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<SEC-DOCUMENT>0000950123-08-011637.txt : 20090105
<SEC-HEADER>0000950123-08-011637.hdr.sgml : 20090105

<ACCEPTANCE-DATETIME>20080929124210

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-08-011637

CONFORMED SUBMISSION TYPE:	SC TO-T/A

PUBLIC DOCUMENT COUNT:		3

FILED AS OF DATE:		20080929

DATE AS OF CHANGE:		20081117

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/A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	005-50107

		FILM NUMBER:		081093195



	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:		081093196



	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/A



	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/A
<SEQUENCE>1
<FILENAME>y71499sctovtza.htm
<DESCRIPTION>AMENDMENT NO.1 TO SCHEDULE TO
<TEXT>
<HTML>
<HEAD>
<TITLE>SC TO-T/A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE TO</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Tender Offer Statement under Section&nbsp;14(d)(1) or 13(e)(1)<BR>
of the Securities Exchange Act of 1934<BR>
(Amendment No.&nbsp;1)</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>YPF Sociedad An&#243;nima</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Name of Subject Company (Issuer))</I></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>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</B><BR>
<I>(Names of Filing Person (Offeror))</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CLASS A SHARES; CLASS B SHARES<BR>
CLASS C SHARES; CLASS D SHARES<BR>
par value 10 Pesos per share<BR>
and<BR>
AMERICAN DEPOSITARY SHARES, each representing one Class&nbsp;D Share</B><BR>
<I>(Title of Class of Securities)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Class&nbsp;A Shares (P9897X107); Class&nbsp;B Shares (P9897X115)<BR>
Class&nbsp;C Shares (P9897X123); Class&nbsp;D Shares (P9897X131)<BR>
American Depositary Shares (984245100)</B><BR>
<I>(CUSIP Number of Class of Securities)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Petersen Energ&#237;a Inversora, S.A.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Grupo Petersen</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Vel&#225;zquez 9, planta 1</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Cerrito 740, 11</B><SUP style="font-size: 85%; vertical-align: text-top"><B>o</B></SUP><B> Piso</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>28006, Madrid, Spain</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(C1010AAP) Buenos Aires, Argentina</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Attn: Luis Mar&#237;a Morales</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Attn: Mauro R. Dacomo</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>&#043;34-915-750-008</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#043;54-11-5-555-0103</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(Name, Address and Telephone Numbers of Person</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Name, Address and Telephone Numbers of Person</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Authorized to Receive Notices and Communications on Behalf of Filing Person)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Authorized to Receive Notices and Communications on Behalf of Filing Person)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF FILING FEE</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Transaction Valuation*</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Amount of Filing Fee**</B></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" valign="top">$89,603,993
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$3,521.44</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of calculating the filing fee pursuant to Rule&nbsp;0-11(d) only, the Transaction
Valuation was calculated on the basis of (i)&nbsp;the aggregate of 907 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)&nbsp;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>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The filing fee, calculated in accordance with Rule&nbsp;0-11 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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the box if any part of the fee is offset as provided by Rule&nbsp;0-11 (a) (2)&nbsp;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.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Previously Paid: $3,521.44
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filing Party: Petersen Energ&#237;a
Inversora, S.A., Enrique
Eskenazi, Sebasti&#225;n Eskenazi,
Mat&#237;as Eskenazi Storey and
Ezequiel Eskenazi Storey</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form or Registration No.: Schedule&nbsp;TO-T
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date Filed: September&nbsp;11, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate boxes below to designate any transactions to which the statement relates:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>third-party tender offer subject to Rule&nbsp;14d-1.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issuer tender offer subject to Rule&nbsp;13e-4.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>going-private transaction subject to Rule&nbsp;13e-3.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the following box if the filing is a final amendment reporting the results of the tender
offer: <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="20%">&nbsp;</TD>
<TD width="55%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD align="center" valign="top"><DIV style="border: 0px solid #000000">&nbsp;</DIV></TD>
<TD>&nbsp;</TD>
<TD align="center">13D/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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><br>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<BR><BR>Petersen Energ&#237;a Inversora, S.A.</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<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<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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</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</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"><B>* Each ADS may be exchanged for one Class D Share.</B>
</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="20%">&nbsp;</TD>
<TD width="55%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD align="center" valign="top"><DIV style="border: 0px solid #000000">&nbsp;</DIV></TD>
<TD>&nbsp;</TD>
<TD align="center">13D/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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>
<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br><br> Enrique Eskenazi</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<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<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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</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</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"><B>*  Each ADS may be exchanged for one Class D Share.</B>
</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="20%">&nbsp;</TD>
<TD width="55%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD align="center" valign="top"><DIV style="border: 0px solid #000000">&nbsp;</DIV></TD>
<TD>&nbsp;</TD>
<TD align="center">13D/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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>
<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br><br> Sebasti&#225;n Eskenazi</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<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<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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</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</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"><B>*  Each ADS may be exchanged for one Class D Share.</B>
</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="20%">&nbsp;</TD>
<TD width="55%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD align="center" valign="top"><DIV style="border: 0px solid #000000">&nbsp;</DIV></TD>
<TD>&nbsp;</TD>
<TD align="center">13D/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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>
<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br><br> Mat&#237;as Eskenazi Storey</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<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<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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</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</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"><B>*  Each ADS may be exchanged for one Class D Share.</B>
</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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="20%">&nbsp;</TD>
<TD width="55%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD align="center" valign="top"><DIV style="border: 0px solid #000000">&nbsp;</DIV></TD>
<TD>&nbsp;</TD>
<TD align="center">13D/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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>
<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br><br> Ezequiel Eskenazi Storey</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<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<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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 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 BOX IF THE AGGREGATE AMOUNT IN ROW (11)&nbsp;EXCLUDES CERTAIN SHARES</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</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"><B>*  Each ADS may be exchanged for one Class D Share.</B>
</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>
<!-- 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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="20%">&nbsp;</TD>
<TD width="55%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="9%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
<TD align="center" valign="top"><DIV style="border: 0px solid #000000">&nbsp;</DIV></TD>
<TD>&nbsp;</TD>
<TD align="center">13D/A</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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>
<BR>
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)<br><br> Petersen Energ&#237;a, S.A.<br><br> Petersen Energ&#237;a Pty Ltd.<br><br> Petersen Energ&#237;a Inversora Holding GmbH</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
<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>





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

7

</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;1 amends and supplements the Tender Offer Statement and Schedule&nbsp;TO (the
"<B>Schedule&nbsp;TO</B>&#148;) filed with the Securities and Exchange Commission (&#147;<B>SEC</B>&#148;) on September&nbsp;11, 2008, by
Petersen Energ&#237;a Inversora, S.A. (&#147;<B>Purchaser</B>&#148;), 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 (&#147;<B>Holding</B>&#148;), together with Enrique Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and
Ezequiel Eskenazi Storey (collectively, the &#147;<B>Eskenazi Family</B>&#148;, and together with the Purchaser, the
"<B>Bidders</B>&#148;). The Schedule&nbsp;TO relates to the offer by the Bidders to purchase (1)&nbsp;Class&nbsp;A Shares,
Class&nbsp;B Shares, Class&nbsp;C Shares and Class&nbsp;D Shares of YPF Sociedad An&#243;nima (&#147;<B>YPF</B>&#148; or the &#147;<B>Issuer</B>&#148;),
a corporation (<I>sociedad an&#243;nima</I>) organized under the laws of the Republic of Argentina
(&#147;<B>Argentina</B>&#148;) (all such shares having par value of 10 Pesos per share, collectively, the &#147;<B>Shares</B>&#148;)
held by U.S. Persons (as defined below) and (2)&nbsp;all outstanding American Depositary Shares (each
representing one Class&nbsp;D Share of YPF) (the &#147;<B>ADSs</B>&#148;, and together with the Shares, the
"<B>Securities</B>&#148;), at a price of U.S. $49.45 (forty-nine dollars and forty-five cents) per Security,
in cash (the &#147;<B>Offer Price</B>&#148;), 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&nbsp;11, 2008 (the &#147;<B>U.S. Offer to Purchase</B>&#148; ) and in the related documents
(which, together with any amendments or supplements thereto, collectively constitute the &#147;<B>U.S.
Offer</B>&#148; ), which are annexed to and filed with the Schedule&nbsp;TO as Exhibits (a)(1)(A) through
(a)(1)(I). The U.S. Offer is being made in conjunction with an offer by the Purchaser in Argentina
for all outstanding Shares (but not ADSs) (the &#147;<B>Argentine Offer,</B>&#148; and together with the U.S. Offer,
the &#147;<B>Offers</B>&#148;). The price offered in the Argentine Offer is the same as the Offer Price in the U.S.
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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Items 1 through 12 of the Schedule&nbsp;TO, to the extent such Items incorporate by reference the
information contained in the U.S. Offer to Purchase, are hereby amended and supplemented as
described below. All page references in this Amendment No.&nbsp;1 refer to the U.S. Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>FORWARD LOOKING STATEMENTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section &#147;Forward Looking Statements&#148; on page 5 of the U.S. Offer to Purchase is deleted in
its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>SUMMARY TERM SHEET&#151;&#147;How will payment be made for the Securities I tender?&#148;</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The response to this question on page iv of the U.S. Offer to Purchase is amended and restated
in its entirety to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bidders will be deemed to have accepted for payment (and thereby purchased) Shares
or ADSs validly tendered in the U.S. Offer and not properly withdrawn when the Bidders give
written notice to the U.S. Receiving Agent of acceptance for payment of such Shares and ADSs.
However, payment for Securities you tender may be delayed because the Bidders will not
accept or pay for any Securities tendered in the U.S. Offer or the Argentine Offer until the
Required Regulatory Approval has been obtained. If the Required Regulatory Approval has not
been obtained prior to the expiration of the U.S. Offer or any extension thereof, the Bidders
will pay for the Securities tendered up to 3 (three)&nbsp;business days after the Required
Regulatory Approval has been obtained and announced. If, instead, the Required Regulatory
Approval is obtained prior to the expiration of the U.S. Offer, payment will be made promptly
after the Expiration Date or any extension thereof. Finally, if the Required Regulatory
Approval is not obtained so as to allow the Bidders to accept the Securities and pay for them
on or prior to January&nbsp;15, 2009, the Purchaser will cause all Securities tendered and not
withdrawn to be returned and you will receive no payment. (See &#147;THE U.S. OFFER &#151; SECTION 2.
Acceptance for Payment and Payment.&#148;)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for Shares and ADSs accepted pursuant to the U.S. Offer will be made, provided
the Required Regulatory Approval has been obtained, by deposit of the Offer Price therefore
in U.S. dollars with the U.S. Receiving Agent and subsequent payment to tendering holders
through the U.S. Receiving Agent. The U.S. Receiving Agent will act as an agent for
tendering holders of Shares and/or ADSs, respectively, for the purpose of receiving payments
from the Bidders and disbursing payments to such tendering holders of Shares and/or ADSs
whose Shares and/or ADSs have been accepted for payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each sale of Shares and/or ADSs pursuant to the U.S. Offer will be settled in U.S.
dollars. Holders of Shares and/or ADSs who wish to convert the U.S. dollars received in
connection with the U.S. 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.
Offer be extended. For more information on the payment mechanics see &#147;THE U.S. OFFER &#151;
SECTION 2. Acceptance for Payment.&#148;)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>CERTAIN INFORMATION CONCERNING THE ESKENAZI FAMILY, PURCHASER AND HOLDING</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section &#147;Holding&#148; on page 21 of the U.S. Offer to Purchase is amended and restated in its
entirety to read as follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Holding. </I>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 material assets consist of all of the outstanding equity
interests in Purchaser and is engaged in no activities other than those incidental to holding such
interests.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>PURPOSE OF THE OFFERS; PLANS FOR YPF</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The section &#147;Purpose of the Offers; Plans for YPF&#148; on page 26 of the U.S. Offer to purchase is amended and
restated in its entirety to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;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. Accordingly, if the Second Option is
exercised and the Offers are consummated, it is not expected that Petersen SA could acquire a
number of Class&nbsp;D Shares and ADSs that represents more than 26% of the total outstanding
capital stock of YPF.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Bidders&#146; (or Certain of their Affiliates&#146;) Plans for YPF, Transactions and Operations
Following the Offers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the SHA:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repsol and Petersen SA have agreed that after the consummation of the Offers,
Repsol may sell capital stock of YPF held by it and/or certain of its affiliates
in a public offering (the <B>&#147;Oferta P&#250;blica de Venta&#148;
or &#147;OPV&#148;</B>). Repsol and
Petersen SA agreed that the number of Shares owned by Repsol and/or 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 and/or 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)&nbsp;months period (the <B>&#147;Waiting Period&#148;</B>) starting as from the execution
of the SHA on February&nbsp;21, 2008. The Waiting Period expired on May&nbsp;21, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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. An acquisition will be undertaken if it is beneficial and in the best
interest 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>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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)&nbsp;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. $850,000,000 (eight hundred and fifty
million dollars) which shall be paid (i)&nbsp;50% during 2008 (25% were paid during the first
six months and 25% are expected to be paid in the second half of the year); and (ii)&nbsp;the remaining 50%
during the year 2009 (25% during the first six months and 25% in the second half
of the year).</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repsol and Petersen SA undertook to actively perform all the necessary actions
for YPF to amend the By-laws so as to demand the launch of a tender offer for
100% of the shares only in the following cases: (i)&nbsp;when an interest equal to or
exceeding 15% of the capital stock of the Company is acquired; or (ii)&nbsp;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&nbsp;24, 2008, the By-laws were amended accordingly.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repsol (and certain of its affiliates) and Petersen SA are obligated to
discuss and attempt to reach agreement on how to vote on proposals presented at
shareholders&#146; meetings involving certain matters (referred to as &#147;special
matters&#148;), including, without limitation, capital increases in excess of
Ps.250,000,000, granting or issuance of options or convertible obligations,
amendments to the By-laws, reductions in the YPF&#146;s capital (except as legally
required), the merger of the YPF or any of its subsidiaries (except in the case
of mergers between certain subsidiaries) and the divestiture of certain of the
YPF&#146;s subsidiaries and of certain assets. In the event that Repsol (and certain
of its affiliates) and Petersen SA cannot reach an agreement on any of these
&#147;special matters,&#148; they both must vote against such matters.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Repsol and certain of its affiliates agreed that, following the consummation
of the Acquisition, the composition of the YPF&#146;s Board of
Directors (the <B>&#147;Board&#148;</B>)
would reflect a proportional representation of Repsol&#146;s and Petersen SA&#146;s
interests in the outstanding capital stock of YPF, with (i)&nbsp;Repsol retaining the
right to appoint the majority of members of the Board for so long as it holds the
majority of YPF&#146;s outstanding capital stock and (ii)&nbsp;Petersen SA having the right
to appoint at least five members of the Board (or three members in the event its
interest in YPF decreases to 10% of YPF&#146;s outstanding capital stock, excluding
certain dilution events in respect of capital increases). In particular,
pursuant to the Shareholders&#146; Agreement, Repsol (and certain of its affiliates)
and Petersen SA also agreed that Mr.&nbsp;Antonio Brufau will remain the Chairman of
the Board, Mr.&nbsp;Sebasti&#225;n Eskenazi will serve as the Chief Executive Officer of
YPF, Mr.&nbsp;Antonio Gomis, a representative designated by Repsol, will serve as
YPF&#146;s Chief Operating Officer and Mr.&nbsp;Enrique Eskenazi will serve as a Director
of YPF and will also serve as a Non-Executive Vice President of the Board.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
13D filed by Petersen SA with the SEC on February&nbsp;28, 2008 or any amendments thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Management of YPF</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described above or elsewhere in this U.S. 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&nbsp;7, 2008 and April&nbsp;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 and the designation of Mr.&nbsp;Ignacio Cruz Mor&#225;n as chief
financial offices of YPF on April&nbsp;28, 2008. See Form 6-K which YPF filed with the SEC on
March&nbsp;12, 2008, and Amendment No.&nbsp;2 to Schedule&nbsp;13 D which Petersen SA filed with the SEC on
May&nbsp;6, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Securities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;A Shares would be required for such a transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Second Option Agreement, following the completion of the Offers, the
Eskenazi Family or one or more of its affiliates may at any time on or prior to February&nbsp;21,
2012, seek to acquire an additional 10% of the outstanding Securities owned by Repsol. The
ability of the Eskenazi Family to materialize the acquisition among other things, will depend
upon the availability of financing on terms acceptable to the Eskenazi Family.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described above or elsewhere in this U.S. 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>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>SIGNATURE</B></div>





<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Petersen Energ&#237;a Inversora, S.A.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mauro Dacomo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mauro Dacomo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>Consejero &#151; Secretario del Consejo de
Administraci&#243;n</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Enrique Eskenazi,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Sebasti&#225;n Eskenazi,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Mat&#237;as Eskenazi Storey and</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Ezequiel Eskenazi Storey</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mauro Dacomo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mauro Dacomo
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: September&nbsp;29, 2008
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>2
<FILENAME>filename2.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
PETERSEN ENERG&#205;A INVERSORA, S.A.,<BR>

ENRIQUE ESKENAZI,<BR>

SEBASTI&#193;N ESKENAZI,<BR>

MAT&#205;AS ESKENAZI STOREY AND<BR>

EZEQUIEL ESKENAZI STOREY</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">September&nbsp;29,
2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Christina Chalk, Esq.<BR>
Senior Special Counsel<BR>
Office of Mergers and Acquisitions<BR>
United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-0303

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Re:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>YPF S.A.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Schedule&nbsp;TO-T filed on Sept. 11, 2008 by Petersen Energ&#237;a Inversora</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>S.A., </B><B><I>Et al.</I></B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>SEC File No.&nbsp;5-50107</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Ms.&nbsp;Chalk:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the response of Petersen Energ&#237;a Inversora, S.A (&#147;<U>Purchaser</U>&#148;),
Enrique Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi Storey
(collectively, the &#147;<U>Eskenazi Family</U>&#148;, and together with the Purchaser, the
&#147;<U>Bidders</U>&#148;) to the comments of the staff of the United States Securities and Exchange
Commission (the &#147;<U>Commission</U>&#148;) contained in your letter to Luis Mar&#237;a Morales, dated
September&nbsp;23, 2008, the Bidders acknowledge that:</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of the Bidders is responsible for the adequacy and accuracy of the disclosure
in the filing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) staff comments or changes to the disclosure in response to the staff comments do
not foreclose the Commission from taking any action with respect to the filing; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Bidders may not assert staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United
States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions, please do not hesitate to contact our counsel, Andr&#233;s de la Cruz,
at &#043;49-69-97-10-31-90.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="43%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Petersen Energ&#237;a Inversora, S.A.</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mauro Dacomo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name: Mauro Dacomo</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>Title: Consejero
&#150; Secretario del Consejo de Administraci&#243;n</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="43%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Enrique Eskenazi, <BR>
Sebasti&#225;n Eskenazi,<BR>
Mat&#237;as Eskenazi Storey and<BR>
Ezequiel Eskenazi Storey</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mauro Dacomo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name: Mauro Dacomo</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title: Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>3
<FILENAME>filename3.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Cleary Gottlieb Steen &#038; Hamilton llp</FONT>
<br><br><FONT style="font-variant: SMALL-CAPS">main tower</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">neue mainzer strasse 52</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">60311 frankfurt am main </FONT><br>
<FONT style="font-variant: SMALL-CAPS">&#043;49 (69)&nbsp;97103-0</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">facsimile &#043; 49 (69)&nbsp;97103-199</FONT><br>
<FONT style="font-variant: SMALL-CAPS">www.clearygottlies.com</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">new york <B>&#149;</B> washington, dc <B>&#149;</B> paris <B>&#149;</B> brussels</FONT>
<br><FONT style="font-variant: SMALL-CAPS">london <B>&#149;</B> moscow <B>&#149;</B> cologne*</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rome <B>&#149;</B> milan <B>&#149;</B> hong kong <B>&#149;</B> beijing</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 8pt"><FONT style="font-variant: SMALL-CAPS"><B>frankfurt am main</B></FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">christof von dryander </FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt </FONT><br>
<FONT style="font-variant: SMALL-CAPS">member of the dc bar</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">thomas m. buhl</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br>
<FONT style="font-variant: SMALL-CAPS">avocat au barreau de paris</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. stephan barthelmess</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br>
<FONT style="font-variant: SMALL-CAPS">member of the new york bar</FONT> <br><br>
<FONT style="font-variant: SMALL-CAPS">andr&#233;s de la cruz </FONT> <br>
<FONT style="font-variant: SMALL-CAPS">abogado (argentina)</FONT><br>
<FONT style="font-variant: SMALL-CAPS">member of the buenos aires</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">and new york bars</FONT> <br><br>
<FONT style="font-variant: SMALL-CAPS">ward a. greenberg</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">attorney at law (usa)</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">member of the new york bar</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. klaus riehmer</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. gabriele apfelbacher </FONT> <br>
<FONT style="font-variant: SMALL-CAPS">rechtsanw&#228;ltin</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">member of the new york bar</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. thomas kopp</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT> <br><br>
<FONT style="font-variant: SMALL-CAPS">dr. j.f. daniel weyde</FONT> <br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt, steuerberater</FONT><br>
<FONT style="font-variant: SMALL-CAPS">member of the new york bar</FONT>
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="font-size: 8pt"><FONT style="font-variant: SMALL-CAPS">dr.
till m&#252;ller-ibold</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br>
<FONT style="font-variant: SMALL-CAPS">avocat au barreau de bruxelles</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. werner meier</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br>
<FONT style="font-variant: SMALL-CAPS">member of the new york bar</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">hanno sperlich</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br><br><br>
<FONT style="font-variant: SMALL-CAPS"><B>cologne</B></FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. wolfgang knapp<br> rechtsanwalt</FONT><br>
<FONT style="font-variant: SMALL-CAPS">avocat au barreau de bruxelles </FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">prof. dr. dirk schroeder</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. j&#252;rgen j. sieger</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">john palenberg</FONT><br>
<FONT style="font-variant: SMALL-CAPS">attorney at law (usa)</FONT><br>
<FONT style="font-variant: SMALL-CAPS">member of the new york bar</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. romina polley</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanw&#228;ltin</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. oliver schr&#246;der</FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br><br>
<FONT style="font-variant: SMALL-CAPS">dr. michael brems </FONT><br>
<FONT style="font-variant: SMALL-CAPS">rechtsanwalt</FONT><br>
<FONT style="font-variant: SMALL-CAPS">member of the new york bar</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"> September&nbsp;29, 2008&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Christina Chalk, Esq.<BR>
Senior Special Counsel<BR>
Office of Mergers and Acquisitions<BR>
United States Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-0303

</DIV>

<DIV align="left" style="margin-left: 12%; text-indent: -5%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>YPF S.A.<br>
Schedule&nbsp;TO-T filed on Sept. 11, 2008 by Petersen Energ&#237;a Inversora<br>
S.A., </B><B><I>Et al.</I></B><br>
<B>SEC File No.&nbsp;5-50107</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Ms.&nbsp;Chalk:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of our clients Petersen Energ&#237;a Inversora, S.A (&#147;<U>Purchaser</U>&#148;), Enrique
Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi Storey (collectively,
the &#147;<U>Eskenazi Family</U>&#148;, and together with the Purchaser, the &#147;<U>Bidders</U>&#148;), we have set
forth below the responses of the Bidders to the comments of the staff (the &#147;<U>Staff</U>&#148;) of the
United States Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) contained in your
letter to Mr.&nbsp;Luis Mar&#237;a Morales, dated September&nbsp;23, 2008 (the &#147;<U>Comment Letter</U>&#148;). For
ease of reference, the text of each of the Staff&#146;s comments is set forth in full in this letter in
italics with the response immediately following each italicized comment. Capitalized terms used
but not defined herein have the meanings ascribed to them in the U.S. Offer to Purchase, dated
September&nbsp;11, 2008 (the &#147;<U>U.S. Offer to Purchase</U>&#148;). All page references in the following
responses correspond to the page numbers in the Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the delivery of this letter, the Bidders are filing an amendment to their
Schedule&nbsp;TO, initially filed on September&nbsp;11, 2008 (the &#147;<U>Schedule</U>&#148;), containing the
revisions described in this letter. For your convenience, a courtesy copy of today&#146;s amendment is
enclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Schedule&nbsp;TO-T</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>1.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Purchaser, a named bidder on the Schedule&nbsp;TO-T, is described as a &#147;direct wholly-owned
subsidiary of Petersen Energ&#237;a Inversora Holding GmbH,&#148; a company</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* <FONT style="font-variant: SMALL-CAPS">Cologne Office: &#043;49 (221)&nbsp;80040-0 Facsimile &#043;49 (221)&nbsp;80040-199</FONT>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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="left" style="font-size: 10pt; margin-top: 12pt">Ms.
Christina Chalk, p. 2
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>organized under the laws
of the Republic of Austria. The disclosure in Section&nbsp;9 of the Offer to Purchase indicates
that Purchaser was formed solely to make the Offers and to acquire shares of YPF in
connection with the Offers. Given these facts, explain why Holding is not included as a
bidder on the Schedule&nbsp;TO-T. Note that if you add Holding as a bidder, you may need to
revise the disclosure in the Offer to Purchase to provide all of the required disclosure as
to that entity individually.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We note the Staff&#146;s comment but respectfully submit that Holding does not fall within the
definition of &#147;bidder&#148; in Rule&nbsp;14d-1(c)(1) of Regulation&nbsp;14D under the circumstances. Rule
14d-1(c)(1) of Regulation&nbsp;14D defines &#147;bidder&#148; in a tender offer as &#147;any person who makes a tender
offer or on whose behalf a tender offer is made.&#148; In this case, Purchaser, and not Holding, is the
person making the tender offer, and Purchaser is making the offer, not on behalf of Holding, its
parent company, but on behalf of the shareholders of Holding &#151; members of the Eskenazi Family,
each of whom has already been included as Bidder on the Schedule&nbsp;TO-T. As a result, we do not
believe that Holding constitutes a &#147;bidder&#148; under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, although Holding is not
included as a bidder on the
Schedule&nbsp;TO-T, the Schedule&nbsp;TO-T
nevertheless sets forth, with respect to Holding, substantially all of the disclosure required of a
&#147;bidder&#148;. As a result, even if Holding were added as a bidder, we do not believe that the addition
would have the effect of providing any significant additional disclosure to investors.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>2.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note that bidders and their affiliates own a 14.9% stake in YPF and have an option
to purchase an additional 10% more obtained from existing controlling shareholder Repsol
S.A. Given this pre-existing affiliation between bidders and target, explain in your
response letter why Rule&nbsp;13e-3 does not apply to this offer. We may have further comments
after reviewing your response.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We respectfully submit that, for the reasons discussed below, Rule&nbsp;13e-3 under the Exchange
Act is not applicable to the Petersen Offers. Under Rule&nbsp;13e-3, a transaction involving (i)&nbsp;the
purchase of any equity security by its issuer or by an affiliate of such issuer or (ii)&nbsp;a tender
offer for any equity security made by the issuer of such class of securities or an affiliate of
such issuer constitute a Rule&nbsp;13e-3 transaction if such transaction has either a <I>reasonable
likelihood </I>or a <I>purpose </I>of producing, directly or indirectly, any of the following effects:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(A)&nbsp;causing any class of equity securities of the issuer which is subject to Section
12(g) or Section 15(d) of the Act to be held of record by less than 300 persons; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(B)&nbsp;causing any class of equity securities of the issuer which is either listed on a
national securities exchange or authorized to be quoted in an inter-dealer
quotation system of a registered national securities association to be neither
listed on any national securities exchange nor authorized to be quoted on an
inter-dealer quotation system of any registered national securities association.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Petersen Offers are not intended to produce either of these effects. The Bidders are
conducting the Petersen Offers solely to comply with the provisions of the By-laws, as described in
our letter to the Staff dated September&nbsp;8, 2008 and in the Schedule. With respect to clause (A),
as of February&nbsp;28, 2008, a total of 95 persons of record held ADS
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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="left" style="font-size: 10pt; margin-top: 12pt">Ms.
Christina Chalk, p. 3
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and there were only 5 United
States holders of Class&nbsp;D Shares (out of a total of 8,618 holders of Class&nbsp;D Shares not in ADS
form). The Bidders have not imposed any minimum participation requirement or engage in any
solicitation designed to enhance participation in the Petersen Offers. Other than complying with
the notice and dissemination requirements mandated by the By-laws and applicable laws, the Bidders
have taken no steps to encourage holders of Class&nbsp;D Shares or ADSs to tender into the Petersen
Offers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to clause (B), we respectfully submit that the Petersen Offers should not be
viewed as having any &#147;reasonable likelihood&#148; nor a &#147;purpose&#148; of causing the Class&nbsp;D Shares or ADSs,
the only securities of YPF listed on a national securities exchange, to be delisted. None of the
Bidders, YPF or Repsol is seeking to deregister or delist the Class&nbsp;D Shares or ADSs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the contrary, as described above, the acquisition of Securities by the Bidders is a
component part of Repsol&#146;s publicly disclosed 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, for which the requisite filings have been made (See Schedule&nbsp;13D/A filed by Repsol
on February&nbsp;22, 2008, the Registration Statement on Form F-3 filed by YPF on March&nbsp;3, 2008, and
Sections&nbsp;5.4 and 7.1 of the Shareholders&#146; Agreement) (the &#147;<U>Secondary Public Offering</U>&#148;). To
consummate the Secondary Public Offering, YPF must maintain the registration of its Class&nbsp;D Shares
and ADSs and maintain the listing of each of those classes of securities on the NYSE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, as further evidence of the intention of Repsol, as controlling shareholder of YPF,
and the Bidders to preserve the listing of YPF&#146;s Class&nbsp;D Shares and ADSs, we respectfully refer the
Staff to Section 4(h) of the Registration Rights Agreement dated February&nbsp;21, 2008 (the
&#147;<U>RRA</U>&#148;) among YPF, Repsol, Petersen SA and certain lenders under a Senior Secured Term Loan
Facility dated as of February&nbsp;21, 2008 (the &#147;<U>Secured Loan</U>&#148;), which was filed with the
Commission as Exhibit&nbsp;99.11 to the Schedule&nbsp;13D filed by the Eskenazi Family on March&nbsp;3, 2008.
Under Section 4(h) of the RRA, YPF and Repsol have each agreed, for the benefit of the lenders that
advanced funds to Petersen SA in connection with the Acquisition and, among other things, took a
security interest in a substantial portion of the ADSs acquired pursuant to the SPA, to &#147;use
commercially reasonable efforts to cause all Class&nbsp;D Shares and Unrestricted ADSs to continue to be
listed on the New York Stock Exchange ...&#148; for so long as any ADSs held as collateral would
constitute restricted securities within the meaning of Rule&nbsp;144 under the Securities Act of 1933,
as amended, in the event of a foreclosure under the Secured Loan. Therefore, both Repsol and
Petersen SA, which together control more than 99% of the outstanding share capital, have agreed to
use reasonable efforts to prevent the potential for de-listing that Rule&nbsp;13e-3 seeks to address.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Eskenazi Family is today an affiliate of YPF, at the time the transactions were
negotiated and entered into, they were not affiliates and all of the terms of
these transactions, including the contemplated Petersen Offers, were developed through
arms-length negotiations with Repsol and YPF and both the obligation to make the Petersen Offers,
as well as the salient terms of the Petersen Offers, including the price, were either established
before the Eskenazi Family acquired any Securities or are mandated by the By-Laws or Argentine law.
Accordingly, we also believe that, under the circumstances surrounding the group of transactions
of which the Petersen Offers are a component part, the policies served by Rule&nbsp;13e-3 of preventing
affiliates from imposing potentially unfair terms on non-affiliate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ms.
Christina Chalk, p. 4
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholders while taking the
issuer private and depriving minority shareholders of a public market and the protections of the
U.S. securities laws are not adversely implicated here.<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In light of the factors described above, we respectfully submit that the Petersen Offers do
not constitute a Rule&nbsp;13e-3 transaction as defined in Rule&nbsp;13e-3 under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit
(a) (1)(A) &#151; U.S. Offer to Purchase dated September&nbsp;11, 2008</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Forward Looking Statements, page 5</B></U>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Section&nbsp;21E(b)(2)(C) of the Exchange Act provides that the safe harbor provisions in
for forward looking statements in Section&nbsp;21E(c) do not apply statements made in connection
with a tender offer. Please revise this section of the Offer to Purchase accordingly.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response to the Staff&#146;s comment, the Bidders have deleted the section &#147;Forward Looking
Statements&#148; on page 5 of the U.S. Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Summary Term Sheet &#151; Can the U.S. offer be extended and under what circumstances?, page iv</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>4.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>You note that the U.S. offer can be extended &#147;in &#091;your&#093; sole discretion.&#148; However, we
understand from the disclosure in the Offer to Purchase and our prior contacts with your
counsel that it is your intention that the U.S. and Argentine Offers will end on the same
day unless U.S. law requires an extension of the U.S. Offer period. Please confirm in your
response letter.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bidders confirm that it is their intention that the U.S. and Argentine Offers will end on
the same day unless U.S. law requires an extension of the U.S. Offer period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>How will payment be made for the Securities I tender?, page ii</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>5.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Revise to disclose the most important information about the payment process,
particularly that which is unique to this Offer. The potential delay in payment for
tendered shares should be highlighted for tendering holders. Your expanded disclosure
should note that payment may be delayed into January, because of the regulatory approval
process to which this Offer is subject. We believe the excessive
use of defined terms like &#147;Expiration Date&#148; and &#147;Required Regulatory Approval&#148; may be
obfuscating the most important features of the Offer here.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response to the Staff&#146;s comment, the Bidders have revised the response to the question &#147;How
will payment be made for the Securities I tender?&#148;, on page ii of the U.S. Offer to Purchase.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>As the Commission stated in Release No.&nbsp;34-17719 (April
13, 1981) CCH FED. SEC. LAW REP. 23,709, &#147;Transactions &#091;that are&#093; the product
of arm&#146;s-length negotiations . . . do not involve the potential for abuse and
overreaching associated with the types of transactions intended to be covered
by the Rule.&#148; The Petersen Offers are the by-product of arm&#146;s-length
negotiations with Repsol and therefore should not be subject to Rule&nbsp;13e-3.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ms.
Christina Chalk, p. 5
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Purpose of the Offers; Plans for YPF, page 26</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><I>6.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please expand this section to more specifically describe the bidders&#146; plans for YPF
after the offer. For example, describe the matters discussed in the Schedule&nbsp;13D filed by
Petersen S.A. on February&nbsp;28, 2008 and amended on May&nbsp;6, 2008. In addition, indicate
whether the bidders intend to increase or reduce their stake in YPF. If they have no such
present intentions, describe the factors upon which such decision would be based. Avoid
overly general statements that do not provide meaningful information.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In response to the Staff&#146;s comment, the Bidders have revised the section &#147;Purpose of the
Offers; Plans for YPF&#148;, page 26 of the U.S. Offer to Purchase.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">*&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;*
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We very much appreciate the Staff&#146;s review of this filing. If you have any questions
regarding the Schedule or these responses, please feel free to contact me at &#043;49-69-97-10-31-90.
In addition, you may direct any further correspondence to my attention by facsimile at
<Font style="white-space: nowrap">&#043;49-69-97-10-31-99.</Font>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;Sincerely,

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;<U>/s/ Andr&#233;s de la Cruz, Esq.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 0pt; margin-left: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andr&#233;s de la Cruz, Esq.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Enclosures
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Mauro Dacomo, Esq.<br>
Daniel Sternberg, Esq.<br>
Amy R. Shapiro, Esq.</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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