receiving
    Agent as provided in the U.S.&#160;Offer to Purchase and this
    Letter of Transmittal.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<BR>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BOX 2: SPECIAL ISSUANCE INSTRUCTIONS<BR>
    (See Instructions&#160;1, 5, 6 and 7)<BR>
    </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;To be completed ONLY if ADRs
    evidencing ADSs representing Shares not tendered or not
    purchased in the U.S.&#160;Offer
    <FONT style="white-space: nowrap">and/or</FONT> the
    transfer of the Offer Price of the Shares represented by ADSs
    purchased in the U.S.&#160;Offer are to be issued in the name of
    and made to someone other than the undersigned or if ADSs
    representing Shares tendered by book-entry transfer that are not
    purchased in the U.S.&#160;Offer are to be returned by credit to
    an account maintained at DTC other than that designated
    above.<BR>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Issue
    ADR
    <FONT style="white-space: nowrap">and/or&#160;&#160;</FONT><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;make
    transfer to:<BR>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Name:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=475 length=0 --></div><BR>
    <B><FONT style="font-size: 8pt">(Please Print)<BR>
    </FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Address:&#160;</TD>
    <TD align="left">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --></div><BR>
    <BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --><BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --><BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --><B><FONT style="font-size: 8pt">(Include
    Zip Code)<BR>
    </FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=128 iwidth=504 length=0 --><B><FONT style="font-size: 8pt">(Tax
    Identification or Social Security No.)<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please also complete IRS
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    <FONT style="white-space: nowrap">Form&#160;W-8BEN,</FONT>
    or other applicable form, as appropriate)<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;</TD>
    <TD align="left">
    Credit ADSs representing Shares tendered by book-entry transfer
    that are not purchased in the U.S.&#160;Offer to the account set
    forth below:<BR>
    <BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=486 length=0 --><BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=486 length=0 --><B><FONT style="font-size: 8pt">(DTC
    Account Number)</FONT></B>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->
<BR><DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 11pt; border-right: 1px solid #000000; padding-right: 11pt; border-bottom: 1px solid #000000; padding-bottom: 11pt; border-left: 1px solid #000000; padding-left: 11pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BOX 3: SPECIAL DELIVERY INSTRUCTIONS<BR>
    (See Instructions&#160;1, 5, 6 and 7)<BR>
    </B>
</DIV>

<DIV style="margin-top: 16pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;To be completed ONLY if ADRs
    evidencing ADSs representing Shares not tendered or not
    purchased in the U.S.&#160;Offer
    <FONT style="white-space: nowrap">and/or</FONT> the
    transfer of the Offer Price of the Shares represented by ADSs
    purchased in the U.S.&#160;Offer are to be sent to
    <FONT style="white-space: nowrap">and/or</FONT> made
    to someone other than the undersigned or to the undersigned at
    an address other than that shown above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Issue
    ADR
    <FONT style="white-space: nowrap">and/or&#160;&#160;</FONT><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;make
    transfer to:<BR>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Name:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=475 length=0 --></div><BR>
    <B><FONT style="font-size: 8pt">(Please Print)<BR>
    </FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Address:&#160;</TD>
    <TD align="left">
    <DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --></div><BR>
    <BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --><BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --><BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --><B><FONT style="font-size: 8pt">(Include
    Zip Code)<BR>
    </FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<BR>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    <BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=128 iwidth=504 length=0 --><B><FONT style="font-size: 8pt">(Tax
    Identification or Social Security No.)<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please also complete the
    attached
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    or
    <FONT style="white-space: nowrap">Form&#160;W-8BEN,</FONT>
    or other applicable form, as appropriate)<BR>
    &#160;</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<BR>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">BOX 4: SIGN HERE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please also complete
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    or
    <FONT style="white-space: nowrap">Form&#160;W-8BEN,</FONT>
    or other&#160;applicable form, as appropriate)</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Signature(s) of All
    Holder(s))</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <div nowrap>Dated:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=504 length=96 -->,
    2008
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Must be signed by registered holder(s) exactly as name(s)
    appear(s) on ADRs. If signed by person(s) to which the ADSs
    represented hereby have been assigned or transferred as
    evidenced by endorsement or stock powers transmitted herewith,
    the signatures must be guaranteed. If signature is by an officer
    on behalf of a corporation or by an executor, administrator,
    trustee, guardian, attorney, agent or any other person acting in
    a fiduciary or representative capacity, please provide the
    following information. See Instructions&#160;1 and 5.)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Name(s):&#160;</TD>
    <TD valign="bottom" align="left">
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=125 iwidth=464 length=0 --></div>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Name of Entity:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=435 length=0 --></div>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="16%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Capacity (full title):&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=420 length=0 --></div>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Address:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=466 length=0 --></div>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="18%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Telephone Number<BR>
    (including area code):&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=125 iwidth=412 length=0 --></div>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="16%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <div nowrap>Taxpayer Identification or<BR>
    Social Security No.:&#160;</TD>
    <TD valign="bottom" align="left">
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=125 iwidth=419 length=0 --></div>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->
</div><DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 2 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>GUARANTEE OF SIGNATURE(S)</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(If required, see Instructions&#160;1, 2, 5 and 13)</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Authorized Signature</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Name (Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Name of Financial
    Institution</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Address</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Zip Code</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=504 length=0 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Telephone Number (including area
    code)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt"><U>&#173;
    &#173;</U></FONT><!-- callerid=128 iwidth=504 length=96 -->,
    2008
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 2 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Forming
    Part of the Terms and Conditions of the U.S. Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;<I>Guarantee of Signatures</I>.&#160;&#160;Except as
    otherwise provided below, all signatures on this Letter of
    Transmittal must be guaranteed by a financial institution (which
    include most commercial banks, savings and loan associations and
    brokerage houses) that is a participant in good standing in the
    Securities Transfer Agents Medallion Program
    <B>(&#147;STAMP&#148;)</B>, the New York Stock Exchange
    Medallion Signature Program <B>(&#147;MSP&#148;)</B>, or the
    Stock Exchanges Medallion Program (<B>&#147;SEMP&#148;</B>) or
    any other &#147;eligible guarantor institution&#148; (as defined
    in
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Securities Exchange Act of 1934, as amended) (each of
    the foregoing, an <B>&#147;Eligible Institution&#148;</B>).
    Signatures on this Letter of Transmittal need not be guaranteed
    (a)&#160;if this Letter of Transmittal is signed by the
    registered holder(s) of the ADSs representing Shares tendered
    herewith and such holder(s) have not completed either Box 2:
    &#147;Special Issuance Instructions&#148; or Box 3:
    &#147;Special Delivery Instructions&#148; herein, or (b)&#160;if
    the Shares underlying such ADSs are tendered for the account of
    an Eligible Institution. See Instruction&#160;5.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;<I>Delivery of Letter of Transmittal and
    ADSs</I>.&#160;&#160;This Letter of Transmittal is to be
    completed by ADS holders if ADRs are to be forwarded herewith.
    An Agent&#146;s Message must be utilized if delivery of ADSs is
    to be made by book-entry transfer to an account maintained by
    the U.S.&#160;Receiving Agent at DTC pursuant to the procedures
    for book-entry transfer. ADRs evidencing ADSs or confirmation of
    any book-entry transfer into the U.S.&#160;Receiving
    Agent&#146;s account at DTC of ADSs delivered electronically, as
    well as a properly completed and duly executed Letter of
    Transmittal (or an originally signed facsimile thereof) with any
    required signature guarantees or, in the case of a book-entry
    transfer, an Agent&#146;s Message and any other documents
    required by this Letter of Transmittal, must be delivered to the
    U.S.&#160;Receiving Agent at one of its addresses set forth
    herein prior to the Expiration Time on the Expiration Date,
    unless the U.S.&#160;Offer is extended or earlier terminated. If
    ADRs are forwarded to the U.S.&#160;Receiving Agent in multiple
    deliveries, a properly completed and duly executed Letter of
    Transmittal (or an originally signed facsimile thereof) must
    accompany each such delivery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term <B>&#147;Agent&#146;s Message&#148;</B> means a message
    transmitted by means of DTC to, and received by, the
    U.S.&#160;Receiving Agent and forming a part of a book-entry
    confirmation which states that DTC has received an express
    acknowledgment from the DTC participant tendering Shares
    underlying ADSs that are the subject of such book-entry
    confirmation that such participant has received and agrees to be
    bound by the terms of the Letter of Transmittal and that the
    Bidders may enforce such agreement against the participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The method of delivery of ADRs and all other required documents
    is at the sole option and risk of the tendering holders of ADSs.
    ADRs will be deemed delivered only when actually received by the
    U.S.&#160;Receiving Agent. If delivery is by mail, registered
    mail with return receipt requested, properly insured, is
    recommended. In all cases, sufficient time should be allowed to
    ensure timely delivery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No alternative, conditional or contingent tenders will be
    accepted, and no number of underlying Shares that would
    represent a fractional ADS will be purchased. By executing this
    Letter of Transmittal, all tendering ADS holders waive any right
    to receive any notice of the purchase of Shares underlying their
    ADSs by the Bidders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;<I>Inadequate Space</I>.&#160;&#160;If the space
    provided herein is inadequate, the serial numbers of the ADRs,
    the total number of ADSs evidenced by such ADRs, the number of
    ADSs representing the Shares tendered and any other required
    information should be listed on a separate signed schedule
    attached hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;<I>Partial Tenders</I>.&#160;&#160;If fewer than all of
    the ADSs evidenced by ADRs delivered to the U.S.&#160;Receiving
    Agent are to be tendered, fill in the number of ADSs to be
    tendered in Box 1: &#147;Number of ADSs To Be Tendered.&#148; In
    such case, new ADRs evidencing the remainder of the ADSs will be
    sent to the person(s) signing this Letter of Transmittal, unless
    otherwise provided in Box 3: &#147;Special Delivery
    Instructions&#148; on this Letter of Transmittal, as soon as
    practicable after the date on which such ADSs are purchased in
    the U.S.&#160;Offer. All the ADSs delivered to the
    U.S.&#160;Receiving Agent will be deemed to have been tendered
    unless otherwise indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;<I>Signatures on Letter of Transmittal, Stock Powers and
    Endorsements</I>.&#160;&#160;If this Letter of Transmittal is
    signed by the registered holder(s) of the ADSs representing
    Shares tendered hereby, the signature(s) must correspond to the
    name(s) as written on the face of the ADRs evidencing those ADSs
    without any alteration or change whatsoever. <B>DO NOT SIGN THE
    BACK OF THE ADRs.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the ADSs tendered hereby is owned of record by two or
    more joint holders, all such holders must sign this Letter of
    Transmittal. If any of the ADSs tendered in the tender offer is
    registered in different names on several ADRs, it will be
    necessary to complete, sign and submit as many separate Letters
    of Transmittal as there are different registrations of ADRs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal or any ADRs or stock powers are
    signed by trustees, executors, administrators, guardians,
    attorneys-in-fact, officers of corporations or others acting in
    a fiduciary or representative capacity, such persons should so
    indicate when signing, and proper evidence satisfactory to the
    Bidders of their authority to act must be submitted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal is signed by the registered
    holder(s) of the ADSs listed and transmitted hereby, no
    endorsements of ADRs or separate stock powers are required.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal is signed by a person other than
    the registered holder(s) of the ADSs tendered hereby, the ADRs
    evidencing the ADSs must be endorsed or accompanied by
    appropriate stock powers signed exactly as the name(s) of the
    registered holder(s) appear(s) on such ADRs. Signatures on such
    ADRs or stock powers must be guaranteed by an Eligible
    Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;<I>Stock Transfer Taxes</I>.&#160;&#160;The registered
    holder(s) of the ADSs listed and transmitted hereby must pay any
    stock transfer taxes (a)&#160;with respect to the transfer of
    ADSs and the sale of the Shares underlying such ADSs to the
    Bidders or the holder&#146;s sell order pursuant to the
    U.S.&#160;Offer to Purchase and (b)&#160;if ADSs not tendered or
    purchased in the tender offer are to be registered in the name
    of any person(s) other than the registered holder(s), with
    respect to the transfer to such person(s). Any such stock
    transfer taxes (whether imposed on the registered holder(s) or
    any other person(s)) will be deducted from the Offer Price,
    unless satisfactory evidence of the payment of such taxes or
    exemption therefrom is submitted. Except as otherwise provided
    in this Instruction&#160;6, it will not be necessary for
    transfer tax stamps to be affixed to the ADSs listed and
    transmitted hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;<I>Special Issuance and Delivery
    Instructions</I>.&#160;&#160;If the payment for ADSs purchased
    in the tender offer
    <FONT style="white-space: nowrap">and/or</FONT> ADRs
    evidencing ADSs not tendered or purchased in the tender offer is
    or are to be issued in the name of a person other than the
    signatory of this Letter of Transmittal or if such payment is to
    be sent
    <FONT style="white-space: nowrap">and/or</FONT> such
    ADRs are to be returned to a person other than the signatory of
    this Letter of Transmittal or to an address other than that
    indicated in Box 1: &#147;Description of ADSs To Be
    Tendered,&#148; the appropriate Special Delivery Instructions
    (Box 3)&#160;and/or Special Issuance Instructions (Box
    2)&#160;on this Letter of Transmittal should be completed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;<I>Waiver of Conditions</I>.&#160;&#160;The Bidders, in
    accordance with the terms set forth in the U.S.&#160;Offer to
    Purchase, have reserved the right to waive all or any of the
    Conditions to the tender offer described in <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Certain Conditions
    to the U.S.&#160;Offer&#148;</I> in the U.S.&#160;Offer to
    Purchase, in whole or in part, on or before the Expiration Time
    on the Expiration Date or the New Expiration Date, as
    applicable, to the extent permitted by law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9.&#160;<I>Requests for Assistance or Additional
    Copies</I>.&#160;&#160;Holders of ADSs may use this Letter of
    Transmittal to tender their ADSs. Holders of Shares may not
    tender their Shares using this Letter of Transmittal, except
    insofar as such Shares are represented by ADSs. Questions and
    requests for assistance or additional copies of the
    U.S.&#160;Offer to Purchase or this Letter of Transmittal may be
    directed to the U.S.&#160;Information Agent at the addresses and
    telephone numbers set forth on the back cover of this Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;<I>Holders of Shares</I>.&#160;&#160;This Letter of
    Transmittal cannot be used to tender Shares, except insofar as
    Shares are represented by ADSs. If you hold Shares that are not
    represented by ADSs and you are a U.S.&#160;Person, you can only
    tender such Shares in the U.S.&#160;Offer by following the
    instructions in &#147;<I>THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;3. Procedure for Tendering in the
    U.S.&#160;Offer&#160;&#151; Holders of Shares&#148;</I> in the
    U.S.&#160;Offer to Purchase. Please refer to the U.S.&#160;Offer
    to Purchase for more information and contact the
    U.S.&#160;Information Agent with any questions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11.&#160;<I>Lost, Destroyed or Stolen ADRs</I>.&#160;&#160;If
    any ADRs evidencing ADSs have been lost, destroyed, mutilated or
    stolen, the holder should complete and sign this Letter of
    Transmittal and return it to the U.S.&#160;Receiving Agent
    indicating the number of ADRs that have been lost, destroyed,
    mutilated or stolen in Box 1: &#147;Description of ADSs To Be
    Tendered&#148;, or call the U.S.&#160;Information Agent in the
    United States at 1-877-289-0143 (Toll-Free), from outside the
    United States at 1-201-680-5235, and banks and brokers at
    1-201-680-5235, for further instructions as to the steps that
    must be taken in order to replace the ADRs. This Letter of
    Transmittal and related documents cannot be processed, and the
    Shares underlying the ADSs evidenced by such ADRs cannot be
    tendered, until the procedures for replacing lost or destroyed
    ADRs have been complied with. <B>There will be no guaranteed
    delivery process available to tender ADSs.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12.&#160;<I>Backup Withholding</I>.&#160;&#160;Under
    U.S.&#160;federal income tax law, a holder that tenders ADSs in
    the tender offer is required to provide the U.S.&#160;Receiving
    Agent either (a)&#160;a properly completed Internal Revenue
    Service (<B>&#147;IRS&#148;</B>)
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    with its correct taxpayer identification number
    (<B>&#147;TIN&#148;</B>), if the holder is a U.S.&#160;person,
    or (b)&#160;if the holder is not a U.S.&#160;person, a properly
    completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a properly completed
    <FONT style="white-space: nowrap">Form&#160;W-8IMY,</FONT>
    or other applicable form, as appropriate, available from the IRS
    at
    <FONT style="white-space: nowrap">http://www.irs.gov.</FONT>
    Instructions for completing these IRS forms are available from
    the IRS at
    <FONT style="white-space: nowrap">http://www.irs.gov.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under U.S.&#160;federal income tax law, payment of cash by the
    U.S.&#160;Receiving Agent may be subject to U.S.&#160;backup
    withholding tax at a rate of 28% unless the holder establishes
    entitlement to an exemption. If backup withholding applies, the
    U.S.&#160;Receiving Agent is required to withhold 28% of any
    payments to be made to the holder. Backup withholding is not an
    additional U.S.&#160;federal income tax. Rather, the
    U.S.&#160;federal income tax liability of persons subject to
    backup withholding will be reduced by the amount of such tax
    withheld. If backup withholding results in an overpayment of
    taxes, a refund may be obtained by filing a tax return with the
    IRS. The U.S.&#160;Receiving Agent cannot refund amounts
    withheld by reason of backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to avoid such backup withholding, each holder
    delivering ADSs to the U.S.&#160;Receiving Agent should
    (a)&#160;provide its TIN and certify, under penalties of
    perjury, that the TIN so provided is correct and that
    (i)&#160;the holder has not been notified by the IRS that the
    holder is subject to backup withholding as a result of failure
    to report all interest or dividends, or (ii)&#160;the IRS has
    notified the holder that the holder is no longer subject to
    backup withholding; or (b)&#160;provide an adequate basis for an
    exemption. In general, if a U.S.&#160;holder is an individual,
    the TIN is his or her social security number. If the
    U.S.&#160;Receiving Agent is not provided with the correct TIN,
    such holder may be subject to a $50 penalty imposed by the IRS
    and payments that are made to such holder with respect to ADSs
    representing Shares tendered and accepted for purchase in the
    tender offer may be subject to backup withholding. A holder that
    makes a false statement with no reasonable basis that results in
    no backup withholding is subject to a $500 penalty. Willfully
    falsifying certifications or affirmations may subject the holder
    to criminal penalties, including fines
    <FONT style="white-space: nowrap">and/or</FONT>
    imprisonment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    13.&#160;<I>Withdrawal Rights</I>.&#160;&#160;Tenders of ADSs
    made pursuant to the U.S.&#160;Offer may be withdrawn at any
    time on or prior to the Expiration Time on the Expiration Date
    or the New Expiration Date, as applicable or, thereafter, until
    such time as the Bidders announce that the Required Regulatory
    Approval has been obtained and that they will pay the Offer
    Price. Any tender of Securities will be irrevocable after that
    time. See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;5. Withdrawal Rights&#148; </I>in the
    U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be effective, a written or facsimile transmission notice of
    withdrawal must be timely received by the U.S.&#160;Receiving
    Agent at its address set forth on the back cover of the
    U.S.&#160;Offer to Purchase and must specify the name of the
    person who tendered ADSs to be withdrawn and the number of ADSs
    to be withdrawn and the name of the registered holder of ADSs,
    if different from that of the person who tendered such ADSs. If
    the ADSs to be withdrawn have been delivered to the
    U.S.&#160;Receiving Agent, a signed notice of withdrawal with
    (except in the case of ADSs tendered by an Eligible Institution)
    signatures guaranteed by an Eligible Institution must be
    submitted prior to the release of such ADSs. In addition, such
    notice must specify, in the case of ADSs tendered by delivery of
    certificates, the name of the registered holder (if different
    from that of the tendering holder) and the serial numbers shown
    on the particular certificates evidencing the ADSs to be
    withdrawn or, in the case ADSs tendered by book-entry transfer,
    the name and number of the account at one of the Book-Entry
    Transfer Facilities to be credited with the withdrawn ADSs.
    Withdrawals may not be rescinded (without the written consent of
    the Bidders), and ADSs withdrawn will thereafter be deemed not
    validly tendered for purposes of the U.S.&#160;Offer. However,
    withdrawn ADSs may be re-tendered by again following one of the
    procedures described in Section&#160;4 of the U.S.&#160;Offer to
    Purchase, at any time prior to the Expiration Time on the
    Expiration Date or the New Expiration Date, as applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the form and validity (including time of
    receipt) of any notice of withdrawal will be determined by the
    Bidders, in their sole discretion, subject to applicable law,
    which determination shall be final and binding. None of the
    Bidders, the U.S.&#160;Receiving Agent, the
    U.S.&#160;Information Agent or any other person will be under
    any duty to give notification of any defect or irregularity in
    any notice of withdrawal or incur any liability for failure to
    give any such notification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Important:&#160;&#160;This Letter of Transmittal, together
    with the ADRs, or an Agent&#146;s Message (as defined in
    Instruction&#160;2 herein), together with confirmation of
    book-entry transfer of ADSs through DTC, and all other required
    documents, must be received by the U.S.&#160;Receiving Agent on
    or prior to the Expiration Time Expiration Date, unless the
    tender offer is extended.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">The U.S.
    Information Agent for the U.S. Offer is:</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BNY
    Mellon Shareowner Services</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">480
    Washington Blvd.,<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Jersey City,
    NJ 07310<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">In the
    United States: Call 1-877-289-0143 (Toll-Free)<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Outside the
    United States: Call 1-201-680-5235<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Banks and
    Brokers: 1-201-680-5235
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.E
<SEQUENCE>7
<FILENAME>y71140exv99waw1we.htm
<DESCRIPTION>EX-99.A.1.E: FORM OF LETTER TO BROKERS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.E</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(E)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Offer to Purchase for Cash</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">All Outstanding Class&#160;A
    Shares, Class&#160;B Shares,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Class&#160;C Shares and
    Class&#160;D Shares held by U.S. Persons</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">and All Outstanding American
    Depositary Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">(each representing one
    Class&#160;D Share)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">by</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Petersen
    Energ&#237;a Inversora, S.A.,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Enrique Eskenazi,
    Sebasti&#225;n Eskenazi,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Mat&#237;as Eskenazi Storey
    and</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Ezequiel Eskenazi
    Storey</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pursuant
    to the U.S. Offer to Purchase dated September&#160;11,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS U.S. OFFER CAN BE ACCEPTED BY HOLDERS OF AMERICAN
    DEPOSITARY SHARES, BY 5:00&#160;P.M., NEW YORK CITY TIME, ON
    OCTOBER, 2008, UNLESS THE TENDER OFFER IS EXTENDED OR EARLIER
    TERMINATED.</B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">September&#160;11,
    2008
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To Brokers, Dealers, Commercial Banks, Trust&#160;Companies and
    Other Nominees:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enclosed is an offer to purchase, dated September&#160;11, 2008
    (the <B>&#147;U.S.&#160;Offer to Purchase&#148;</B>) and the
    related letter of transmittal (the <B>&#147;Letter of
    Transmittal,&#148;</B> and together with the U.S.&#160;Offer to
    Purchase, as amended or supplemented from time to time, the
    <B>&#147;Offer Documents&#148;</B>) relating to the tender offer
    by Petersen Energ&#237;a Inversora, S.A.
    (<B>&#147;Purchaser&#148;</B>), a corporation (<I>sociedad
    an&#243;nima</I>) organized under the laws of the Kingdom of
    Spain and a direct wholly-owned subsidiary of Petersen
    Energ&#237;a Inversora Holding GmbH, a limited liability company
    (<I>GmbH</I>) organized under the laws of the Republic of
    Austria (<B>&#147;Holding&#148;</B>), and by Enrique Eskenazi,
    Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and
    Ezequiel Eskenazi Storey (collectively, the <B>&#147;Eskenazi
    Family&#148;</B>, and together with the Purchaser, the
    <B>&#147;Bidders&#148;</B>) to purchase (1)&#160;Class&#160;A
    Shares, Class&#160;B Shares, Class&#160;C Shares and
    Class&#160;D Shares of YPF Sociedad An&#243;nima
    (<B>&#147;YPF&#148;</B> or the <B>&#147;Issuer&#148;</B>), a
    corporation organized under the laws of the Republic of
    Argentina (<B>&#147;Argentina&#148;</B>) (all such shares having
    par value of 10 Pesos per share, collectively, the
    <B>&#147;Shares&#148;</B>) held by U.S.&#160;Persons and
    (2)&#160;the American Depositary Shares (each representing one
    Class&#160;D Share) (the <B>&#147;ADSs&#148;</B>; and together
    with the Shares, the <B>&#147;Securities&#148;</B>), at a price
    of U.S.&#160;$49.45 (forty-nine dollars and forty-five cents)
    per Security, in cash (the <B>&#147;Offer Price&#148;</B>),
    without interest thereon less any required withholding taxes
    and, if applicable, any Distributions, upon the terms and
    subject to the conditions set forth in the U.S.&#160;Offer to
    Purchase and in the related Letter of Transmittal (which,
    together with any amendments or supplements thereto,
    collectively constitute the <B>&#147;U.S.&#160;Offer&#148;</B>
    ). The U.S.&#160;Offer is being made in conjunction and
    simultaneously with an offer by Purchaser in Argentina for all
    outstanding Shares (but not ADSs) (whether or not held by
    U.S.&#160;Persons) (the <B>&#147;Argentine Offer</B>,&#148; and
    together with the U.S.&#160;Offer, the
    <B>&#147;Offers&#148;</B>). The price offered in the Argentine
    Offer is the same as the Offer Price in the U.S.&#160;Offer,
    payable in Argentine pesos in the case of the Argentine Offer.
    The Bidders do not intend to change the Offer Price and, while
    the Offers are open, will not purchase or make any arrangements
    to purchase Securities, other than pursuant to the Offers.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All terms not otherwise defined herein have the meaning set
    forth in the U.S.&#160;Offer to Purchase. Please furnish copies
    of the enclosed materials to those of your clients for whose
    accounts you hold ADSs in your name or in the name of your
    nominee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The U.S.&#160;Offer is not conditioned on any minimum number
    of Securities being tendered. However, the U.S.&#160;Offer is
    subject to other Conditions. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Conditions of the
    U.S.&#160;Offer</I>&#148; in the U.S.&#160;Offer to Purchase.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For your information, and for forwarding to those clients for
    which you hold ADSs registered in your name or in the name of
    your nominee, we are enclosing the following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;The U.S.&#160;Offer to Purchase;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;The Letter of Transmittal (to be used for guidance by
    clients for whose account you hold ADSs registered in your name
    or in the name of a nominee);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;A printed form of letter that may be sent to clients for
    whose account you hold ADSs registered in your name or in the
    name of a nominee, with an Instruction&#160;Form attached for
    obtaining such clients&#146; instructions with regard to the
    tender offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The enclosed Letter of Transmittal cannot be used to tender
    Shares, except insofar as Shares are represented by ADSs, on
    behalf of clients for whose account you hold ADSs registered in
    your name or in the name of a nominee. Shares not represented by
    ADSs held by U.S.&#160;Persons can only be tendered in the
    U.S.&#160;Offer by following the instructions in the Offer
    Documents. See Instruction&#160;10 of the Letter of
    Transmittal.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS
    POSSIBLE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please note the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;In order to participate in the tender offer, holders of
    ADSs may tender the Shares underlying their ADSs through The
    Bank of New York Mellon, as <B>&#147;U.S.&#160;Receiving
    Agent&#148;</B>, in accordance with the instructions set forth
    in the Offer Documents. As an alternative to tendering the
    Shares underlying its ADSs through the U.S.&#160;Receiving
    Agent, an ADS holder may also surrender its ADSs to The Bank of
    New York Mellon, as ADS depositary, withdraw the Shares
    underlying the ADSs from the ADS program and participate
    directly in the U.S.&#160;Offer or the Argentine Offer as a
    holder of Shares, allowing sufficient time to complete all
    necessary steps and make all required arrangements. See
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;3.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of Shares&#148; </I>in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;After purchase by the Bidders of the Shares represented
    by ADSs tendered through the U.S.&#160;Receiving Agent and
    receipt by U.S.&#160;Receiving Agent of payment of the
    consideration for those Shares, the U.S.&#160;Receiving Agent
    will pay to the applicable holders of ADSs the Offer Price in
    cash, settled in U.S.&#160;dollars without interest thereon and
    less any required fees and expenses (See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;17. Fees and
    Expenses&#148; </I>in the U.S.&#160;Offer to Purchase) and
    withholding taxes (See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;17. Certain Tax Considerations&#148; </I>in the
    U.S.&#160;Offer to Purchase) and, if applicable, any
    Distributions. The ADS cancellation fee is payable to The Bank
    of New York Mellon, as depositary under the deposit agreement
    governing YPF&#146;s ADS program. In addition, ADS holders must
    pay any taxes or governmental charges payable in connection with
    the cancellation of ADSs representing Shares purchased in the
    tender offer. ADS holders will receive the Offer Price for
    Shares represented by ADSs purchased in the U.S.&#160;Offer by
    means of delivery of funds to the account indicated or, in the
    case of ADSs held through The Depository Trust&#160;Company
    (<B>&#147;DTC&#148;</B>), by means of delivery of funds to the
    account maintained at DTC by the tendering participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;U.S.&#160;federal income tax backup withholding at a
    rate of 28% may be required, unless the required taxpayer
    identification information is provided. See Instruction&#160;12
    of the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;Any holder of ADSs that wishes to tender Shares
    underlying ADSs through the U.S.&#160;Receiving Agent must do so
    no later than the Expiration Time on the Expiration Date or the
    New Expiration Date, as applicable. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;3. Procedure for
    Tendering in the U.S.&#160;Offer &#151;&#160;Holders of
    ADSs&#148; </I>in the U.S.&#160;Offer to Purchase.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;In order to participate in the U.S.&#160;Offer through
    the U.S.&#160;Receiving Agent, the following must be delivered
    to the U.S.&#160;Receiving Agent prior to the Expiration Time on
    the Expiration Date or the New Expiration Date, as applicable:
    (a)&#160;American Depositary Receipts (<B>&#147;ADRs&#148;</B>)
    evidencing the tendered ADSs and the enclosed Letter of
    Transmittal, properly completed and duly executed, with any
    required signature guarantees or (b)&#160;in the case of a
    book-entry transfer through DTC, an Agent&#146;s Message (as
    defined in the Letter of Transmittal), in each case together
    with any other documents required by the U.S.&#160;Receiving
    Agent and in accordance with the instructions set forth in the
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders will not pay any fees or commissions to any broker,
    dealer or other person for soliciting tenders of Shares
    represented by ADSs pursuant to the Offer Documents. In
    addition, the Bidders will not pay any transfer taxes payable on
    the transfer of Shares represented by ADSs to it. See
    Instruction&#160;6 to the Letter of Transmittal. The Bidders
    will, however, upon request, reimburse you for customary mailing
    and handling expenses incurred by you in forwarding any of the
    enclosed materials to your clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any inquiries you may have with respect to the U.S.&#160;Offer
    and requests for copies of the enclosed materials should be
    addressed to BNY Mellon Shareowner Services, the Information
    Agent for the U.S.&#160;Offer, at the addresses and telephone
    numbers set forth on the back cover page of the Letter of
    Transmittal.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Petersen Energ&#237;a Inversora, S.A.,
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enrique Eskenazi,
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sebasti&#225;n Eskenazi,
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mat&#237;as Eskenazi Storey, and
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ezequiel Eskenazi Storey
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL
    CONSTITUTE YOU OR ANY OTHER PERSON THE AGENT OF THE BIDDERS,
    YPF, THE U.S.&#160;RECEIVING AGENT, THE U.S.&#160;INFORMATION
    AGENT OR ANY AFFILIATE OF ANY OF THEM, OR AUTHORIZE YOU OR ANY
    OTHER PERSON TO MAKE ANY STATEMENT OR USE ANY DOCUMENT ON BEHALF
    OF ANY OF THEM IN CONNECTION WITH THE U.S.&#160;OFFER, OTHER
    THAN THE ENCLOSED DOCUMENTS AND THE STATEMENTS CONTAINED
    THEREIN.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.F
<SEQUENCE>8
<FILENAME>y71140exv99waw1wf.htm
<DESCRIPTION>EX-99.A.1.F: FORM OF LETTER TO CLIENTS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.F</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(F)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Offer to Purchase for Cash</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">All Outstanding Class&#160;A
    Shares, Class&#160;B Shares,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Class&#160;C Shares and
    Class&#160;D Shares held by U.S. Persons</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">and All Outstanding American
    Depositary Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">(each representing one
    Class&#160;D Share)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">by</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Petersen
    Energ&#237;a Inversora, S.A.,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Enrique Eskenazi,
    Sebasti&#225;n Eskenazi,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Mat&#237;as Eskenazi Storey
    and</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Ezequiel Eskenazi
    Storey</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pursuant
    to the U.S. Offer to Purchase dated September&#160;11,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS U.S. OFFER CAN BE ACCEPTED BY HOLDERS OF AMERICAN
    DEPOSITARY SHARES, BY 5:00&#160;P.M., NEW YORK CITY TIME, ON
    OCTOBER 20, 2008, UNLESS THE TENDER OFFER IS EXTENDED OR EARLIER
    TERMINATED.</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">September&#160;11,
    2008
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To Our Clients:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enclosed for your consideration is an offer to purchase, dated
    September&#160;11, 2008 (the <B>&#147;U.S.&#160;Offer to
    Purchase&#148;</B>) and the related letter of transmittal (the
    <B>&#147;Letter of Transmittal,&#148;</B> and together with the
    U.S.&#160;Offer to Purchase, as amended or supplemented from
    time to time, the <B>&#147;Offer Documents&#148;</B>) by
    Petersen Energ&#237;a Inversora, S.A.
    (<B>&#147;Purchaser&#148;</B>), a corporation (<I>sociedad
    an&#243;nima</I>) organized under the laws of the Kingdom of
    Spain and a direct wholly-owned subsidiary of Petersen
    Energ&#237;a Inversora Holding GmbH, a limited liability company
    <I>(GmbH)</I> organized under the laws of the Republic of
    Austria (<B>&#147;Holding&#148;</B>), and by Enrique Eskenazi,
    Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and
    Ezequiel Eskenazi Storey (collectively, the <B>&#147;Eskenazi
    Family&#148;</B>, and together with the Purchaser, the
    <B>&#147;Bidders&#148;</B>) to purchase (1)&#160;Class&#160;A
    Shares, Class&#160;B Shares, Class&#160;C Shares and
    Class&#160;D Shares of YPF Sociedad An&#243;nima
    (<B>&#147;YPF&#148;</B> or the <B>&#147;Issuer&#148;</B>), a
    corporation organized under the laws of the Republic of
    Argentina (<B>&#147;Argentina&#148;</B>) (all such shares having
    par value of 10 Pesos per share, collectively, the
    <B>&#147;Shares&#148;</B>) held by U.S.&#160;Persons and
    (2)&#160;the American Depositary Shares (each representing one
    Class&#160;D Share) (the <B>&#147;ADSs&#148;</B>; and together
    with the Shares, the <B>&#147;Securities&#148;</B>), at a price
    of U.S.&#160;$49.45 (forty-nine dollars and forty-five cents)
    per Security, in cash (the <B>&#147;Offer Price&#148;</B>),
    without interest thereon, less any required withholding taxes
    and, if applicable, any Distributions, upon the terms and
    subject to the conditions set forth in the U.S.&#160;Offer to
    Purchase and in the related Letter of Transmittal (which,
    together with any amendments or supplements thereto,
    collectively constitute the <B>&#147;U.S.&#160;Offer&#148;</B>
    ). The U.S.&#160;Offer is being made in conjunction and
    simultaneously with an offer by Purchaser in Argentina for all
    outstanding Shares (but not ADSs) (whether or not held by
    U.S.&#160;Persons) (the <B>&#147;Argentine Offer</B>,&#148; and
    together with the U.S.&#160;Offer, the
    <B>&#147;Offers&#148;</B>). The price offered in the Argentine
    Offer is the same as the Offer Price in the U.S.&#160;Offer,
    payable in Argentine pesos in the case of the Argentine Offer.
    The Bidders
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    do not intend to amend the Offer Price and, while the Offers are
    open, will not purchase or make any arrangements to purchase
    Securities, other than pursuant to the Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All terms not otherwise defined herein have the meaning set
    forth in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The U.S.&#160;Offer is not conditioned on any minimum number
    of Securities being tendered. However, the U.S.&#160;Offer is
    subject to other Conditions. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Conditions of the
    U.S.&#160;Offer</I>&#148; in the U.S.&#160;Offer to Purchase.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>We are (or our nominee is) the holder of record of ADSs held
    by us for your account. A tender of the Shares underlying such
    ADSs can be made only by us as the holder of record and pursuant
    to your instructions. The Letter of Transmittal is furnished to
    you for your information only and cannot be used by you to
    tender Shares underlying ADSs held by us for your account.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Accordingly, we request instructions as to whether you wish
    to have us tender on your behalf any or all of the Shares
    underlying the ADSs held by us for your account through the
    U.S.&#160;Receiving Agent, pursuant to the terms and subject to
    the conditions set forth in the Offer Documents.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The enclosed Instruction&#160;Form cannot be used to tender
    Shares, except insofar as Shares are represented by ADSs. If you
    hold Shares that are not represented by ADSs, you can only
    tender such Shares into the U.S.&#160;Offer or the Argentine
    Offer by following the instructions in the Offer Documents. See
    Instruction&#160;10 of the Letter of Transmittal.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please note the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;In order to participate in the tender offer, holders of
    ADSs may tender the Shares underlying their ADSs through The
    Bank of New York Mellon, as <B>&#147;U.S.&#160;Receiving
    Agent&#148;</B>, in accordance with the instructions set forth
    in the Offer Documents. As an alternative to tendering the
    Shares underlying its ADSs through the U.S.&#160;Receiving
    Agent, an ADS holder may also surrender its ADSs to The Bank of
    New York Mellon, as ADS depositary, withdraw the Shares
    underlying the ADSs from the ADS program and participate
    directly in the U.S.&#160;Offer or the Argentine Offer as a
    holder of Shares, allowing sufficient time to complete all
    necessary steps and make all required arrangements. See
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;3.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of Shares&#148; </I>in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;After purchase by the Bidders of the Shares represented
    by ADSs tendered through the U.S.&#160;Receiving Agent and
    receipt by U.S.&#160;Receiving Agent of payment of the
    consideration for those Shares, the U.S.&#160;Receiving Agent
    will pay to the applicable holders of ADSs the Offer Price,
    settled in U.S.&#160;dollars, in cash, without interest thereon
    and less any required fees and expenses (See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;17. Fees and
    Expenses&#148; </I>in the U.S.&#160;Offer to Purchase) and
    withholding taxes (See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;17. Certain Tax Considerations&#148; </I>in the
    U.S.&#160;Offer to Purchase) and, if applicable, any
    Distributions. The ADS cancellation fee is payable to The Bank
    of New York Mellon, as depositary under the deposit agreement
    governing YPF&#146;s ADS program. In addition, ADS holders must
    pay any taxes or governmental charges payable in connection with
    the cancellation of ADSs representing Shares purchased in the
    tender offer. ADS holders will receive the Offer Price for
    Shares represented by ADSs purchased in the U.S.&#160;Offer by
    means of delivery of funds to the account indicated or, in the
    case of ADSs held through The Depository Trust&#160;Company
    (<B>&#147;DTC&#148;</B>), by means of delivery of funds to the
    account maintained at DTC by the tendering participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;U.S.&#160;federal income tax backup withholding at a
    rate of 28% may be required, unless the required taxpayer
    identification information is provided. See Instruction&#160;12
    of the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;Any holder of ADSs that wishes to tender Shares
    underlying ADSs through the U.S.&#160;Receiving Agent must do so
    no later than the Expiration Time on the Expiration Date or the
    New Expiration Date, as applicable. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;3. Procedure for
    Tendering in the U.S.&#160;Offer &#151;&#160;Holders of
    ADSs&#148; </I>in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;In order to participate in the U.S.&#160;Offer through
    the U.S.&#160;Receiving Agent, the following must be delivered
    to the U.S.&#160;Receiving Agent prior to the ADS Expiration
    Time on the Expiration Date: (a)&#160;American Depositary
    Receipts (<B>&#147;ADRs&#148;</B>) evidencing the tendered ADSs
    and the enclosed Letter of Transmittal, properly
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    completed and duly executed, with any required signature
    guarantees or (b)&#160;in the case of a book-entry transfer
    through DTC, an Agent&#146;s Message (as defined in the Letter
    of Transmittal), in each case together with any other documents
    required by the U.S.&#160;Receiving Agent and in accordance with
    the instructions set forth in the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you wish to have us tender any or all of the Shares
    underlying ADSs held by us for your account through the
    U.S.&#160;Receiving Agent, please so instruct us by completing,
    executing, detaching and returning to us the
    Instruction&#160;Form enclosed herein. If you authorize the
    tender of the Shares underlying your ADSs, the Shares underlying
    all such ADSs will be tendered unless otherwise specified below.
    YOUR INSTRUCTIONS&#160;SHOULD BE FORWARDED TO US IN AMPLE TIME
    TO PERMIT US TO SUBMIT A TENDER THROUGH THE U.S.&#160;RECEIVING
    AGENT ON YOUR BEHALF PRIOR THE EXPIRATION TIME ON THE EXPIRATION
    DATE OR THE NEW EXPIRATION DATE, AS APPLICABLE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is made solely by the U.S.&#160;Offer to
    Purchase and the related Letter of Transmittal. The Bidders are
    not aware of any jurisdiction where the making of the
    U.S.&#160;Offer would not be in compliance with the laws of that
    jurisdiction. If the Bidders become aware of any jurisdiction in
    which the making of the U.S.&#160;Offer would not be in
    compliance with applicable law, the Bidders will make a good
    faith effort to comply with any such law. If, after such good
    faith effort, the Bidders cannot comply with any such law, the
    U.S.&#160;Offer will not be made to (nor will elections to
    tender Shares be accepted from or on behalf of) the holders of
    Shares, and holders of ADSs representing Shares, in that
    jurisdiction. In any jurisdiction where the securities, blue sky
    or other laws require the U.S.&#160;Offer to be made by a
    licensed broker or dealer, the U.S.&#160;Offer will be deemed to
    be made on behalf of the Bidders by one or more registered
    brokers or dealers licensed under the laws of such jurisdiction.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Instruction&#160;Form</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned acknowledge(s) receipt of your letter and the
    U.S.&#160;Offer to Purchase dated September&#160;11, 2008, and
    the related Letter of Transmittal in connection with the
    U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This will instruct you to tender through The Bank of New York
    Mellon, as U.S.&#160;Receiving Agent, the number of Shares
    underlying the ADSs indicated below (or if no number is
    indicated below, all the Shares underlying the ADSs) held by you
    for the account of the undersigned, upon the terms and subject
    to the conditions set forth in the U.S.&#160;Offer to Purchase
    and the related Letter of Transmittal.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dated:
    <U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>,
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Number of ADSs representing Shares to be tendered*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Signature(s)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Please Print Name(s)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Address(es)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Area Code and Tel. No.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Social Security No.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Unless otherwise indicated, it will be assumed that the Shares
    underlying all your ADSs are to be tendered.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.G
<SEQUENCE>9
<FILENAME>y71140exv99waw1wg.htm
<DESCRIPTION>EX-99.A.1.G: FORM OF LETTER TO BROKERS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.G</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(G)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Offer to Purchase for Cash</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">All Outstanding Class&#160;A
    Shares, Class&#160;B Shares,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Class&#160;C Shares and
    Class&#160;D Shares held by U.S. Persons</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">and all Outstanding American
    Depositary Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">(each representing one
    Class&#160;D Share)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">by</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Petersen
    Energ&#237;a Inversora, S.A.,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Enrique Eskenazi,
    Sebasti&#225;n Eskenazi,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Mat&#237;as Eskenazi Storey
    and</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Ezequiel Eskenazi
    Storey</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pursuant
    to the U.S. Offer to Purchase dated September&#160;11,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS U.S. OFFER CAN BE ACCEPTED BY U.S. HOLDERS OF
    SHARES&#160;BY 5:00&#160;P.M., NEW YORK CITY TIME, ON OCTOBER
    20, 2008, UNLESS THE TENDER OFFER IS EXTENDED OR EARLIER
    TERMINATED.</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">September&#160;11,
    2008
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To Brokers, Dealers, Commercial Banks, Trust&#160;Companies and
    Other Nominees:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enclosed is an offer to purchase, dated September&#160;11, 2008
    (the <B>&#147;U.S.&#160;Offer to Purchase&#148;</B>) and the
    Form of Acceptance, Form of Withdrawal and other related
    documents in connection with the tender offer by Petersen
    Energ&#237;a Inversora, S.A. (<B>&#147;Purchaser&#148;</B>), a
    corporation (<I>sociedad an&#243;nima</I>) organized under the
    laws of the Kingdom of Spain and a direct wholly-owned
    subsidiary of Petersen Energ&#237;a Inversora Holding GmbH, a
    limited liability company (GmbH) organized under the laws of the
    Republic of Austria (<B>&#147;Holding&#148;</B>), and by Enrique
    Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey
    and Ezequiel Eskenazi Storey (collectively, the
    <B>&#147;Eskenazi Family&#148;</B>, and together with the
    Purchaser, the <B>&#147;Bidders&#148;</B>), to purchase
    (1)&#160;Class&#160;A Shares, Class&#160;B Shares, Class&#160;C
    Shares and Class&#160;D Shares of YPF Sociedad An&#243;nima
    (<B>&#147;YPF&#148;</B> or the <B>&#147;Issuer&#148;</B>), a
    corporation organized under the laws of the Republic of
    Argentina (<B>&#147;Argentina&#148;</B>) (all such shares having
    par value of 10 Pesos per share, collectively, the
    <B>&#147;Shares&#148;</B>) held by U.S.&#160;Persons and
    (2)&#160;the American Depositary Shares (each representing one
    Class&#160;D Share) (the <B>&#147;ADSs&#148;</B>; and together
    with the Shares, the <B>&#147;Securities&#148;</B>), at a price
    of U.S.&#160;$49.45 (forty-nine dollars and forty-five cents)
    per Security, in cash (the <B>&#147;Offer Price&#148;</B>),
    without interest thereon, less any required withholding taxes
    and, if applicable, any Distributions, upon the terms and
    subject to the conditions set forth in the U.S.&#160;Offer to
    Purchase and in the related Form of Acceptance (which, together
    with any amendments or supplements thereto, collectively
    constitute the <B>&#147;U.S.&#160;Offer&#148;</B>). The
    U.S.&#160;Offer is being made in conjunction and simultaneously
    with an offer by Purchaser in Argentina for all outstanding
    Shares (but not ADSs) (the <B>&#147;Argentine Offer,&#148;</B>
    and together with the U.S.&#160;Offer, the
    <B>&#147;Offers&#148;</B>). The price offered in the Argentine
    Offer is the same as the Offer Price in the U.S.&#160;Offer,
    payable in Argentine pesos in the case of the Argentine Offer.
    The Bidders do not intend to change the Offer Price and, while
    the Offers are open, will not purchase or make any arrangements
    to purchase Securities, other than pursuant to the Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All terms not otherwise defined herein have the meaning set
    forth in the U.S.&#160;Offer to Purchase.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The U.S.&#160;Offer is not conditioned on any minimum number
    of Securities being tendered. However, the U.S.&#160;Offer is
    subject to other Conditions. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Conditions of the
    U.S.&#160;Offer</I>&#148; in the U.S.&#160;Offer to Purchase.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For your information, and for forwarding to those clients for
    which you hold Shares registered in your name or in the name of
    your nominee, we are enclosing the following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;The U.S.&#160;Offer to Purchase;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;A printed form of letter that may be sent to clients for
    whose account you hold Shares registered in your name or in the
    name of a nominee, with space provided for obtaining such
    client&#146;s instructions with regard to the U.S.&#160;Offer;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;The Form of Acceptance to be used by holders of Shares
    in accepting the U.S.&#160;Offer;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;The Form of Withdrawal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ADSs cannot be tendered by means of the enclosed
    U.S.&#160;Form of Acceptance (which is exclusively for use in
    respect of Shares). If you hold ADSs, an Letter of Transmittal
    for tendering such ADSs into the U.S.&#160;Offer can be obtained
    from the U.S.&#160;Information Agent in the United States at
    1-877-289-0143 (Toll-Free), from outside the United States at
    1-201-680-5235, and banks and brokers at 1-201-680-5235.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS
    POSSIBLE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please note the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Any U.S.&#160;Person desiring to accept the
    U.S.&#160;Offer in respect of all or any portion of the held
    Shares, should complete Boxes 1 and 3 and, if appropriate, Box 4
    and sign Box 2 of the U.S.&#160;Form of Acceptance in accordance
    with the instructions printed thereon. An accepting holder of
    Shares should then submit the U.S.&#160;Form of Acceptance,
    together with a certificate issued by the Caja de Valores
    evidencing the transfer of the tendered Shares to the Tender
    Account, to the U.S.&#160;Receiving Agent by hand delivery at
    the address shown on the back cover of the U.S.&#160;Offer to
    Purchase during normal business hours no later than the
    Expiration Time on the Expiration Date or the New Expiration
    Date, as applicable. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;3. Procedure for
    Tendering in the U.S.&#160;Offer&#160;&#151; Holders of
    Shares&#148; </I>in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;After purchase by the Bidders of the Shares tendered
    through the Argentine Custodian and receipt by the
    U.S.&#160;Receiving Agent of payment of the consideration for
    those Shares, the U.S.&#160;Receiving Agent will pay to the
    applicable holders of Shares the Offer Price, settled in
    U.S.&#160;dollars, in cash, without interest thereon and less
    any required fees and expenses (See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;17. Fees and
    Expenses&#148; </I>in the U.S.&#160;Offer to Purchase), and any
    withholding taxes (See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;17. Certain Tax Considerations&#148; </I>in the
    U.S.&#160;Offer to Purchase) and, if applicable, any
    Distributions. Payment for Shares will be made by deposit of the
    Offer Price therefore in U.S.&#160;dollars with the
    U.S.&#160;Receiving Agent and subsequent payment to tendering
    holders through the U.S.&#160;Receiving Agent by a check to be
    mailed to the address indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;U.S.&#160;federal income tax backup withholding at a
    rate of 28% may be required, unless the required taxpayer
    identification information is provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders will not pay any fees or commissions to any broker,
    dealer or other person for soliciting tenders of Shares pursuant
    to the U.S.&#160;Offer other than those fees and commissions
    described in <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;17. Fees and Expenses&#148; </I>in the
    U.S.&#160;Offer to Purchase. In addition, the Bidders will not
    pay any transfer taxes payable on the transfer of Shares to
    them. The Bidders will, however, upon request, reimburse you for
    customary mailing and handling expenses incurred by you in
    forwarding any of the enclosed materials to your clients.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any inquiries you may have with respect to the U.S.&#160;Offer
    and requests for copies of the enclosed materials should be
    addressed to BNY Mellon Shareowner Services, the
    U.S.&#160;Information Agent for the U.S.&#160;Offer, at the
    addresses and telephone numbers set forth on the back cover page
    of the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Very truly yours,
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Petersen Energ&#237;a Inversora, S.A.,
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enrique Eskenazi,
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sebasti&#225;n Eskenazi,
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mat&#237;as Eskenazi Storey, and
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ezequiel Eskenazi Storey
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL
    CONSTITUTE YOU OR ANY OTHER PERSON THE AGENT OF THE BIDDERS,
    YPF, THE U.S.&#160;RECEIVING AGENT, THE U.S.&#160;INFORMATION
    AGENT OR ANY AFFILIATE OF ANY OF THEM, OR AUTHORIZE YOU OR ANY
    OTHER PERSON TO MAKE ANY STATEMENT OR USE ANY DOCUMENT ON BEHALF
    OF ANY OF THEM IN CONNECTION WITH THE U.S.&#160;OFFER, OTHER
    THAN THE ENCLOSED DOCUMENTS AND THE STATEMENTS CONTAINED
    THEREIN.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.H
<SEQUENCE>10
<FILENAME>y71140exv99waw1wh.htm
<DESCRIPTION>EX-99.A.1.H: FORM OF LETTER TO CLIENTS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.H</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(H)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Offer to Purchase for Cash</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">All Outstanding Class&#160;A
    Shares, Class&#160;B Shares,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Class&#160;C Shares and
    Class&#160;D Shares held by U.S. Persons</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">And All Outstanding American
    Depositary Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">(each representing one
    Class&#160;D Share)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">of</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">YPF
    Sociedad An&#243;nima</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">by</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Petersen
    Energ&#237;a Inversora, S.A.,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Enrique Eskenazi,
    Sebasti&#225;n Eskenazi,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Mat&#237;as Eskenazi Storey
    and</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">Ezequiel Eskenazi
    Storey</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pursuant
    to the U.S. Offer to Purchase dated September&#160;11,
    2008</FONT></B>
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 85%; margin-left: 7%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS U.S. OFFER CAN BE ACCEPTED BY U.S. HOLDERS OF SHARES BY
    5:00 P.M., NEW&#160;YORK CITY TIME, ON OCTOBER 20, 2008, UNLESS
    THE TENDER OFFER IS EXTENDED OR EARLIER TERMINATED.</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">September&#160;11,
    2008
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To Our Clients:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enclosed for your consideration is an offer to purchase, dated
    September&#160;11, 2008 (the <B>&#147;U.S.&#160;Offer to
    Purchase&#148;</B>) and the Form of Acceptance, Form of
    Withdrawal and other related documents in connection with the
    tender offer by Petersen Energ&#237;a Inversora, S.A.
    (<B>&#147;Purchaser&#148;</B>), a corporation (<I>sociedad
    an&#243;nima</I>) organized under the laws of the Kingdom of
    Spain and a direct wholly-owned subsidiary of Petersen
    Energ&#237;a Inversora Holding GmbH, a limited liability company
    (GmbH) organized under the laws of the Republic of Austria
    (<B>&#147;Holding&#148;</B>), and by Enrique Eskenazi,
    Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and
    Ezequiel Eskenazi Storey (collectively, the <B>&#147;Eskenazi
    Family&#148;</B>, and together with the Purchaser, the
    <B>&#147;Bidders&#148;</B>), to purchase (1)&#160;Class&#160;A
    Shares, Class&#160;B Shares, Class&#160;C Shares and
    Class&#160;D Shares of YPF Sociedad An&#243;nima
    (<B>&#147;YPF&#148;</B> or the <B>&#147;Issuer&#148;</B>), a
    corporation organized under the laws of the Republic of
    Argentina (<B>&#147;Argentina&#148;</B>) (all such shares having
    par value of 10 Pesos per share, collectively, the
    <B>&#147;Shares&#148;</B>) held by U.S.&#160;Persons and
    (2)&#160;the American Depositary Shares (each representing one
    Class&#160;D Share) (the <B>&#147;ADSs&#148;</B>; and together
    with the Shares, the <B>&#147;Securities&#148;</B>), at a price
    of U.S.&#160;$49.45 (forty-nine dollars and forty-five cents)
    per Security, in cash (the <B>&#147;Offer Price&#148;</B>),
    without interest thereon, less any required withholding taxes
    and, if applicable, any Distributions, upon the terms and
    subject to the conditions set forth in the U.S.&#160;Offer to
    Purchase and in the related Form of Acceptance (which, together
    with any amendments or supplements thereto, collectively
    constitute the <B>&#147;U.S.&#160;Offer&#148;</B> ). The
    U.S.&#160;Offer is being made in conjunction and simultaneously
    with an offer by Purchaser in Argentina for all outstanding
    Shares (but not ADSs) (the <B>&#147;Argentine Offer,&#148;</B>
    and together with the U.S.&#160;Offer, the
    <B>&#147;Offers&#148;</B>). The price offered in the Argentine
    Offer is the same as the Offer Price in the U.S.&#160;Offer,
    payable in Argentine pesos in the case of the Argentine Offer.
    The Bidders do not intend to change the Offer Price and, while
    the Offers are open, will not purchase or make any arrangements
    to purchase Securities, other than pursuant to the Offers.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All terms not otherwise defined herein have the meaning set
    forth in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The U.S.&#160;Offer is not conditioned on any minimum number
    of Securities being tendered. However, the U.S.&#160;Offer is
    subject to other Conditions. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;15. Conditions of the
    U.S.&#160;Offer</I>&#148; in the U.S.&#160;Offer to Purchase.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>We are (or our nominee is) the holder of record of Shares
    held by us for your account. A tender of the Shares can be made
    only by us as the holder of record and pursuant to your
    instructions. The Form of Acceptance is furnished to you for
    your information only and cannot be used by you to tender Shares
    held by us for your account.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Accordingly, we request instructions as to whether you wish
    to have us tender on your behalf any or all of the Shares held
    by us for your account pursuant to the terms and subject to the
    conditions set forth in the U.S.&#160;Offer.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ADSs cannot be tendered by means of the enclosed Form of
    Acceptance (which is exclusively for use in respect of Shares).
    If you hold ADSs, a Letter of Transmittal for tendering such
    ADSs into the U.S.&#160;Offer can be obtained from the
    U.S.&#160;Information Agent in the United States at
    1-877-289-0143 (Toll-Free), from outside the United States at
    1-201-680-5235, and banks and brokers at 1-201-680-5235.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please note the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Any U.S.&#160;Person desiring to accept the
    U.S.&#160;Offer in respect of all or any portion of the held
    Shares, should complete Boxes 1 and 3 and, if appropriate, Box 4
    and sign Box 2 of the Form of Acceptance in accordance with the
    instructions printed thereon. An accepting holder of Shares
    should then submit the Form of Acceptance, together with a
    certificate issued by the Caja de Valores evidencing the
    transfer of the tendered Shares to the Tender Account, to the
    U.S.&#160;Receiving Agent by hand delivery at the address shown
    on the back cover of the U.S.&#160;Offer to Purchase during
    normal business hours no later than the Expiration Time on the
    Expiration Date or the New Expiration Date, as applicable. See
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;3.
    Procedure for Tendering in the U.S.&#160;Offer&#160;&#151;
    Holders of Shares&#148; </I>in the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;After purchase by the Bidders of the Shares tendered
    through the Argentine Custodian and receipt by
    U.S.&#160;Receiving Agent of payment of the consideration for
    those Shares, the U.S.&#160;Receiving Agent will pay to the
    applicable holders of Shares the Offer Price, settled in
    U.S.&#160;dollars, in cash, without interest thereon and less
    any required fees and expenses (See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;17. Fees and
    Expenses&#148; </I>in the U.S.&#160;Offer to Purchase) and any
    withholding taxes (See <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;17. Certain Tax Considerations&#148; </I>in the
    U.S.&#160;Offer to Purchase) and, if applicable, any
    Distributions. Payment for Shares will be made by deposit of the
    Offer Price therefore in U.S.&#160;dollars with the
    U.S.&#160;Receiving Agent and subsequent payment to tendering
    holders through the U.S.&#160;Receiving Agent by a check to be
    mailed to the address indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;U.S.&#160;federal income tax backup withholding at a
    rate of 28% may be required, unless the required taxpayer
    identification information is provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders will not pay any fees or commissions to any broker,
    dealer or other person for soliciting tenders of Shares pursuant
    to the U.S.&#160;Offer other than those fees and commissions
    described in <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;17. Fees and Expenses&#148; </I>in the
    U.S.&#160;Offer to Purchase. In addition, the Bidders will not
    pay any transfer taxes payable on the transfer of Shares to
    them. The Bidders will, however, upon request, reimburse you for
    customary mailing and handling expenses incurred by you in
    forwarding any of the enclosed materials to your clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any inquiries you may have with respect to the U.S.&#160;Offer
    and requests for copies of the enclosed materials should be
    addressed to BNY Mellon Shareowner Services, the
    U.S.&#160;Information agent for the U.S.&#160;Offer, at the
    addresses and telephone numbers set forth on the back cover page
    of the U.S.&#160;Offer to Purchase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>If you wish to have us tender any or all of the Shares held
    by us for your account, please so instruct us by completing,
    executing, detaching and returning to us the
    Instruction&#160;Form enclosed herein. If you authorize the
    tender of the Shares, all such Shares will be tendered unless
    otherwise specified below. YOUR INSTRUCTIONS&#160;SHOULD BE
    FORWARDED TO US IN AMPLE TIME TO PERMIT US TO SUBMIT A TENDER ON
    YOUR BEHALF PRIOR THE EXPIRATION TIME ON THE EXPIRATION DATE.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Instruction&#160;Form</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned acknowledge(s) receipt of your letter and the
    U.S.&#160;Offer to Purchase dated September&#160;11, 2008, and
    the related Form of Acceptance in connection with the
    U.S.&#160;Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This will instruct you to tender the number of Shares indicated
    below (or if no number is indicated below, all Shares) held by
    you for the account of the undersigned, upon the terms and
    subject to the conditions set forth in the U.S.&#160;Offer to
    Purchase and the related Form of Acceptance.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dated:<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>,
    2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Number of Shares to be tendered*
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Signature(s)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Please Print Name(s)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Address(es)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Area Code and Tel. No.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=222 length=0 -->
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Social Security No.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Unless otherwise indicated, it will be assumed that all the
    Shares are to be tendered.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.1.I
<SEQUENCE>11
<FILENAME>y71140exv99waw1wi.htm
<DESCRIPTION>EX-99.A.1.I: FORM OF SUMMARY ADVERTISEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.A.1.I</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (a)(1)(I)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This announcement is neither an offer to purchase nor a
    solicitation of an offer to sell Shares or ADSs (as defined
    below). The U.S.&#160;Offer (as defined below) is made solely by
    the U.S.&#160;Offer to Purchase, dated September&#160;11, 2008,
    and the related documents and any amendments or supplements
    thereto. The Bidders (as defined below) are not aware of any
    state where the making of the U.S.&#160;Offer is prohibited by
    any administrative or judicial action pursuant to any valid
    state statute. If the Bidders become aware of any valid state
    statute prohibiting the making of the U.S.&#160;Offer or the
    acceptance of the Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant thereto, the Bidders will make a good faith effort to
    comply with that state statute or seek to have such statute
    declared inapplicable to the U.S.&#160;Offer. If, after a good
    faith effort, the Bidders cannot comply with the state statute,
    the Bidders will not make the U.S.&#160;Offer to, nor will
    tenders be accepted from or on behalf of, the holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    in that state. Except as set forth above, the U.S.&#160;Offer is
    being made to all U.S.&#160;holders of Shares and all holders of
    ADSs. In any jurisdiction where the securities, &#147;blue
    sky&#148; or other laws require the U.S.&#160;Offer to be made
    by a licensed broker or dealer, the U.S.&#160;Offer will be
    deemed to be made on behalf of the Bidders by one or more
    registered brokers or dealers that are licensed under the laws
    of such jurisdiction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice of
    U.S. Offer to Purchase for Cash<BR>
    All Outstanding Class&#160;A Shares, Class&#160;B Shares,<BR>
    Class&#160;C Shares and Class&#160;D Shares held by U.S.
    Persons<BR>
    and All Outstanding American Depositary Shares<BR>
    (each American Depositary Share representing one Class&#160;D
    Share)<BR>
    of<BR>
    YPF Sociedad An&#243;nima<BR>
    at<BR>
    U.S. $49.45 (forty-nine dollars and forty-five cents) per share
    for each<BR>
    Class&#160;A Share, Class&#160;B Share, Class&#160;C Share and
    Class&#160;D Share<BR>
    and U.S. $49.45 (forty-nine dollars and forty-five cents) per
    each American<BR>
    Depositary Share<BR>
    by<BR>
    Petersen Energ&#237;a Inversora, S.A.,<BR>
    Enrique Eskenazi, Sebasti&#225;n Eskenazi,<BR>
    Mat&#237;as Eskenazi Storey and<BR>
    Ezequiel Eskenazi Storey</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Petersen Energ&#237;a Inversora, S.A.
    (<B>&#147;Purchaser&#148;</B>), a corporation (<I>sociedad
    an&#243;nima</I>) organized under the laws of the Kingdom of
    Spain, together with Enrique Eskenazi, Sebasti&#225;n Eskenazi,
    Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi Storey
    (collectively, the <B>&#147;Eskenazi Family&#148;</B>, and
    together with the Purchaser, the <B>&#147;Bidders&#148;</B>) are
    offering to purchase (1)&#160;Class&#160;A Shares, Class&#160;B
    Shares, Class&#160;C Shares and Class&#160;D Shares of YPF
    Sociedad An&#243;nima (<B>&#147;YPF&#148;</B> or the
    <B>&#147;Issuer&#148;</B>), a corporation (<I>sociedad
    an&#243;nima</I>) organized under the laws of the Republic of
    Argentina (<B>&#147;Argentina&#148;</B>) (all such shares having
    par value of 10 Pesos per share, collectively, the
    <B>&#147;Shares&#148;</B>) held by U.S.&#160;Persons (as defined
    in the U.S.&#160;Offer to Purchase) and (2)&#160;all outstanding
    American Depositary Shares (each representing one Class&#160;D
    Share of YPF) (the <B>&#147;ADSs&#148;</B>; and together with
    the Shares, the <B>&#147;Securities&#148;</B>), at a price of
    U.S.&#160;$49.45 (forty-nine dollars and forty-five cents) per
    Security, in cash (the <B>&#147;Offer Price&#148;</B>), without
    interest thereon, less any required withholding taxes and, if
    applicable, any Distributions (as defined below), upon the terms
    and subject to the conditions set forth in the U.S.&#160;Offer
    to Purchase and in the related documents (which, together with
    any amendments or supplements thereto, collectively constitute
    the <B>&#147;U.S.&#160;Offer&#148;</B>). The U.S.&#160;Offer is
    being
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    made in conjunction with an offer by Purchaser in Argentina for
    all outstanding Shares (but not ADSs) (the <B>&#147;Argentine
    Offer,&#148;</B> and together with the U.S.&#160;Offer, the
    <B>&#147;Offers&#148;</B>).
    <FONT style="white-space: nowrap">Non-U.S.&#160;Persons</FONT>
    will not be permitted to tender their Shares in the
    U.S.&#160;Offer. ADSs (whether or not held by U.S.&#160;Persons)
    may only be tendered in the U.S.&#160;Offer. The price offered
    in the Argentine Offer is the same as the Offer Price in the
    U.S.&#160;Offer, payable in Argentine pesos in the case of the
    Argentine Offer. The Bidders do not intend to change the Offer
    Price and, while the Offers are open, will not purchase or make
    any arrangements to purchase Securities, other than pursuant to
    the Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon consummation of the U.S.&#160;Offer, the Purchaser will
    acquire the Securities together with all economic and voting
    rights, including rights to Distributions declared on or after
    the Commencement Date (as defined below). If on or after the
    date hereof YPF should declare or pay any Distributions on the
    Securities that are payable or distributable to stockholders of
    record on a date prior to the transfer to the name of the
    Purchaser on YPF&#146;s stock transfer records of Shares (in the
    case of Shares) and on the transfer records of the Depositary of
    ADSs (in the case of ADSs), in each case that are purchased
    pursuant to the U.S.&#160;Offer, then (i)&#160;the Offer Price
    payable by the Bidders per Security in the U.S.&#160;Offer will
    be reduced to the extent such Distributions are payable in cash
    and (ii)&#160;any non-cash Distributions received and held by a
    tendering holder shall be required to be promptly remitted and
    transferred to the U.S.&#160;Receiving Agent (as defined below)
    for the account of the Purchaser accompanied by appropriate
    documents of transfer. Pending such remittance, Purchaser will
    be entitled to all rights and privileges, as owner of any such
    non-cash Distributions and may withhold the entire Offer Price
    or deduct from the Offer Price the amount or value thereof, as
    determined by Purchaser in its sole discretion.
    <B>&#147;Distributions&#148;</B> mean any distributions declared
    or paid by YPF in respect of any tendered Securities on or after
    the Commencement Date including, but not limited to, any
    payments of dividends in cash or in kind (in Shares or
    securities of any type), distributions of reserves,
    reimbursements of capital, full or partial redemptions,
    distributions for capital reductions, or rights to purchase any
    Securities. For more information see <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;2. Acceptance for
    Payment and Payment.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Offers are being made to comply with the by-laws of YPF (the
    <B>&#147;By-laws&#148;</B>) in connection with the simultaneous
    acquisition by Purchaser from Repsol YPF, S.A.
    (<B>&#147;Repsol&#148;</B>) and certain of its affiliates, of
    0.1% of the outstanding capital stock of YPF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;21, 2008, Repsol and certain of its affiliates
    granted the Eskenazi Family, the ultimate beneficial owner of
    Purchaser, an option to purchase 39,724,592 Class&#160;D Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    representing up to an additional 10.1% in the aggregate of the
    outstanding capital stock of YPF at any time on or prior to
    February&#160;21, 2012, pursuant to an agreement (the
    <B>&#147;First Option Agreement&#148;</B>) for the purchase of
    up to 0.1% of the outstanding capital stock of YPF (the
    <B>&#147;First Option&#148;</B>) and a separate agreement (the
    <B>&#147;Second Option Agreement&#148;</B> and, together with
    the First Option Agreement, the <B>&#147;Option
    Agreements&#148;</B>) for the purchase of up to 10% of the
    outstanding capital stock of YPF (the <B>&#147;Second
    Option&#148;</B> and, together with the First Option, the
    <B>&#147;Options&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Options were granted by Repsol in conjunction with the
    acquisition on February&#160;21, 2008, by Petersen Energ&#237;a,
    S.A. (<B>&#147;Petersen SA&#148;</B>), an affiliate of
    Purchaser, of 58,603,606 ADSs of YPF (the
    <B>&#147;Acquisition&#148;</B>) representing 14.9% of the total
    outstanding capital stock of YPF at a price per share of
    U.S.&#160;$38.13758 pursuant to the terms and subject to the
    conditions set forth in the Stock Purchase Agreement, dated
    February&#160;21, 2008, between Repsol, certain of Repsol&#146;s
    affiliates and Petersen SA (the <B>&#147;SPA&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;7, 2008, the Eskenazi Family assigned all of its
    rights and obligations under the First Option to Purchaser. On
    May&#160;20, 2008, Purchaser exercised the First Option. Upon
    consummation of the First Option, the Eskenazi Family will
    indirectly hold 15% of the total outstanding Securities. Under
    the By-laws, the Eskenazi Family, acting directly or through an
    affiliate, must make an offer to purchase all remaining
    outstanding Securities. Repsol agreed under the terms of the
    First Option and of a Shareholders&#146; Agreement among Repsol,
    certain Repsol&#146;s affiliates, and Petersen SA, dated
    February&#160;21, 2008 (the <B>&#147;SHA&#148;</B>), not to
    tender Securities held by it and its subsidiaries into the
    Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE OFFER PERIOD WILL COMMENCE AT 9&#160;A.M., NEW YORK CITY
    TIME, ON THURSDAY, SEPTEMBER 11, 2008 (THE &#147;COMMENCEMENT
    DATE&#148;) AND WILL EXPIRE AT 5&#160;P.M., NEW YORK CITY TIME,
    ON MONDAY, OCTOBER 20, 2008 (THE &#147;EXPIRATION TIME&#148;,
    &#147;EXPIRATION DATE&#148;, AND &#147;OFFER PERIOD&#148;,
    RESPECTIVELY), UNLESS THE OFFER IS EXTENDED. The Bidders will
    announce any decision to extend the U.S.&#160;Offer by a press
    release and an amendment to Schedule&#160;TO filed </B>
</DIV>

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    <BR>
    2
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>with the Securities and Exchange Commission stating the new
    expiration date (the &#147;New Expiration Date&#148;) no later
    than 9:00&#160;a.m., New York City time, on the first business
    day after the Expiration Date. No subsequent offering period
    will be available.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SPA provides that the Acquisition is subject to approval by
    the <I>Comisi&#243;n Nacional de Defensa de la Competencia
    </I>(the <B>&#147;Argentine Antitrust Authority&#148;</B> or
    <B>&#147;CNDC&#148;</B>). Similarly, the consummation of
    Purchaser&#146;s acquisition of Securities pursuant to the First
    Option and pursuant to the Offers is conditioned upon obtaining
    CNDC approval of each such acquisition of Securities (such
    approvals, together with approval of the acquisition of
    Securities under the SPA, the <B>&#147;Required Regulatory
    Approval&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S.&#160;Offer is not conditioned on any minimum number of
    Securities being tendered nor it is subject to a financing
    condition. However, the U.S.&#160;Offer is subject to the
    satisfaction of the following conditions (the
    <B>&#147;Conditions&#148;</B>) whether during the Offer Period
    or until January&#160;15, 2009: (a)&#160;the Required Regulatory
    Approval shall have been obtained; (b)&#160;the Bidders shall
    have not received a notice that the Required Regulatory Approval
    will be denied (the <B>&#147;Denial Notice&#148;</B>) nor a
    Required Regulatory Approval subject to conditions that are
    materially adverse to YPF (the <B>&#147;Conditioned
    Approval&#148;</B>) (See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;16. Certain Legal
    Matters; Regulatory Approvals&#148;</I>); (c)&#160;there shall
    have not been threatened or instituted and pending any action or
    proceeding or any demand by any government or governmental,
    regulatory or administrative agency or authority or tribunal or
    any other person, domestic or foreign, or before any court,
    authority, agency or tribunal which prevents the making of
    either Offer, the acquisition of some or all of the Securities
    pursuant to either Offer or materially alters the terms or
    conditions of either Offer; and (d)&#160;there shall have not
    been any action taken, or approval withheld, or any statute,
    rule, regulation, judgment, order or injunction promulgated,
    enacted, entered, amended, enforced or applicable to either
    Offer by any court or any authority, agency or tribunal which
    would directly or indirectly (i)&#160;make the acceptance for
    payment of, or payment for, some or all of the Securities
    illegal or otherwise restrict or prohibit consummation of either
    Offer or (ii)&#160;delay or restrict the ability of the Bidders,
    or render the Bidders unable, to accept for payment or pay for
    some or all of the Securities. Notwithstanding the foregoing,
    the Conditions may be waived by the Bidders, in whole or in
    part, at any time and from time to time in their sole
    discretion, subject to applicable law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A U.S.&#160;holder whose Shares are registered under its name in
    the share registry of YPF kept by Caja de Valores S.A.
    (<B>&#147;Caja de Valores&#148;</B>) and who intends to tender
    its Shares in the U.S.&#160;Offer must first transfer the Shares
    to the collective deposit system of Caja de Valores and follow
    the procedure described herein. A holder of Shares that does not
    have a <I>cuenta comitente </I>in the collective deposit system
    of Caja de Valores through a financial intermediary
    (<B>&#147;Custodian&#148;</B>), may open a <I>cuenta comitente
    </I>in its name through any Custodian. The Custodian will open a
    <I>cuenta comitente </I>at Caja de Valores in which it will
    deposit the stock certificate issued by Caja de Valores
    (<B>&#147;Certificate&#148;</B>) and a cash account, in the name
    of the holder of Shares. For purposes of the U.S.&#160;Offer to
    Purchase, a <B>&#147;cuenta comitente&#148;</B> shall mean an
    account opened by a Custodian at Caja de Valores in the name of
    a holder of Shares. Once the applicable requirements are met,
    the <I>cuenta comitente </I>has been opened, and the Shares have
    been credited to such <I>cuenta comitente</I>, the
    U.S.&#160;holder may tender its Shares in the U.S.&#160;Offer,
    following the following steps: (i)&#160;the U.S.&#160;holder of
    Shares shall request its Custodian to instruct Caja de Valores
    to transfer its Shares to the custodian retained by the
    U.S.&#160;Receiving Agent in Argentina (the <B>&#147;Argentine
    Custodian&#148;</B>) to the account opened by the Argentine
    Custodian in the name of the U.S.&#160;Receiving Agent for
    purposes of the U.S.&#160;Offer (<I>Depositante
    </I>No.&#160;583, <I>Comitente </I>No.&#160;1,354,127) with Caja
    de Valores (the <B>&#147;U.S.&#160;Tendered Shares
    Account&#148;</B>); (ii)&#160;the Custodian will obtain from
    Caja de Valores a certificate evidencing the tendering of the
    Shares in the U.S.&#160;Offer and the transfer and registration
    of the Shares in favor of the Argentine Custodian in the
    U.S.&#160;Tendered Shares Account (the <B>&#147;Tender
    Certificate&#148;</B>); and (iii)&#160;once the corresponding
    transfer is completed, a U.S.&#160;holder of Shares who wishes
    to tender its Shares in the U.S.&#160;Offer shall file a
    completed and signed Form of Acceptance, the Tender Certificate,
    and all other documentation that the U.S.&#160;Receiving Agent
    may request, with the U.S.&#160;Receiving Agent at the address
    indicated in the U.S.&#160;Offer to Purchase during normal
    business hours, no later than the Expiration Time on the
    Expiration Date. U.S.&#160;holders whose Shares are already
    deposited in the collective deposit system of Caja de Valores
    that wish to tender their Shares in the U.S.&#160;Offer shall
    follow the steps set forth in (ii)&#160;and (iii)&#160;above.
    For more information see <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;3. Procedure for
    Tendering in the U.S.&#160;Offer&#160;&#151; Holders of
    Shares.&#148;</I>
</DIV>

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    <BR>
    3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of ADSs who desire to tender all or any portion of their
    ADSs in the U.S.&#160;Offer, should either (i)&#160;complete and
    sign the Letter of Transmittal or a copy thereof in accordance
    with the instructions contained in the Letter of Transmittal and
    mail or deliver the Letter of Transmittal, with original
    signatures, together with the ADRs evidencing tendered ADSs and
    all other required documents to The Bank of New York Mellon, the
    receiving agent in the United States for purposes of the
    U.S.&#160;Offer (the <B>&#147;U.S.&#160;Receiving
    Agent&#148;</B>) or tender such ADSs pursuant to the procedure
    for book-entry transfer set forth under the caption <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;4. Procedure for
    Tendering in the U.S.&#160;Offer -&#151;&#160;Holders of
    ADSs,&#148;</I> or (ii)&#160;request their broker, dealer,
    commercial bank, trust company or other nominee to effect the
    transaction for you. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;4. Procedure for
    Tendering in the U.S.&#160;Offer&#160;&#151; Holders of
    ADSs</I>.&#148; ADSs cannot be tendered in the Argentine Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Tendering holders will have withdrawal rights until the
    Expiration Date or the New Expiration Date, as applicable or,
    thereafter, until such time as the Bidders announce that the
    Required Regulatory Approval has been obtained and that they
    will pay the Offer Price. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;5. Withdrawal
    Rights&#148; </I>and <I>&#147;THE U.S.&#160;OFFER&#160;&#151;
    Section&#160;15. Conditions of the U.S.&#160;Offer.&#148;
    </I>The Bidders will announce that the Required Regulatory
    Approval has been obtained within 1 (one) business day after
    Petersen SA has been served with notice of such Required
    Regulatory Approval, by issuing a press release and amending the
    Tender Offer Statement that the Bidders filed with the SEC on
    Schedule&#160;TO on the date hereof. The withdrawal of any
    Shares tendered in the U.S.&#160;Offer can only be made by
    presenting a signed form of withdrawal (the <B>&#147;Form of
    Withdrawal&#148;</B>) to the U.S.&#160;Receiving Agent. Such
    withdrawal will be effective only if the U.S.&#160;Receiving
    Agent timely receives the Form of Withdrawal at its address set
    forth on the back cover of the U.S.&#160;Offer to Purchase. For
    ADSs&#146; withdrawals to be effective, a written or facsimile
    transmission notice of withdrawal must be timely received by the
    U.S.&#160;Receiving Agent at its address set forth on the back
    cover of the U.S.&#160;Offer to Purchase. If the ADSs to be
    withdrawn have been delivered to the U.S.&#160;Receiving Agent,
    a signed notice of withdrawal with signatures guaranteed by an
    Eligible Institution (as defined in the U.S.&#160;Offer to
    Purchase) (except in the case of ADSs tendered by an Eligible
    Institution) must be submitted prior to the release of such
    ADSs. In addition, such notice must specify, in the case ADSs
    tendered by delivery of certificates, the name of the registered
    holder (if different from that of the tendering holder) and the
    serial numbers shown on the particular certificates evidencing
    ADSs to be withdrawn or, in the case of ADSs tendered by
    book-entry transfer, the name and number of the account at one
    of the Book-Entry Transfer Facilities (as defined in the
    U.S.&#160;Offer to Purchase) to be credited with the withdrawn
    ADSs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Acceptance and payment of the Offer Price will be made only
    after the Required Regulatory Approval has been obtained. If the
    Required Regulatory Approval has not been obtained by
    January&#160;15, 2009, the Bidders will return any tendered
    Securities promptly thereafter. Furthermore, if following the
    Expiration Time on the Expiration Date but prior to
    January&#160;15, 2009, the CNDC issues a Conditioned Approval or
    a Denial Notice, the Bidders will return all tendered Securities
    promptly after notice of such Conditioned Approval or Denial
    Notice has been served to Petersen SA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bidders will be deemed to have accepted for payment (and
    thereby purchased) Shares or ADSs validly tendered in the
    U.S.&#160;Offer and not properly withdrawn when the Bidders give
    written notice to the U.S.&#160;Receiving Agent of acceptance
    for payment of such Shares and ADSs. Payment for the Securities
    tendered prior to the Expiration Time on the Expiration Date or
    to the New Expiration Date, as applicable, and not previously
    withdrawn, will be made promptly, within 3 (three) business days
    after the Expiration Time on the Expiration Date or the New
    Expiration Date, as applicable. See <I>&#147;THE
    U.S.&#160;OFFER&#160;&#151; Section&#160;2. Acceptance for
    Payment and Payment.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Payment for Shares and ADSs accepted pursuant to the
    U.S.&#160;Offer will be made by deposit of the Offer Price
    therefore in U.S.&#160;dollars with the U.S.&#160;Receiving
    Agent and subsequent payment to tendering holders through the
    U.S.&#160;Receiving Agent. The U.S.&#160;Receiving Agent will
    act as an agent for tendering holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs,
    respectively, for the purpose of receiving payments from the
    Bidders and disbursing payments to such tendering holders of
    Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    whose Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    have been accepted for payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each sale of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer will be settled in
    U.S.&#160;dollars. Holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    who wish to convert the U.S.&#160;dollars received in connection
    with the U.S.&#160;Offer into another currency will bear all
    exchange rate risk associated with this conversion and will bear
    additional exchange rate risks should the U.S.&#160;Offer be
    extended. For more information on the payment mechanics see
    <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;2.
    Acceptance for Payment</I>.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On May&#160;23, 2008, the Board of Directors of YPF issued a
    favorable opinion on the reasonableness of the Offer Price under
    the Offers and recommended the acceptance of the Offers to the
    holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADS
    of YPF, issuing the corresponding report on the Offer Price. The
    Board of Director of YPF based its recommendation on the fact
    that (i)&#160;the Offer Price complies with the provisions of
    the By-laws, and (ii)&#160;the Offers provide for payment in
    cash. The Board of Directors of YPF was required to make a
    recommendation as to acceptance or rejection of the Offers
    pursuant to the By-laws and CNV regulations. Within 10 (ten)
    business days after the Commencement Date, YPF also is required
    to state its recommendation on a
    <FONT style="white-space: nowrap">Schedule&#160;14D-9</FONT>
    to be filed with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The receipt of cash in exchange for Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer will be a taxable transaction
    for U.S.&#160;federal income tax purposes and may also be a
    taxable transaction under applicable state, local or foreign tax
    laws. <I>&#147;THE U.S.&#160;OFFER&#160;&#151; Section&#160;6.
    Certain Tax Considerations.&#148;</I> Holders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    should consult their own tax advisors as to the particular tax
    consequences of the U.S.&#160;Offer to them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information required to be disclosed by paragraph (d)(1) of
    <FONT style="white-space: nowrap">Rule&#160;14d-6</FONT>
    under the Securities Exchange Act of 1934 is contained in the
    U.S.&#160;Offer to Purchase and is incorporated herein by
    reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Questions and requests for assistance may be directed to the
    U.S.&#160;Information Agent. <B>Copies of the U.S.&#160;Offer to
    Purchase and the related materials will only be obtained if
    requested to the U.S.&#160;Information Agent or to brokers,
    dealers, commercial banks or trust companies</B>. Such copies
    will be furnished promptly at the Bidders&#146; expense. The
    Bidders will not pay any fees or commissions to any broker or
    dealer or any other person (other than the U.S.&#160;Receiving
    Agent, the Argentine Custodian (as defined in the
    U.S.&#160;Offer to Purchase) and the U.S.&#160;Information
    Agent) for soliciting tenders of Shares
    <FONT style="white-space: nowrap">and/or</FONT> ADSs
    pursuant to the U.S.&#160;Offer.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The U.S. Information Agent for the U.S. Offer is:</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BNY
    Mellon Shareowner Services</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">480
    Washington Blvd.,<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Jersey City,
    NJ 07310<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">In the
    United States: Call 1-877-289-0143 (Toll-Free)<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Outside the
    United States: Call 1-201-680-5235<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Banks and
    Brokers: 1-201-680-5235
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">September&#160;11,
    2008
    </FONT>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>12
<FILENAME>y71140exv99wb.htm
<DESCRIPTION>EX-99.B: LOAN AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.B</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    (b)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This is a convenience translation into English of a Spanish
    original document. This translation is without legal effect and,
    in the event of any discrepancy with the Spanish original
    version, the Spanish original version shall prevail.</B>
</DIV>

<DIV style="margin-top: 36pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CREDIT
    FACILITY AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">between</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PETERSEN
    ENERG&#205;A INVERSORA, S.A.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">as
    borrower</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">and</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BANCO
    SANTANDER, S.A.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">as</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">financing
    entity</FONT></B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    June&#160;6, 2008
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">APPEARING</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Of the
    one part,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;<B>PETERSEN ENERG&#205;A INVERSORA, S.A.U.</B>
    (hereinafter <B>&#147;PEISA&#148;</B>), a Spanish company, with
    registered office in Madrid, at calle Vel&#225;zquez, 9, and
    holder of Tax Identification Number
    <FONT style="white-space: nowrap">A-85392751,</FONT>
    represented for this purpose by Mr.&#160;Ignacio Cruz
    Mor&#225;n, of legal age and holder of current Argentinean
    passport number 21763012-N, and by Mr.&#160;Mauro Renato
    Jos&#233; Dacomo, of legal age and holder of current Argentinean
    passport number 16764606-N, in their capacity as directors, with
    sufficient powers to execute this Agreement as proven by deed of
    power of attorney, executed in the presence of
    Mr.&#160;Mart&#237;n Mar&#237;a Recarte Casanova, Notary of
    Madrid, on April&#160;24, 2008, under number 953 of his protocol.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;<B>BANCO SANTANDER, S.A. </B>(hereinafter the
    <B>&#147;Financing Entity&#148;</B>), a Spanish company, with
    registered office at Paseo Pereda, 9-12, 39004 Santander,
    Cantabria, holder of Tax Identification Number
    <FONT style="white-space: nowrap">A-39000013,</FONT>
    represented for this purpose by Mr.&#160;Juan de Porras Aguirre,
    of legal age, and holder of Identity Card number 24194191-P, and
    by Mr.&#160;Javier Mart&#237;n Robles, of legal age and holder
    of Identity Card number 7871290-T, with sufficient powers to
    execute this Agreement pursuant to deeds of power of attorney
    executed in the presence of Mr.&#160;Jos&#233; Mar&#237;a de
    Prada D&#237;ez, Notary of Burgos, on March&#160;9, 2007, under
    number 685 of his protocol, and on March&#160;1, 2002, under
    number 574 of his protocol, respectively.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHEREAS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>I.&#160;</B>PEISA is going to acquire from certain companies
    belonging to the group headed by the Spanish company Repsol YPF,
    S.A. (hereinafter <B>&#147;Repsol&#148;</B> or the
    <B>&#147;Guarantor&#148;</B> and the group of companies headed
    by Repsol, the <B>&#147;Repsol Group&#148;</B>), 0.1% of the
    capital stock of the Argentinean company YPF, S.A. (hereinafter
    <B>&#147;YPF&#148;</B>) in accordance with the terms established
    in the agreement granting a call option on the shares of YPF
    representing 0.1% of its capital stock signed on
    February&#160;21, 2008 (hereinafter the <B>&#147;Call Option
    Agreement&#148;</B>), for which it has sought finance from the
    Financing Entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this respect, on May&#160;20, 2008, PEISA notified to the
    Guarantor and to YPF its intention to exercise the
    aforementioned call option as well as, in compliance with the
    provisions of the bylaws of YPF, the consequent making of a
    tender offer (hereinafter the <B>&#147;Offer&#148;</B>) for all
    of the capital stock of YPF. The price offered in the Offer is
    up to USD&#160;49.45 per share (hereinafter the <B>&#147;Price
    Offered&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>II.&#160;</B>The terms and conditions of the Offer are those
    contained in the explanatory prospectus and in the schedules
    thereto (hereinafter the <B>&#147;Prospectus&#148;</B>) which,
    in compliance with the applicable legislation, is going to be
    presented to the Argentinean National Securities Commission for
    the authorization of the Offer. The Guarantor has undertaken to
    refrain from taking up the Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>III.</B>&#160;&#160;In order to finance PEISA for:
    (i)&#160;the acquisition of 0.1% of the capital of YPF
    (hereinafter the <B>&#147;Acquisition due to the
    Option&#148;</B>), (ii)&#160;the acquisition of the shares of
    YPF resulting from the Offer (hereinafter the
    <B>&#147;Acquisition due to the Tender Offer&#148;</B> and,
    together with the Acquisition due to the Option, the
    <B>&#147;Acquisition&#148;</B>) and (iii)&#160;the costs,
    expenses and taxes associated with the purposes described in
    points (i)&#160;and (ii)&#160;above, PEISA has requested from
    the Financing Entity the opening of a commercial credit facility
    for the maximum sum of USD&#160;198,500,000 (ONE HUNDRED AND
    NINETY-EIGHT MILLION FIVE HUNDRED THOUSAND U.S.&#160;DOLLARS).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IV.&#160;</B>On June&#160;2, 2008, the Special Assembly of
    Class&#160;A Shareholders of YPF authorized the Acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>V.&#160;</B>The Guarantor has undertaken to guarantee, on a
    joint and several basis and on demand, the payment obligations
    of PEISA under the credit facility referred to in the previous
    recital. For these purposes, it is necessary for the entry into
    force of the Agreement that the Guarantor execute, together with
    PEISA and the Financing Entity, a security agreement
    (hereinafter the <B>&#147;Security Agreement&#148;</B>) in terms
    substantially identical to those attached as
    <U>Schedule&#160;3.</U>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>VI.&#160;</B>In the light of the foregoing, the Parties have
    agreed to enter into this finance agreement (hereinafter the
    <B>&#147;Agreement&#148;</B>), all in accordance with the
    following,
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CLAUSES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INTRODUCTORY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement shall come into force and shall therefore be
    enforceable provided that the Security Agreement is entered into
    before June&#160;13, 2008 (the <B>&#147;Deadline&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA and the Financing Entity undertake to enter into the
    Security Agreement, provided that the Guarantor does so.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For these purposes, if by the Deadline, the Security Agreement
    has not been entered into, this Agreement shall be terminated
    and discharged, the commitments and obligations assumed by the
    parties therein being annulled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">AMOUNT
    AND PURPOSE OF THE CREDIT FACILITY</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">1.1.&#160;&#160;<U>Amount</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the terms and conditions established in this
    Agreement, the Financing Entity grants to PEISA, which accepts,
    a commercial credit facility (the <B>&#147;Credit
    Facility&#148;</B>) for the maximum sum of USD&#160;198,500,000
    (ONE HUNDRED AND NINETY-EIGHT MILLION FIVE HUNDRED THOUSAND
    U.S.&#160;DOLLARS) (the <B>&#147;Amount of the Credit
    Facility&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA undertakes to draw down the Credit Facility under the
    terms and conditions established in this Agreement, to repay the
    principal drawn down and pay the interest thereon; it also
    undertakes to pay the commissions, costs, taxes and expenses
    assumed under the Credit Facility and to fulfill its other
    obligations in accordance with the provisions of this Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">1.2.&#160;&#160;<U>Purpose</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Credit Facility shall be used exclusively to finance
    (i)&#160;the purchase by PEISA of a number of American
    Depositary Shares (ADS) of YPF, owned by the Repsol Group which
    represent 0.1% of the capital stock of YPF, under the terms of
    the Call Option Agreement, (ii)&#160;the purchase of the shares
    of YPF which may be acquired by PEISA in the framework of the
    Acquisition due to the Tender Offer and (iii)&#160;the costs,
    expenses and taxes associated with the purposes described in
    points (i)&#160;and (ii)&#160;above (including, among other
    costs, the difference in the exchange rate which arises from
    paying foreign currency in the Republic of Argentina for the
    purpose of applying part of the amount of the Credit Facility to
    the payment of the shares of YPF corresponding to the
    Acquisition due to the Tender Offer).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">DRAWDOWN
    OF THE CREDIT FACILITY</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">2.1&#160;&#160;<U>Drawdown
    Conditions</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA may draw down the Credit Facility in one or more drawdowns
    (each of them a &#147;Drawdown&#148;) during the Drawdown
    Period, provided that, both on the date of the request for the
    relevant Drawdown and on the expected date of disbursement
    thereof, the following conditions are fulfilled:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a)&#160;That there are no grounds for early termination of this
    Agreement in accordance with Clause&#160;15 nor are any of such
    grounds going to arise as a result of the making of the Drawdown.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b)&#160;That the Offer has been authorized by the Argentinean
    National Securities Commission and not rejected by the SEC in
    the United States, which shall be proven in the latter case by a
    certificate issued for such purpose by the directors of PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without prejudice to the aforementioned, PEISA may draw down a
    sum of up to USD&#160;5,000,000 (FIVE MILLION U.S.&#160;DOLLARS)
    to finance the purpose described in Clause&#160;1.2 (iii), if
    merely the conditions provided in point a)&#160;above are
    fulfilled.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">2.2&#160;&#160;<U>Drawdown
    of the Credit Facility</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Credit Facility may be drawn down once the conditions
    established in section&#160;2.1 above have been fulfilled (or
    exonerated, where relevant, by the Financing Entity), from the
    date of no rejection of the Offer by the SEC in the United
    States and of the authorization of the Argentinean National
    Securities Commission up to the date on which six
    (6)&#160;months and one day elapse from the commencement of the
    period of acceptance of the Offer (the <B>&#147;Drawdown
    Period&#148;</B>), after which any portion not drawn down of the
    Credit Facility may no longer be used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In any event the Drawdown Period shall end on January&#160;15,
    2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of supply of the funds requested shall be that notified
    in the relevant Drawdown request (each date of supply of funds
    shall be considered the <B>&#147;Drawdown Date&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Drawdown request which must be received by the Financing
    Entity, at least on the second Business Day prior to each
    Drawdown Date, shall comply with the standard form attached as
    <U>Schedule&#160;1</U>, shall be irrevocable, PEISA being
    obliged to draw down the amount requested on the date and of the
    amounts indicated, and must be signed by a person or persons
    with sufficient powers to represent PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Drawdowns made against the Credit Facility whose purpose is
    the Acquisition due to the Tender Offer must also be accompanied
    by a certificate issued by the agent bank or banks, (hereinafter
    all such banks are jointly referred to as the <B>&#147;Agent
    Bank of the Tender Offer&#148;</B>) selected by PEISA in the
    framework of the Offer (or in the absence thereof, by the
    documentation which is received for such purposes by PEISA in
    the framework of the Offer in which the amounts which must be
    paid in the framework of the Acquisition due to the Tender Offer
    are set forth), before or during the settlement period of the
    Offer in which the amount which PEISA must pay to the offerors
    of shares of YPF shall be indicated. However, the amount of such
    Drawdown, subject to the limit of the Amount of the Credit
    Facility, may exceed the amount established in that certificate,
    provided that it is used for the purposes provided in Clause 1.2
    and is proven by documentary means.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under no circumstances may the amount of any Drawdown or the sum
    of the amount of a Drawdown together with that of the previous
    Drawdowns exceed the Amount of the Credit Facility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">2.3&#160;&#160;<U>Supply
    of funds of each Drawdown</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The funds drawn down by PEISA must be disbursed by the Financing
    Entity on the relevant Drawdown Date in the accounts designated
    for such purposes by PEISA in the Drawdown request (which in the
    case of the consideration for the shares of YPF the
    subject-matter of the Acquisition, must be the account of the
    Agent Bank of the Tender Offer (or that opened by PEISA in the
    Agent Bank of the Tender Offer) or that of Repsol depending on
    whether they relate to the Acquisition due to the Tender Offer
    or to the Acquisition due to the Option).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA recognizes and accepts that the payment made in accordance
    with the provisions of this Clause will have all the legal
    effects of the supply and will constitute a valid receipt of
    payment and recognition of the supply of the funds from the
    Drawdown by PEISA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    CREDIT ACCOUNT</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financing Entity shall open a special account in which it
    shall record the Drawdowns, accruals and the payments which are
    made in relation to the Credit Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following entries shall be made in this account, where
    relevant:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    TO DEBIT:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The amounts drawn down by PEISA as the principal of the Credit
    Facility;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The interest, commissions and any other items accrued against
    the Credit Facility; the appropriate entries may be made for
    amounts accrued pending maturity each day or grouped together
    for any periods of time;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    TO CREDIT:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The payments received by the Financing Entity for settlement or
    repayment of obligations arising from the Credit Facility.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    So that the balance of the account establishes at all times the
    net balance owed by PEISA to the Financing Entity as a result of
    the Credit Facility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">INTEREST
    APPLICABLE TO THE CREDIT FACILITY</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4.1.&#160;&#160;<U>Accrual
    and payment of interest</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest shall accrue daily on the amount of the Credit Facility
    drawn down and pending repayment, on the basis of a three
    hundred and sixty (360)&#160;day year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The interest rate for the Credit Facility shall be fixed for all
    the interest periods, the rate being applied to the principal of
    the Credit Facility drawn down and not repaid during that period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The interest rate shall be equal to the sum of (a)&#160;the
    <B>&#147;Reference Interest Rate&#148;</B> plus (b)&#160;the
    <B>&#147;Margin&#148;</B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The <U>Reference Interest Rate</U> applicable for each Drawdown
    of the Credit Facility shall be determined on the market offer
    curve of ICAP published by the broker ICAP on the Reuters
    Page&#160;ICAP1 (or in the absence thereof, by the broker
    Tullet/Cantor Reuters SMKR100&#160;screen) for fixed-rate swaps
    against USD-LIBOR-BBA, on the same day as the Drawdown of the
    Credit Facility in question, for the period between the relevant
    Drawdown Date of the Credit Facility and the Final Maturity
    Date, subject to the reasonable commercial adjustments in
    accordance with the schedule of repayments, increased by a
    margin of 5 basic points (0.05%).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If, due to extraordinary circumstances or for any other reason,
    a quotation of the above-mentioned Reference Interest Rate is
    not provided, PEISA and the Financing Entity shall negotiate in
    good faith for a period of five (5)&#160;Business Days an
    alternative rate to replace the above-mentioned rate, including
    the other necessary modifications to the content of this
    Agreement (e.g. Clause&#160;6.2 below). When such period has
    elapsed, such Drawdown request shall be annulled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Margin applicable shall be 1.25%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The interest rate determined by the Financing Entity and
    notified to PEISA at the time it is determined, shall be binding
    on PEISA, unless there is a manifest error, in which case the
    appropriate rectification shall be made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The interest accrued during each of its Interest Periods shall
    be due and payable and must be paid by PEISA on the last day of
    the Interest Period in question, without a prior request being
    necessary, in the manner established in Clause&#160;7 of this
    Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4.2.&#160;&#160;<U>Interest
    Periods of the Credit Facility</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each Drawdown made against the Credit Facility, the time
    between the relevant date of Drawdown of the Credit Facility and
    the Final Maturity Date shall be deemed to be divided into
    successive periods known as <B>&#147;Interest Periods&#148;</B>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each Drawdown, the duration of the Interest Periods
    (excluding the first) shall be six months and shall comply with
    the following rules:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The first Interest Period shall commence on the date of
    the relevant Drawdown of the Credit Facility and shall end on
    the first of the following dates (i)&#160;the following May 15
    or (ii)&#160;the following November&#160;15. Each of the
    following Interest Periods of such Drawdown shall commence on
    the last day of the immediately previous Interest Period. At the
    end of each Interest Period a new Interest Period shall
    commence. For the accrual, calculation and settlement of
    interest of the different Interest Periods the first day of the
    period shall be deemed to be included and the last day to be
    excluded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The dates established in this Agreement for the making
    of any payment which are not a business day shall be deemed to
    be transferred to the next Business Day, unless the latter falls
    within the next month of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    calendar, in which case they shall be deemed to be transferred
    to the Business Day immediately prior to that date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The next Interest Period shall end on the same date as that
    which would have been applicable if the adjustment to the
    immediately previous Interest Period in accordance with the
    above-mentioned rules had not occurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The duration of the last Interest Period shall be
    necessarily adjusted, where relevant, as regards to the
    conclusion thereof so as to coincide with the Final Maturity
    Date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4.3.&#160;&#160;<U>Effective
    Annual Interest Rate</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For information purposes, in accordance with the requirements of
    Circular 8/1990 of the Bank of Spain, published in the Official
    State Gazette number 226, of September&#160;20, 1990, as amended
    by Circular 4/1998, of January&#160;27, it is placed on record
    that the effective annual interest rate for the nominal interest
    rate applicable to the Credit Facility will be determined in
    accordance with the formula which appears in Annex&#160;V of the
    Circular, in accordance with the new denominations of the
    mathematical symbols contained in Circular 13/1993 of the Bank
    of Spain of December&#160;21, 1993, which is expressly deemed to
    be reproduced. Taxes and expenses shall be excluded from the
    calculation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">4.4.&#160;&#160;<U>Calculation</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The absolute amount of the interest which will accrue daily in
    favor of the Financing Entity due to the principal pending
    repayment shall be calculated in accordance with the following
    formula:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="10%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="48%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <FONT style="font-size: 10pt">Interest =
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <FONT style="font-size: 10pt">P x FIR x d
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="middle">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    36,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;P&#148; is the amount of the principal drawn down pending
    repayment on the last day of the relevant Interest Period before
    the appropriate repayment is made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;FIR&#148; is the fixed annual nominal Interest Rate
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;d&#148; is the number of days of the Interest Period
    settled
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">COMMISSIONS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financing Entity shall receive certain commissions in
    accordance with the terms agreed in a separate letter.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">REPAYMENT</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">6.1&#160;&#160;<U>Ordinary
    repayment of the Credit Facility</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total of the amount of the Credit Facility drawn down shall
    be reimbursed in an ordinary manner on the dates and for the
    amounts resulting from applying the percentages contained in the
    following table:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="22%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Repayment Percentage of the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount of the Credit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Facility Drawn Down on the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Date of Each Payment</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;15, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;15, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;15, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;15, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;15, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;15, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;15, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;15, 2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;15, 2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;15, 2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;15, 2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    82.25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>TOTAL</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>100</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>%</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In any event, if on November&#160;15, 2013 amounts remain to be
    repaid exceeding 82.25% of the amount drawn down of the Credit
    Facility, PEISA must repay the total outstanding of the Credit
    Facility on that date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;15, 2013 (hereinafter the <B>&#147;Final
    Maturity Date&#148;</B>), PEISA must have repaid the total of
    the amounts owed from the Credit Facility under the Agreement,
    including, in addition to the payment of the principal, the
    interest, late-payment interest, commissions, fees, taxes,
    expenses and any other item for which PEISA is liable in
    accordance with this Agreement. When this has been done, the
    credit facility shall be deemed to be cancelled in full.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.2&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">Voluntary
    early repayment or on grounds of early maturity of the Credit
    Facility. Obligatory early repayment of the Credit Facility.
    Rules applicable.</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount by which a voluntary early repayment as an early
    partial repayment of the Credit Facility may be requested may
    not be less than USD&#160;5,000,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The grant of the Credit Facility, which is of a fixed interest
    rate, is based on the hedging of the interest rate risk for a
    period equal to the duration of each Drawdown of the Credit
    Facility which the Financing Entity may arrange at its expense.
    Consequently, it is essential for the economic and financial
    equilibrium on which this transaction is based, to maintain it
    for the agreed term, since the hedging of the Financing Entity
    will be thus agreed on the market for these purposes. On this
    basis and as an essential term of this agreement, the parties
    agree that if PEISA either decides to fully or partially repay
    the Credit Facility in advance or any of the grounds envisaged
    in this agreement for the early repayment thereof arises (even
    for obligatory early repayment), PEISA shall be liable for the
    cost involved for the Financing Entity of the cancellation of
    the hedging of the amount the early maturity of which occurs,
    and the reestablishment of its position on the market, at the
    time the early cancellation takes effect (hereinafter the
    <B>&#147;Breakup Cost&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of establishing the amount subject to hedging
    for each Measurement Period (as defined in the next Clause),
    PEISA, together with each Drawdown request, must inform the
    Financing Entity of the estimated amount of obligatory early
    cancellation which will occur on each repayment date agreed by
    application of Clause&#160;6.3 (1)&#160;below (the
    <B>&#147;Estimated Amount of Obligatory Repayment&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Estimated Amount of Obligatory Repayment determined
    according to the estimation mentioned in the previous paragraph
    shall not involve, in the event of early repayment, any penalty
    or commission, or Breakup Cost.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any amount of obligatory early repayment which differs from the
    Estimated Amount of Obligatory Repayment or which is made on a
    date other than that envisaged in the Drawdown request shall be
    subject to the relevant Breakup Cost.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Such Breakup Cost shall be equal to that which the Financing
    Entity would incur by arranging on the market a transaction for
    an amount, residual period (meaning the period from the actual
    date of cancellation (inclusive) up to the original maturity
    date of the relevant Drawdown made under the Credit Facility
    (exclusive)) and fixed interest rate, equal to those of the
    relevant Drawdown made under the Credit Facility which is
    cancelled, which has the effect of neutralizing, for the
    Financing Entity the possible negative effect caused by the
    breakup of the hedging in relation to such Drawdown (excluding,
    whenever applicable, the Estimated Amount of Obligatory
    Repayment). If the effect caused by the breakup of the hedging
    is positive, such difference shall benefit PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financing Entity shall endeavor to the best of its ability
    to mitigate the Breakup Cost which may arise for PEISA from any
    early repayment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The voluntary early repayment shall not involve any penalty or
    commission other than the Breakup Cost.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Cancellation procedure.</U></I>&#160;&#160; At any time
    from any date of Drawdown of the Credit, and for the repayment
    of amounts disbursed under the Credit Facility, PEISA may
    request from the Bank a quotation of the Breakup Cost at which
    the full or partial early cancellation of the relevant Drawdown
    made under the Credit Facility can be made. Such notification
    shall be made before 12:00&#160;hours of the day in question 2
    business days prior to the date on which PEISA wishes to make
    the early repayment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When such petition has been received, or in cases of obligatory
    early repayment, even in the event of early maturity, the
    Financing Entity shall provide PEISA with a quotation of the
    Breakup Cost of cancellation for the full or partial amount of
    the relevant Drawdown made under the Credit Facility the early
    cancellation of which occurs, which shall be calculated by the
    Financing Entity as follows, with the qualifications and under
    the conditions established in the third and fourth paragraphs of
    this Clause in relation to the scenario envisaged in
    Clause&#160;6.3 (1)&#160;below, i.e. excluding, whenever
    applicable, the Estimated Amount of Obligatory Repayment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a)&#160;The Financing Entity shall calculate the fixed market
    interest rate, for a loan of an amount and term equal to the
    amount and residual term of the relevant Drawdown made under the
    Credit Facility or amount of the relevant Drawdown made under
    the Credit Facility which is cancelled, as the case may be. If
    the fixed market interest rate calculated is greater or less
    than the fixed interest rate agreed for the Drawdown granted
    under the Credit Facility, the Financing Entity shall calculate
    the differential and shall determine the amount of the interest
    which could accrue on the Drawdown granted under the Credit
    Facility or amount of the relevant Drawdown made under the
    Credit Facility which is cancelled in advance, for a period
    equal to that remaining until the maturity date originally
    agreed for the Drawdown granted under the Credit Facility, by
    applying to such amount the differential previously calculated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b)&#160;The amount of the interest determined by the Financing
    Entity, in accordance with the provisions of paragraph
    a)&#160;above, shall be reduced by revising it to the present
    value, on the date on which the early cancellation takes effect,
    by applying the following formula:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    where,
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="y71140y7114007.gif" alt="(EQUATION)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Vp:</I>&#160;&#160;is the present value of the flows of the
    interest pending until the original maturity of the relevant
    Drawdown made under the Credit Facility, resulting from the
    application of the differential calculated on the amount which
    is cancelled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Vfi:</I>&#160;&#160;is each of the flows of the interest
    pending until the original maturity date of the relevant
    Drawdown made under the Credit Facility, resulting from the
    application of the differential calculated on the amount which
    is cancelled.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>TS:</I>&#160;&#160;is the interest rate, converted to the
    Calculation Base of the relevant Drawdown made under the Credit
    Facility, for an interest rate swap transaction, based on the
    bid quotation, published on the ICAPEURO screen on the second
    business day prior to the date on which the early cancellation
    takes effect, such transaction having settlements as close as
    possible, considered as rounded downwards, to each of the flows
    of interest pending until the original maturity of the relevant
    Drawdown made under the Credit Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>ni:</I>&#160;&#160;is the number of days from the date of
    payment of each flow of interest pending (inclusive) up to the
    value date or which the settlement is made (exclusive), divided
    by the Calculation Base used to calculate the interest of the
    relevant Drawdown made under the Credit Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>t:</I>&#160;&#160;is the number of flows of interest pending
    until the original maturity date of the relevant Drawdown made
    under the Credit Facility, resulting from the application of the
    differential calculated on the amount which is cancelled (Vfi),
    calculated from the date of full/partial cancellation of the
    relevant Drawdown made under the Credit Facility, up to the
    original maturity date of the relevant Drawdown made under the
    Credit Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Calculation Base: present/360.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    c)&#160;If the fixed interest rate calculated by the Financing
    Entity, in accordance with the provisions of section
    a)&#160;above, is less than the fixed interest rate agreed for
    the Drawdown granted under the Credit Facility, the sum Vp,
    calculated in accordance with the provisions of the previous
    sections, shall constitute the sum which must be paid to the
    Bank by PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    d)&#160;If, on the other hand, the fixed interest rate
    calculated by the Financing Entity, in accordance with the
    provisions of section a)&#160;above, is greater than the fixed
    interest rate agreed for the Drawdown granted under the Credit
    Facility, the sum Vp, calculated in accordance with the
    provisions of the previous sections, shall constitute the sum
    which must be paid to PEISA by the Financing Entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If PEISA decides to voluntarily cancel, in whole or in part, the
    Drawdown granted under the Credit Facility, it shall notify the
    acceptance of the rate to the Bank before 13:00&#160;hours on
    the date on which it received the quotation. Once such quotation
    has been accepted, the decision to cancel shall be considered
    irrevocable and the Drawdown granted under the Credit Facility
    shall be cancelled in whole or in part, as the case may be. When
    the Drawdown granted under the Credit Facility has been
    cancelled, PEISA shall pay the relevant amount with value on the
    actual date of cancellation. In the case of obligatory early
    cancellation PEISA is deemed to accept the above-mentioned
    quotation from this time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If PEISA (only in the case of voluntary early cancellation) does
    not accept the quotation provided by the Financing Entity, it
    shall so inform this entity before 13:00&#160;hours on the date
    on which it received the quotation and the parties, in good
    faith, shall endeavor to reach an agreement on the market fixed
    rate used to calculate the Breakup Cost arising from the
    cancellation. If the parties have not reached an agreement
    before 13:00&#160;hours Madrid time on the Business Day
    following the date on which PEISA received the relevant
    quotation, the Financing Entity shall request from four
    reference financial institutions (the Reference Entities), their
    quotations of fixed interest rates for the amount and term at
    13:00&#160;hours Madrid time, on that date. When more than three
    quotations have been received, the arithmetical average of the
    quotations provided, discarding the highest and the lowest
    received, shall be considered the cancellation price. If only
    three quotations are received, their arithmetic average shall be
    calculated, and the same shall apply if two quotations are
    received. If a single quotation is obtained, it shall be
    considered that it is not possible to determine by this system
    the fixed calculation rate, in which case the bid interest rate
    of Swaps on the ICAPEURO screen, for the Business Day prior to
    the date on which the early cancellation sought to be made takes
    effect, for a term equal to that remaining for the maturity
    originally agreed for the Drawdown granted under the Credit
    Facility, or where relevant, the closest rounded downwards,
    shall be adopted as a fixed reference rate for determining the
    amount to be paid by PEISA to the Bank, or vice versa, as the
    case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of this Clause, the following shall be
    considered Reference Entities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Banco Bilbao Vizcaya Argentaria, S.A.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Caja de Ahorros y Monte de Piedad de Madrid
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Barclays Bank plc.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any two of the Reference Entities have merged, or any of them
    has merged with a third entity and has ceased to exist as such,
    the Financing Entity may select new Reference Entities, which
    must be prominent credit institutions due to their activity on
    the credit market, in the currency of the relevant Drawdown made
    under the Credit Facility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">6.3&#160;&#160;<U>Cases
    of obligatory early repayment of the Credit
    Facility</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the ordinary repayment of the credit granted,
    under the Credit Facility, on its maturity dates, PEISA will be
    obliged to repay on an obligatory basis the following items:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1)&#160;On the last day of the Measurement Period, (as defined
    below), PEISA shall repay in advance the credit granted under
    the Credit Facility, of an amount equal to the amount of the
    Excess Cash Sweep for such Measurement Period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Amount of Sweep</U> means, for each Measurement Period, 75%
    in relation to any amount representing Excess Cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Excess Cash</U> means, in relation to each Measurement
    Period, the total amount of the dividends and other
    distributions in cash received by PEISA during the Measurement
    Period in question in relation to the shares of YPF the
    acquisition of which by PEISA has been financed, from the credit
    granted under the Credit Facility, <U>less</U> the sum of
    (i)&#160;the amounts of interest of the relevant Drawdown made
    under the Credit Facility payable during each Measurement
    Period, (ii)&#160;the amounts of principal of the credit in
    accordance with the repayment table included in point 6.2,
    (iii)&#160;the amounts of taxes whose taxable event is the
    possession of shares of YPF acquired (including payments made to
    its direct or indirect shareholders), (iv)&#160;the commissions
    and expenses under this agreement, payable by PEISA, during the
    respective Measurement Period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Measurement Period</U> means, initially, the Period
    commencing on the date of signature of this agreement and ending
    on the first date of ordinary repayment of the principal of the
    credit, granted under the Credit Facility (inclusive), and from
    that date onwards, the Period commencing on the next day
    inclusive and ending on the next repayment date of the relevant
    Drawdown made under the Credit Facility and so forth.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2)&#160;The net amount obtained by PEISA in the event of
    <U>disposal of the shares</U> of YPF the acquisition of which by
    PEISA has been financed from the credit granted under the Credit
    Facility. The net amount shall be applied to the early repayment
    of the relevant Drawdown made under the Credit Facility on the
    date of expiration of the Measurement Period immediately after
    the date of the disposal of such shares. In any event, the
    amount obtained by PEISA as a result of the sale of the shares
    in question shall remain unwithdrawable in account number 0049
    1500 09 2210417119 (IBAN ES69 0049 1500 0922 1041
    7119)&#160;opened by PEISA in the Financing Entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3)&#160;If, for any reason, the Acquisition is terminated, and
    provided that, as a result of such termination, the parties
    thereto return their benefits to each other. In this case the
    obligatory early repayment shall affect all amounts, for any
    reason, pending payment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">PAYMENTS</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On each date on which PEISA must pay any sum owed in accordance
    with this Agreement it shall do so, without a prior request
    being necessary, before 10:00&#160;a.m., with value on that same
    day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to make any payment which is owed in accordance with
    this Agreement, PEISA must allocate sufficient funds in account
    number 0049 1500 09 2210417119 (IBAN ES69 0049 1500 0922 1041
    7119)&#160;opened for this purpose in the Financing Entity,
    which is irrevocably authorized to debit to this account any
    amount which is owed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The payments thus made by PEISA to the Financing Entity shall
    constitute a valid receipt in favor of PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sums owed under this Agreement shall be paid by PEISA in
    U.S.&#160;Dollars.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">ATTRIBUTION
    OF PAYMENTS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any payment made by PEISA to the Financing Entity in accordance
    with this Agreement shall be applied to the following items in
    the same order as is established below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Late-payment interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Ordinary interest accrued and due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Expenses provided for in Clause&#160;11.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Commissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Taxes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;Additional expenses provided for in Clause&#160;12.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;Judicial costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;Capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within each item above the attribution of payments shall
    commence with the oldest debts. However, the attribution to
    certain debts does not in any event mean the waiver of others,
    although older, whether they arise from the same or another item.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In particular, the receipt by the Financing Entity of a payment
    of the principal of the Credit Facility, although the right to
    the agreed interest is not expressly reserved, shall not
    extinguish the obligation to pay the interest for which PEISA is
    liable, which shall continue to be claimable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of partial voluntary or obligatory early repayment,
    the amounts shall be applied to cancel the repayments furthest
    in time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">DELAY
    IN THE FULFILLMENT OF THE OBLIGATIONS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">9.1&#160;&#160;<U>Default
    interest</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Default interest shall automatically accrue on any sum of money
    which is not paid upon maturity, in accordance with the
    provisions of Article&#160;316 of the Commercial Code, at the
    rate established below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No prior demand of the Financing Entity will be necessary in
    order for the default to exist.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">9.2&#160;&#160;<U>Default
    interest rate</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The default interest rate applicable to any sum due and unpaid
    shall be the result of adding two percentage points (2%) to the
    interest rate applicable at any given time to the sums owed,
    from the date on which the default has occurred until the full
    payment thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where the default refers to any item other than the principal of
    the Credit Facility, the default interest rate applicable to
    such items shall be that resulting from the addition of two
    percentage points to the interest rate of the Drawdown.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">9.3&#160;&#160;<U>Accrual,
    capitalization and payment</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Default interest shall accrue from day to day on the sums the
    payment of which has been delayed, on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    according to the number of days which have actually elapsed and
    shall be calculated and paid monthly in arrears from the
    occurrence of the default until the date on which it ends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Default interest due and unpaid shall be capitalized monthly (as
    well as on the date on which the default ceases and on the date
    on which a payment on account is made) for the purposes of the
    provisions of Article&#160;317 of the Commercial Code.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">9.4&#160;&#160;<U>Other
    rights arising from the default or breach</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provisions of this Clause may not be interpreted as a waiver
    or loss of the rights of the Financing Entity as a result of the
    failure to pay, in accordance with the provisions of other
    Clauses of this Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">INDEMNITY</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA undertakes to hold the Financing Entity harmless in
    relation to any cost which it incurs as a result of obtaining
    the necessary funds to comply with a Drawdown request which had
    not been delivered to PEISA for a reason attributable to the
    latter.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">TAXES
    AND EXPENSES</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">11.1&#160;&#160;<U>Taxes</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All taxes, contributions, levies and fiscal charges of any kind,
    present or future, which are levied on the formalization,
    application, execution and termination of this Agreement or the
    performance thereof, are borne exclusively by PEISA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">11.2&#160;&#160;<U>Payments
    net of taxes and grossing up</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All payments which PEISA makes to the Financing Entity under
    this Agreement as repayment, interest, commissions, expenses or
    any other kind, shall be free of any kind of tax, charge or
    encumbrance and must be made without any deduction, all of it
    being borne by PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If due to any legal imperative PEISA is obliged to make some
    withholding or payment on account for any reason on the interest
    payments which it must make in accordance with this Agreement to
    the Financing Entity, PEISA shall increase such payments by the
    amount necessary so that the Financing Entity, after having made
    the withholding or payment on account, receives the same amount
    as is owned, as if such withholding or payment on account had
    not existed. In this case PEISA shall send to the Financing
    Entity, as soon as possible, proof of the payments made to the
    competent authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If after an additional payment made by PEISA under the
    provisions of this Clause the Financing Entity effectively and
    definitively recovers all or part of the amount withheld or
    deducted on account which has given rise to such additional
    payment (whether in cash or by setoff or deduction), the net
    amount recovered shall be transferred to PEISA. The foregoing
    shall not confer on the latter any right of access to the books
    or records of the Financing Entity except in the context of a
    judicial dispute.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">11.3&#160;&#160;Other
    costs and expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Apart from the payment obligations incurred under this agreement
    as principal, interest, commissions and indemnity and subject to
    the provisions of Clause&#160;20 below, PEISA assumes at its
    expense the obligation to pay any other expenses, brokerages,
    taxes, levies, duties, official stamps, charges, fees and all
    other existing or future items which may arise or accrue as a
    result of the conclusion, modification (except assignment),
    execution or discharge of this Agreement, including, in
    particular:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The fees, brokerages and out-of-pocket expenses of
    public authenticating officials who participate in this
    Agreement, the modifications thereof or the notices, notarial
    requests or procedures necessary for the performance thereof. It
    is expressly clarified that PEISA will choose the public
    authenticating officials that participate in the conclusion, any
    modification or discharge of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;PEISA shall be liable, in any event, for the expenses
    of the documentation of the Agreement in a public deed, the
    obtainment of certified or original copies attested by the
    Notary for the Financing Entity. PEISA hereby authorizes the
    Financing Entity to obtain at the expense of PEISA a certified
    copy, meeting the requirements imposed by the Civil Procedure
    Law so that execution may be dispatched, of any documents
    attested by a public authenticating official relating to this
    Agreement, and may request them as well as on its own behalf, on
    behalf of and by express mandate of PEISA, which the latter
    confers for such purpose and for which it grants its express and
    irrevocable consent.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The taxes, levies, surcharges and charges, whether
    national, provincial or local and regional, which are levied,
    now or in the future, on the Agreement, the creation,
    modification, execution or discharge thereof except for the
    Corporate Income Tax applicable to the Financing Entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The expenses, costs and judicial and extrajudicial
    charges, including the fees of Counsel and Court Procedural
    Representatives which accrue as a direct result of this
    Agreement, incurred by the Financing Entity when defending,
    maintaining or demanding, due to a breach of PEISA, any of the
    rights of the Financing Entity arising from this Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    COST AND SUBSEQUENT ILLEGALITY</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">12.1&#160;&#160;<U>Additional
    Cost</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(a)&#160;General Principle.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If as a result of a Legislative Change (meaning (a)&#160;the
    adoption, after the date of this Agreement, of any law, decree
    or regulation, (b)&#160;any change, after the date of this
    Agreement, in any existing law, decree or regulation or in the
    interpretation of them which may be made by the governmental
    authorities or (c)&#160;the compliance with any instructions or
    demand made by any governmental authority after the date of this
    Agreement),
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;the obligation is imposed on the Financing Entity to
    create, modify or apply any reserve, coefficient, provision
    charged to its assets;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;any other demand is imposed on the Financing Entity or
    on the London interbank market which directly affects this
    Agreement or the Credit Facility;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and as a result of the foregoing, the cost of the Financing
    Entity to make or maintain the Credit Facility is increased or
    the amount of the sums received or to be received under the
    Credit Facility by the Financing Entity is reduced (whether as
    principal, interest or other item), PEISA will be obliged to pay
    to the Financing Entity the sums necessary to compensate the
    Financing Entity for such additional costs incurred or for the
    reduction suffered, provided that such compensation is not
    provided for in any other provision of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(b)&#160;Capital requirements.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any Legislative Change relating to the requirements of
    capital adequacy has the effect of reducing the return from the
    capital of the Financing Entity, as a result of the grant of the
    Credit Facility to a level below that which it would have
    obtained had such Legislative Change not occurred (taking into
    consideration the existing policies relating to the capital
    adequacy of the Financing Entity), PEISA must pay to the
    Financing Entity the amounts which are necessary to compensate
    such reduction of the return suffered by the Financing Entity,
    provided that such compensation is not provided for in any other
    provision of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(c)&#160;Exceptions.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provisions of paragraphs (a)&#160;and (b)&#160;of this
    section&#160;12.1 shall not be applicable and PEISA will,
    therefore, not be obliged to compensate such items to the
    Financing Entity if such additional costs or reductions in the
    return from the capital are attributable to the observance,
    application or implementation of (i)&#160;the
    &#147;International Convergence of Capital Measurement and
    Capital Standards, a Revised Framework&#148; published by the
    Basel Committee on Banking Supervision in June 2004 (hereinafter
    <B>&#147;Basel II&#148;</B>) or (ii)&#160;any other statutory
    rule or regulation implementing Basel&#160;II (whether such
    implementation, application or observance is required by the
    administrative, governmental or regulatory authorities or by the
    Financing Entity itself).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(d)&#160;Certification of the Financing Entity.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financing Entity must prove in documentary form, by
    certification, that it has incurred the aforementioned increase
    of cost or reduction of the return and determine in a detailed
    calculation giving reasons the higher costs or lower revenue.
    Such proof must be sent to PEISA fifteen (15)&#160;Business Days
    before it may be demanded. In addition, PEISA will not be
    obliged to pay any amount to the Financing Entity for the items
    described in paragraphs (a)&#160;and (b)&#160;above if such
    events have occurred at least nine (9)&#160;months prior to the
    date of the aforementioned certification, unless the Legislative
    Change has retroactive effects.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(e)&#160;Mitigation of effects.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financing Entity shall adopt all the measures which are
    reasonable in order to avoid or mitigate the effects of the
    circumstances envisaged in this Clause and shall consult PEISA
    in good faith in order to find the means for the purpose
    expressed above, including that of transferring its share in
    this Agreement, with the consent of PEISA, to another or other
    credit institutions not affected by the circumstances in
    question.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>(f)&#160;Reciprocity.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reciprocally, if as a Consequence of a Legislative Change
    obligations of the Financing Entity disappear which involve an
    increase or positive variation in the return from the
    transaction for the Financing Entity, or limitations are
    removed, whether in the interest rate or in the commissions, or
    of any other nature, which involve an increase in the revenue to
    which the Financing Entity is entitled under this Agreement, and
    provided that these circumstances involve an additional benefit
    for the Financing Entity, the latter will be obliged to
    compensate PEISA by returning to the latter the real advantage
    verified and experienced by the Financing Entity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">12.2&#160;&#160;<U>Subsequent
    illegality</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where the fulfillment of any of the obligations arising from
    this Agreement involves for the Financing Entity the
    infringement of any statutory provision or regulation or
    regulatory measure ordered or binding criterion for
    interpretation which is issued by a competent authority or
    official body, the Financing Entity, after informing PEISA of
    the circumstances which cause the infringement or illegality,
    may declare all its obligations to be cancelled within a maximum
    period of thirty (30)&#160;Business Days from the date of
    notification to PEISA or within the maximum period allowed by
    the law in relation to innovation or change if the latter period
    is shorter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financing Entity shall adopt all the measures which are
    reasonable in order to avoid or mitigate the effects of the
    circumstances envisaged in this Clause and shall consult PEISA
    in good faith in order to find the means for the purpose
    expressed above, including that of transferring its share in
    this Agreement, with the consent of PEISA, to another or other
    credit institutions not affected by the circumstances in
    question.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If it is not possible to find an alternative measure
    satisfactory to the Financing Entity, PEISA will be obliged to
    reimburse to the Financing Entity the Credit Facility and at the
    same time to pay the appropriate interest calculated up to the
    date on which the payment actually occurs, as well as the
    expenses and all other sums which, in accordance with this
    Agreement, it must pay to the Financing Entity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">DECLARATIONS
    OF PEISA</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">13.1&#160;&#160;<U>Representations</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA makes the representations listed below to the Financing
    Entity which are considered essential for the grant of the
    Credit Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;That PEISA is a company validly incorporated and
    registered in the Commercial Registry, with legal personality of
    its own and sufficient legal capacity to execute the Agreement
    and to assume all the obligations imposed on it under the
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;That PEISA has all the permits, licenses,
    authorizations and other approvals necessary to carry on its
    commercial activities in the manner and with the scope which it
    currently does, there being, to its knowledge and understanding,
    no reason or cause which may involve the revocation of any of
    them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;That the execution and performance of the Agreement:
    (i)&#160;does not infringe any existing statutory provision to
    which PEISA is subject, Bylaws, nor any other contract or
    commitment acquired by PEISA; (ii)&#160;does not require any
    authorization, approval or registration by any person, body or
    entity to which PEISA is subject which has not been obtained,
    except those which must be given by the National Securities
    Commission and the National Competition Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;That the signatory(ies) on behalf of PEISA is/are
    legally authorized to bind the entity which he/they represent(s)
    for the purposes of the Agreement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;That all the information supplied by PEISA to the
    Financing Entity, including that of a financial nature is
    correct and truly reflects its situation, there being no acts or
    omissions which detract from the truthfulness and accuracy of
    such information in any substantial aspect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;That PEISA has sufficient legal title to use the
    necessary assets to carry on its respective commercial activity
    in the manner in which it has been doing so up to now.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;That, except for the obligations arising from the
    Acquisition, PEISA has not assumed any kind of indebtedness
    other than the Credit Facility nor is it guarantor of any
    obligation of third parties. The shares of YPF acquired charged
    to the Credit Facility are free of charges and encumbrances
    other than those envisaged as a result of the Acquisition, in
    particular the pledge (or similar security in relation to the
    ADS of YPF which are listed on the New York Stock Exchange) to
    be created upon them in favor of the Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;To the best of its knowledge and understanding, there
    is no event or circumstance which may have a Significant
    Prejudicial Effect on PEISA. For the purposes of this Agreement,
    <B>&#147;Significant Prejudicial Effect&#148;</B> means any
    event or circumstance which (i)&#160;significantly affects the
    financial or commercial status of PEISA or of the Guarantor and
    the capacity of PEISA or of the Guarantor to fulfill its payment
    obligations under the Credit Facility or the Security, or which
    (ii)&#160;renders the Agreement invalid or unenforceable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;That PEISA has fulfilled all commercial and civil (of a
    contractual or extra-contractual nature), social, labor,
    environmental and tax obligations the breach of which may have a
    Significant Prejudicial Effect<I>.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;That PEISA has not taken any step aimed at declaring or
    seeking the declaration of insolvency, cessation of business,
    dissolution, supervision or reorganization, nor for the
    appointment of a bankruptcy trustee, supervisor, depository or
    similar officer, for all or part of its assets or business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;That PEISA is not aware of the commencement against it
    of any litigation, proceedings or measure of an administrative,
    judicial or arbitral nature, the result of which may reasonably
    have a Significant Prejudicial Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;There is no event which constitutes a Case of Early
    Maturity or which, with the passage of time or subject to
    notification, may constitute a Case of Early Maturity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of this Agreement, <B>&#147;to the best of its
    knowledge and understanding&#148;</B> means what an organized
    and diligent entrepreneur should or should have known following
    a prudent investigation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">13.2&#160;&#160;<U>Validity
    of the representations</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The representations provided in Clause&#160;13.1 shall be deemed
    to be repeated by PEISA on each Drawdown Date by reference to
    the facts and circumstances existing on that date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">14.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">OBLIGATIONS
    OF PEISA IN ADDITION TO THE PAYMENT OBLIGATIONS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">14.1&#160;&#160;<U>Information
    obligations</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without prejudice to all other commitments assumed under this
    Agreement, PEISA undertakes to fulfill the information
    obligations provided in this Clause.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Whenever the Financing Entity reasonably so requests,
    and as soon as is reasonably possible, any information
    concerning PEISA which is reasonably relevant to verify the
    truthfulness of the representations and the fulfillment of the
    obligations contained in this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;As soon as PEISA becomes aware of it, to notify to the
    Financing Entity the existence of any Case of Early Maturity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">14.2&#160;&#160;<U>Positive
    and negative obligations of PEISA</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without prejudice to all other obligations assumed under this
    Agreement, PEISA undertakes to fulfill the positive and negative
    obligations provided in this Clause.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;To use the amount of the Credit Facility for the
    purposes established in Clause&#160;1.2.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;To refrain from commencing any procedure for the
    merger, spin-off, liquidation or dissolution of PEISA, except in
    the case of corporate reorganizations in which only companies of
    the same group as PEISA are involved.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;To refrain from allowing or authorizing the change of
    corporate form or the reduction of capital stock, unless
    required by law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;To refrain from carrying out or allowing any
    substantial modification of the activity which constitutes the
    corporate purpose of PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;To maintain and ensure the maintenance in force of any
    authorization, permit, license or approval which may be imposed
    by any rule or required by any authority and which, at the same
    time, is necessary for the conduct of the activities of PEISA,
    unless the failure to obtain it does not involve a Significant
    Prejudicial Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;To refrain from granting loans to or providing security
    for third parties in any legally or economically equivalent
    form, other than those provided for in the framework of the
    Acquisition and the financing thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;To refrain from assuming or incurring any kind of
    financial indebtedness other than that arising from this
    Agreement or from the Acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;To refrain from granting guarantees or sureties or
    securing obligations of third parties in a manner other than
    that provided in the framework of the Acquisition and of the
    financing thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;To refrain from offering, granting or establishing any
    kind of security, pledge, mortgage or any other type of charge
    or encumbrance on its property and rights in favor of
    third-party creditors other than those envisaged in the
    framework of the Acquisition (including those provided for in
    the documents arising from the Acquisition due to the Option and
    from the Acquisition due to the Tender Offer) and the financing
    thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;To refrain from carrying out reductions of capital,
    unless required by law, or from acquiring its own shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;To comply in all substantial aspects with civil,
    commercial, administrative, environmental, tax, labor or any
    other kind of legislation applicable to it, and with the permits
    and authorizations which are necessary to carry on its activity,
    maintaining them in force, unless the failure to maintain them
    does not involve a Significant Prejudicial Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;To refrain from distributing dividends, or paying
    interest or principal of any loan or debt, subordinate or
    otherwise, without complying in advance with the provisions of
    Clause&#160;6.3 above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;To refrain from disposing of the shares of YPF which it
    acquires charged to the Credit Facility unless, on the date of
    maturity of the Interest Period immediately after the date of
    disposal of such shares, PEISA allocates the full amount
    obtained (net of expenses and taxes) to the voluntary early
    repayment of the Credit Facility in the terms indicated in this
    Agreement, once any other amounts which must be paid under the
    provisions of this Agreement on that same date have been
    discounted and paid (interest and Breakup Costs and other
    amounts associated with that early repayment obligation).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;Whenever it is legally possible and having regard to
    its representative nature, (i)&#160;to keep the shares of YPF
    financed by this Credit Facility recorded in a securities
    account opened in the Financing Entity or in any of the entities
    of the latter&#146;s group and (ii)&#160;pay the dividends
    received due to its shareholding in YPF in account number 0049
    1500 09 2210417119 (IBAN ES69 0049 1500 0922 1041
    7119)&#160;opened by PEISA in the Financing Entity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">15.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">EARLY
    MATURITY</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">15.1&#160;&#160;<U>Cases
    of Early Maturity</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The facts or circumstances listed below constitute cases of
    breach of the Credit Facility <B>(&#147;Cases of Early
    Maturity&#148;).</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;If any obligation to pay, whether the principal,
    interest, commissions, expenses or any other item owed under
    this Agreement is unpaid on its due date, unless such failure to
    pay is due to strictly administrative reasons or force majeure
    or is rectified within three (3)&#160;Business Days from its
    respective due date or date of enforceability, and without
    prejudice to the late-payment interest provided for in this
    Agreement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;If the Credit Facility is not wholly or partially used
    for the agreed purpose, except the portion which may be used by
    PEISA to fulfill any obligations to the banking authorities of
    the Argentinean Republic.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;If any significant obligation is breached other than
    the payment obligation assumed by PEISA under the Agreement, and
    in particular, but not so limited, if any of the obligations
    contained in Clause&#160;14 is seriously breached, and such
    breach is not rectified within thirty (30)&#160;days from the
    date on which the Financing Entity has notified such situation,
    provided that such breach is rectifiable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;If the representations of PEISA made in the Agreement
    are false in their substantial aspects or when they are repeated
    in accordance with the provisions of Clause&#160;13.2, cease to
    be true in some substantial aspect and have a Significant
    Prejudicial Effect on PEISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;If PEISA stops paying any debt due to funds taken on
    loan or refundable funds otherwise obtained (including any debt
    arising from hedging contracts or derivatives), other than those
    incurred under this Agreement or if due to a breach of the
    Guarantor, any other payment obligations assumed by the
    Guarantor under financial contracts of a similar nature are
    declared due and payable prior to the maturity thereof, provided
    that the amount of the obligations declared due and payable,
    together or separately, exceeds 10% of the consolidated assets
    of the Repsol Group, as contained in the Financial Statements
    for the last financial year approved by the Shareholders Meeting
    of Repsol.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;If judicial proceedings are commenced against PEISA
    which involve execution or attachment for a sum exceeding
    USD&#160;5,000,000 or if judicial proceedings are commenced
    against the Guarantor (provided that an administrative or
    governmental authority or its companies or subsidiary
    instrumentalities are not a party or have not commenced such
    proceedings) which involve execution or attachment for a sum
    exceeding 10% of the consolidated assets of the Repsol Group, as
    contained in the Financial Statements for the last financial
    year approved by the Shareholders Meeting of Repsol.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;If PEISA presents a petition for insolvency or if, if
    the petition is presented by a third party, it is admitted by
    judicial resolution, or is subject to judicial administration or
    attachment, or is the subject of seizure or supervision, or its
    shares or a substantial part of its assets are expropriated, or
    it recognizes its incapacity to pay its debts upon maturity, or
    renegotiation of all or a substantial part of its payment
    obligations is commenced, or any other similar action or
    measure, judicial or private, is performed, which has similar
    effects, or the situation of insolvency of PEISA is obvious for
    any reason.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;If the Guarantor presents a petition for insolvency or
    if, if the petition is presented by a third party, it is
    admitted by judicial resolution, or is subject to judicial
    administration or attachment, or it recognizes its incapacity to
    pay its debts upon maturity, or renegotiation of all or a
    substantial part of its payment obligations is commenced, or any
    other similar action or measure, judicial or private, is
    performed, which has similar effects, or the situation of
    insolvency of the Guarantor is obvious for any reason.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;If for any reason PEISA or the Guarantor discontinues
    its business activity in full, or substantially reduces it, or
    radically modifies it, or calls or holds a Shareholders Meeting
    to decide any of those measures or if it is placed in a
    situation constituting legal grounds for dissolution or
    liquidation and such situation is not resolved within
    15&#160;days.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;If the Security granted by the Guarantor under the
    Security Agreement ceases to be valid or enforceable or any
    reason.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">15.2&#160;&#160;Effects
    of Total Early Maturity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Once notified to PEISA, the early maturity shall have the
    following effects:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the cancellation of the possibility of drawing down the
    Credit Facility if it has not been disbursed;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the obligation of PEISA to reimburse, within seven
    (7)&#160;days from when it is notified, the full outstanding
    balance of the principal drawn down and pending repayment;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the immediate enforceability of the interest accrued
    and any commissions, expenses and other items owed by PEISA;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the obligation of PEISA to indemnify the Financing
    Entity for the damage envisaged in sub-Clause&#160;10
    (a)&#160;which may be caused to it by the reimbursement of the
    Credit Facility by PEISA on a date other than those on which the
    current interest would have fallen due, as a result of a lower
    return from its investment up to the maturity envisaged compared
    with the cost attributable to the obtainment of those funds when
    they were supplied to PEISA, according to the evidentiary
    calculation which must be presented by the Financing Entity;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;the accrual of default interest on the sums owed in
    accordance with the previous sections if they are not paid
    within seven (7)&#160;days after being notified of the
    declaration of early maturity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">16.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF THE BALANCE OWED AND JUDICIAL EXECUTION</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of ordinary or early maturity of the Credit
    Facility or full or partial termination of the Agreement, the
    Financing Entity may calculate the account mentioned in
    Section&#160;3, it being expressly agreed that the balance of
    such calculation, duly certified by the Financing Entity will be
    a net due and payable sum (in accordance with the provisions of
    Articles&#160;571 and 572 of Civil Procedure Law 1/2000, of
    January 7), for the purposes of payment and the dispatch of
    execution for the purposes of judicial or extrajudicial claims.
    The amount payable resulting from such calculation shall be
    notified to PEISA and to the Guarantor, in accordance with the
    provisions of Art. 572.2 <I>in fine </I>of the above-mentioned
    Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A copy of this Agreement documented in a public instrument with
    the formalities established in Civil Procedure Law 1/2000, of
    January&#160;7, shall constitute a document with executive
    force, to which must the following documents must be attached:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Certificate issued by the Notary that has supervised
    the documentation in a public deed or keeps its Register,
    proving the compliance of the copy of the Agreement documented
    in a public deed with the entries of the Register and the date
    of such entries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The certificate referred to in the first paragraph of
    this Clause, stating the balance of the account mentioned in
    Clause&#160;Error! Reference source not found., arising from the
    calculation made by the Financing Entity. The Notary shall state
    in said certificate that he acts at the request of the Financing
    Entity, that the calculation of the debt of PEISA has been
    performed in the manner agreed by the Parties in this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The statement of the debit and credit entries and those
    for the application of interest which determine the specific
    balance for which the dispatch of execution is sought.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The document proving that PEISA and the Guarantor have
    been notified of the amount payable, in accordance with the
    provisions of the first paragraph of this Clause.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">17.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">SETOFF</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA expressly authorizes the Financing Entity to use for the
    payment of any sums due and unpaid by any of the under this
    Agreement, the monetary balances which may exist in favor of the
    latter in the Financing Entity, whether in current, savings or
    any other present or future cash deposit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The power provided in this Clause shall be directly applicable
    to the balances described in the previous paragraph although
    they are denominated in the currency of the Credit Facility, in
    which case the Financing Entity may make the appropriate
    conversion to the market rates then in force reported by the
    Reference Entities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">18.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF PERIODS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For the purposes of the calculation of the periods envisaged in
    this Agreement, the definitions contained in this Clause shall
    be used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Hours&#148;</I>: means the time in Madrid, unless
    expressly stipulated otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Calendar day&#148;</I>: means every day of the
    Gregorian calendar. Periods indicated in days shall be deemed to
    be calendar days unless expressly stipulated otherwise.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Working day&#148;</I>: (i)&#160;for the payments
    envisaged in this Agreement, the days on which the London
    inter-bank market is operative for transfers in USD, provided
    that it is not (ii)&#160;Saturday, Sunday, or a public holiday
    in Madrid, London and Buenos Aires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Week&#148;</I>: means the period between a certain day
    and the same day of the following week, inclusive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Month&#148;</I>: means the period between a certain day
    and the same date of the following month, inclusive, unless in
    the following month that date does not exist, in which case it
    shall end on the last day of that following month.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Quarter&#148; or &#147;three months&#148;</I>: means
    the period of time between any specific day and the same date of
    the following third consecutive month of the calendar,
    inclusive, unless in such third month that date does not exist,
    in which case it shall end on the last day of that third month.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Semester&#148; or &#147;six months&#148;</I>: means the
    period of time between any specific day and the same date of the
    following sixth consecutive month of the calendar, inclusive,
    unless in such sixth month that date does not exist, in which
    case it shall end on the last day of that sixth month.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Year&#148; or &#147;twelve months&#148;</I>: means the
    period of time between any specific day and the same date of the
    following twelfth consecutive month of the calendar, inclusive,
    unless in such twelfth month that date does not exist, in which
    case it shall end on the last day of that twelfth month.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The dates established in this Agreement for the making of any
    payment which turns out to be a non-business day shall be deemed
    to be transferred to the next Business Day, unless it falls
    within the following month of the calendar, in which case they
    shall be deemed to be transferred to the immediately previous
    Business Day. If this gives rise to a greater or lesser duration
    in a period of time which must end on that payment date, the
    extension or reduction of the period thus applied shall be
    deducted or added respectively in the very next period which
    follows&#160;it.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">19.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">NOTICES</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">19.1&#160;&#160;<U>Form
    of serving notices</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notices between PEISA, the Guarantor and the Financing Entity
    arising from this Agreement for which a specific form is not
    provided, shall be served using any means which provides
    evidence of the dispatch and receipt thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Communications in writing shall be deemed to be duly served when
    issued in writing, with the necessary advance notice in each
    case, by telegram, bureau fax or fax sent to the respective
    addresses and numbers listed in the following paragraphs, or
    personally by messenger who obtains acknowledgment of receipt
    from the addressee. The receipt of issue of the telegram, or the
    original of the bureau fax or fax containing the receipt thereof
    at the numbers indicated, shall constitute due proof of the
    communication, except telegraphic communications or
    communications by fax (not those sent by bureau fax offered by
    the Post Office) must be confirmed by letters signed by a person
    authorized for the communication which has been received, sent
    by registered mail or by messenger who obtains an acknowledgment
    of receipt by the addressee or by acknowledgment of receipt
    responded to by the same channel by the addressee thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">19.2&#160;&#160;<U>Addresses</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Those indicated in <U>Schedule&#160;2</U> are specified as
    addresses, fax numbers and contact persons of all the parties to
    this Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">19.3&#160;&#160;<U>New
    addresses</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any change in the addresses indicated in this Agreement shall
    not take effect unless it has been duly notified to the other
    party at least five (5)&#160;days in advance.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">20.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">ASSIGNMENTS</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">20.1&#160;&#160;<U>Assignment
    by the Financing Entity</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Financing Entity may assign to third parties, in whole or in
    part, its contractual position under this Agreement, provided
    that the following requirements are met:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a)&#160;The assignment is notified to PEISA five (5)&#160;days
    prior to the date on which it occurs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b)&#160;Possible assignees. The assignee must be a financial
    institution (excluding for the purposes of this agreement
    collective investment institutions, collective investment
    institutions of free-investment collective investment
    institutions, entities known as hedge funds as well as venture
    capital entities&#160;&#151; irrespective of their legal form-),
    credit institution, or securitization fund which may be included
    in any of the following sections:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Entities resident for tax purposes in Spain to which
    are applicable the provisions of Article&#160;59.c) of the
    Corporate Income Tax Regulations approved by Royal Decree
    1777/2004, of July 30; or the regulations which may replace it
    in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;Entities not resident for tax purposes in Spain which,
    in relation to this agreement, act through a permanent
    establishment in Spain and to which are applicable the
    provisions of Article&#160;81 paragraph two of the Nonresident
    Income Tax Regulations approved by Royal Decree 1776/2004, of
    July 30; or the regulations which may replace it in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;Entities resident for tax purposes in a Member State of
    the European Union and which act directly or through a permanent
    establishment in another Member State of the European Union,
    provided that in relation to this agreement they do not act
    through a permanent establishment situated in Spain or through a
    country or territory classified as a tax haven according to
    Spanish legislation applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;Entities not resident for tax purposes in Spain and
    which are entitled to the application of a Convention for the
    avoidance of double taxation entered into by Spain and their
    country of residence, under which the payments which are made to
    it under this agreement are exempt from taxation in Spain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Minimum amount of each assignment. Except in the case of the
    assignment of the total of the assignor in the finance the
    subject-matter of this Agreement, the amount of each assignment
    transaction shall be equal to USD&#160;5,000,000 (or, if
    greater, of whole multiples of USD&#160;500,000).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    That PEISA does not assume vis-&#224;-vis the assignee greater
    obligations than those which it has incurred with the assignor
    and the assignment does not involve any additional cost for
    PEISA, including, in particular, that the assignment does not
    involve for PEISA greater obligations or costs than those for
    which under Clauses&#160;10, 11 and 12 it would have been liable
    in relation to the assignor. If the assignee entity is a
    foreigner, it must deliver annually to PEISA the appropriate tax
    residence certificates, otherwise, PEISA will not be obliged, in
    relation to such assignee, to make the payments envisaged in
    Clause&#160;12.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The assignments referred to in this Clause&#160;20.1 shall only
    be binding and shall only take effect in relation to PEISA and
    the Guarantor when all the requirements mentioned in the
    previous paragraphs have been met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PEISA undertakes, if requested to do so by the assignor or the
    assignee, and provided that the requirements provided in this
    Clause are met, to personally appear before the Notary that may
    be designated by the assignor or the assignee at the expense of
    the assignor or the assignee, to grant its consent to any
    assignment made and to formalize the novation of the party to
    this Agreement, and to notify the assignment to the Bank of
    Spain, if the assignor or the assignee is not resident in Spain,
    as required from time to time by the applicable legislation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The assignor undertakes to send to PEISA and to the Guarantor a
    certified copy of the deed or attested contract of assignment
    five (5)&#160;days prior to the date on which the assignment
    takes effect.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">20.2&#160;&#160;<U>Assignment
    by PEISA</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The contractual position, rights and obligations of PEISA may
    not be assigned or transferred in any event on any basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">21.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">JURISDICTION</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Parties, waiving the forum to which they may be entitled,
    expressly submit to the jurisdiction of the Courts of the City
    of Madrid.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">22.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><U><FONT style="font-family: 'Times New Roman', Times">APPLICABLE
    LEGISLATION</FONT></U></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement shall be governed by and interpreted in
    accordance with Spanish law applicable in the national territory.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PETERSEN
    ENERG&#205;A INVERSORA, S.A.</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ignacio
    Cruz Mor&#225;n</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 --><B>Mr.&#160;Ignacio
    Cruz Mor&#225;n</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
<DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160; Mauro Renato Jos&#233; Dacomo</DIV><DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=262 length=0 --><B>P.p. Mr. Mauro Renato Jos&#233; Dacomo</B> <BR>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <B>BANCO SANTANDER S.A.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Juan
    de Porras Aguirre</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 --><B>P.p.
    Mr.&#160;Juan de Porras Aguirre</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;
    Javier Mart&#237;n
    Robles</DIV><DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=208 iwidth=262 length=0 --><B>P.p.
    Mr. Javier Mart&#237;n Robles</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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