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<SEC-DOCUMENT>0000950103-08-002473.txt : 20090105
<SEC-HEADER>0000950103-08-002473.hdr.sgml : 20090105
<ACCEPTANCE-DATETIME>20081001195645
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-08-002473
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081001

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

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

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title></title>
    </head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 5%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5%; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">October 2,
2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Re:</font></div>
            </td>
            <td align="left" valign="top" width="95%">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">YPF
      Sociedad An&#243;nima</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Schedule
      14D-9C filed on July 24, 2008</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Schedule
      14D-9 filed on Sept. 12, 2008</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">SEC
      File No. 5-50107</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Ms.
Christina Chalk</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Senior
Special Counsel</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">United
States Securities and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Division
of Corporation Finance</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">100 F
Street, N.E.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549-7410</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Dear Ms.
Chalk:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">I am
writing as United States counsel to YPF Sociedad An&#243;nima (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">YPF</font>&#8221;, also referred to in this
letter as the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>&#8221;).&#160;&#160;Thank
you for your letter dated September 23, 2008 setting forth comments of the staff
of the Division of Corporation Finance (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Staff</font>&#8221;) of the United States
Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">SEC</font>&#8221; or &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Commission</font>&#8221;) on the Schedule
14D-9 filed on September 12, 2008 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule 14D-9</font>&#8221;) of
YPF.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">I have set
forth the Company&#8217;s responses to the Staff&#8217;s comments in Annex A hereto. To
facilitate the Staff&#8217;s review, the captions and numbered comments from the
Staff&#8217;s September 23, 2008 comment letter have been reproduced in bold text in
Annex A.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
providing these responses, and in response to the Staff&#8217;s request, the Company
has acknowledged that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">YPF
      is responsible for the adequacy and accuracy of the disclosure in its
      filings with the Commission;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Staff
      comments or changes to this disclosure in response to Staff comments do
      not foreclose the Commission from taking any action with respect to the
      filing; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">YPF
      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.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Representatives
of the Company, its Argentine counsel and I are available to discuss any of the
Company&#8217;s responses with you at your convenience. In that connection, please do
not hesitate to contact me at 212-450-4950 or fax: 212-450-3950.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="right">
      <table cellpadding="0" cellspacing="0" width="50%">
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><a name="dpw_closing">Very truly yours,</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><a name="dpw_closing_username">Nicholas A.
  Kronfeld</a></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><a name="dpw_closing_cc_detail1" /><a name="dpw_closing_cc_names1">cc:</a></font></div>
            </td>
            <td align="left" valign="top" width="95%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Alejandro
      D. Quiroga</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;Chief
      Legal Officer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;YPF</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Diego
      M. Serrano</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;Perez
      Alati, Grondona, Benites, Arntsen</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;&#160;&amp;
      Martinez de Hoz</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">ANNEX A</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Schedule 14D-9 Filed on
September 12, 2008</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 4.&#160;&#160;The
Solicitation or Recommendation</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
      Offer to Purchase filed as Exhibit (a)(1)(A)(1) to the Schedule TO-T filed
      by Petersen Energia Inversora, S.A. and other bidders on September 11,
      2008 offers to purchase for cash all outstanding Class A, Class B, Class C
      and Class D shares held by U.S. persons.&#160;&#160;Therefore, your
      recommendation must be addressed to all holders of the subject classes of
      securities, not the holders of Class D shares only.&#160;&#160;See Item
      1012(a) of Regulation M-A.&#160;&#160;Please
  revise.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">We
acknowledge the Staff&#8217;s comment and will amend the Schedule 14D-9 as shown in
the attachment hereto.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">You
      incorporate by reference in this section a letter to the CNV included as
      an attachment to a Form 6-K filed with the Commission on May 28,
      2008.&#160;&#160;General Instruction D to Schedule 14D-9 indicates that
      information incorporated by reference into the Schedule must be listed as
      an exhibit.&#160;&#160;In addition, it is not clear whether the report
      that is also attached to the Form 6-K filed on May 28, 2008 is also being
      incorporated in response to this Item.&#160;&#160;We believe that it
      should be, since it contains information relevant to the Board&#8217;s
      recommendation.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We acknowledge the Staff&#8217;s comment and
will amend the Schedule 14D-9 to clarify that the report of the Board of
Directors of YPF S.A. regarding the Offer also is incorporated by reference and
will include the letter to the CNV and the attached report of the Board of
Directors as an exhibit to the Schedule 14D-9, all as shown in the attachment
hereto.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">3.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Please
      expand the discussion of the reasons for the Board&#8217;s recommendation in
      favor of tendering.&#160;&#160;For example, explain why the fact that the
      tender offer is being made in accordance with the Company&#8217;s by-laws and
      for cash resulted in the
recommendation.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We acknowledge the Staff&#8217;s comment and
have revised the Schedule 14D-9 as set forth in the attachment
hereto.&#160;&#160;Under Argentine law, the Board must opine with respect to
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      </div>
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">the
reasonableness of the price of a tender offer and make a technical
recommendation whether to accept the offer.&#160;&#160;The Company has been
advised by its Argentine counsel as follows.&#160;&#160;Under such law and the
Company&#8217;s constitutive documents, in making its recommendation with respect to
the Offer, the Board of Directors is only required to determine whether the
price per share in the Offer meets or exceeds the minimum amount required by the
Company&#8217;s by-laws and is payable in cash.&#160;&#160;The Board&#8217;s decision to
recommend the Offer solely on the basis of these two criteria is permitted by
Argentine law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">4.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">We
      note that the Board lists as one of the reasons for its recommendation in
      favor of the Offer the fact that &#8220;shareholders will receive payment in
      immediately available funds for all of the ADSs tendered and
      accepted.&#8221;&#160;&#160;However, according to the Offer to Purchase, payment
      in this Offer may be delayed into 2009 as a result of regulatory review by
      Argentinean anti-trust authorities.&#160;&#160;Please revise to
      explain.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We acknowledge the Staff&#8217;s comment and
respectfully submit that the recommendation based on shareholders receiving
payment in immediately available funds is intended to explain that shareholders
will receive cash in exchange for the tender of their shares, not that
shareholders will be paid immediately upon a decision to tender their
shares.&#160;&#160;We have revised the Schedule 14D-9 to clarify that
shareholders will be paid in cash and the transaction will not be completed
until the relevant regulatory approvals are obtained.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">5.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">In
      the report of the Board attached to the Form 6-K filed with the Commission
      on May 28, 2008, you cite the impending divestiture of Company securities
      by majority holder Repsol as a factor which may be relevant to the
      Offer.&#160;&#160;Please expand this section to describe how the Board
      considered the contemplated sales by Repsol of the Company&#8217;s securities,
      and how such actions may impact the tender
  decision.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 9pt">We acknowledge the Staff&#8217;s comment
and</font> respectfully submit that the Board did not consider how any eventual
public sale of YPF shares by Respsol YPF, S.A. might be relevant to a holder&#8217;s
decision whether to tender.&#160;&#160;In making its recommendation with respect
to the Offer, the Board was required to disclose any possible board action that
could be relevant to a holder&#8217;s decision whether to accept the Offer and in this
connection resolved to disclose the possible sale by Repsol YPF,
S.A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Attachment</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
1.&#160;&#160;Subject Company Information.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The name
of the subject company to which this Solicitation/Recommendation Statement on
Schedule 14D-9 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Schedule</font>&#8221;) relates is YPF
Sociedad An&#243;nima, an Argentine sociedad an&#243;nima (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>&#8221;).&#160;&#160;The
address of the principal executive offices of the Company is Avenida Pte. R.
S&#225;enz Pe&#241;a 777, C1035AAC Ciudad Aut&#243;noma de Buenos Aires, Argentina and the
telephone number of the principal executive offices of the Company is (54-11)
4329-2000.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">This
Schedule relates to the Company&#8217;s Class D Shares (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Class D Shares</font>&#8221;), each with a
par value of 10 pesos per share and the American Depositary Shares each
representing one Class D Share (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">ADSs</font>&#8221;).&#160;&#160;As of
December 31, 2007, there were 393,195,669 Class D Shares
outstanding.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
2.&#160;&#160;Identity and Background of Filing Person.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The filing
person is the subject company.&#160;&#160;The Company&#8217;s name, business address
and business telephone number are set forth in Item 1 above.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">This
Schedule relates to the tender offer by Petersen Energ&#237;a Inversosa, S.A.
(together, with certain of its affiliates, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Petersen</font>&#8221;) , a Spanish
sociedad an&#243;nima to purchase any and all outstanding ADSs or Class D Shares
represented thereby that are not owned by Petersen or Repsol YPF, S.A., a
Spanish sociedad an&#243;nima (together with certain of its affiliates, &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Repsol</font>&#8221;) at a purchase price
of $49.45 per ADS or Class D Share represented thereby (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Offer Price</font>&#8221;), net to the
seller in cash (less any amounts withheld under applicable tax laws), without
interest, on the terms and subject to the conditions set forth in the Offeror&#8217;s
offer to purchase, dated as of September<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>11, 2008<font style="FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">,
as amended by Amendment No. 1 to the Schedule TO filed by Petersen with the
Securities and Exchange Commission (the &#8220;<font style="FONT-WEIGHT: bold">SEC</font>&#8221;)&#160;on September 29,
2008</font>&#160;(the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Offer to
Purchase</font>&#8221;), and the related letters of transmittal (together, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Offer</font>&#8221;).&#160;&#160;The Offer
is being made in conjunction with an offer by Petersen in Argentina for all
outstanding Class A, Class B, Class C and Class D Shares (but not
ADSs).&#160;&#160;The price offered in the Argentine Offer is the same as the
Offer Price in the Offer, payable in Argentine pesos in the case of the
Argentine Offer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On&#160;&#160;May
20, 2008, Petersen announced its intention to make the Offer and
on&#160;September<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>11, 2008, Petersen made
the Offer to Purchase to our shareholders and filed the Offer to Purchase with
the <font style="FONT-SIZE: 9pt; COLOR: #ff0000; FONT-FAMILY: times new roman; TEXT-DECORATION: line-through">Securities
and Exchange Commission (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; COLOR: #ff0000; FONT-FAMILY: times new roman; TEXT-DECORATION: line-through">SEC</font>&#8221;)</font>
<font style="FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">SEC</font>.<font style="FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">&#160;On
September 29, 2008, Petersen amended the Offer to Purchase by filing Amendment
No. 1 to the Schedule TO with the SEC. </font>&#160;The Offer is scheduled to
expire at 5:00 p.m. New York time on&#160;&#160;October 20, 2008.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Petersen&#8217;s
address, as set forth <font style="FONT-SIZE: 9pt; COLOR: #0000ff; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">in
the Offer to Purchase</font>, is Cerrito 740, 11 Piso, (C1010AAP) Buenos Aires,
Argentina.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
3.&#160;&#160;Past Contracts, Transactions, Negotiations and
Agreements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
information set forth under Section 11 &#8220;Background of the Offer &#8211; Past Contacts,
Transactions, or Negotiations with YPF&#8221; in the Offer to Purchase is incorporated
herein by reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
4.&#160;&#160;The Solicitation or Recommendation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Recommendation
of the Company Board</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The Board
of Directors (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Board</font>&#8221;) has unanimously
determined to recommend that the Company&#8217;s stockholders (other than Petersen and
Repsol) tender their <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Class A,
Class B and Class C Shares and </font>ADSs or Class D Shares represented thereby
in the Offer because (i) the Offer Price complies with the <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">minimum
price </font>provisions in article seven of the Company&#8217;s bylaws pursuant to
which the Offer is being made and (ii) shareholders will receive payment in
<font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">i</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">mmediately
available funds for all of the ADSs tendered and accepted</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">cash for all
of the securities tendered and accepted.&#160;&#160;Payment is conditioned on
receipt of the Required Regulatory Approval (as defined in the Offer to
Purchase) prior to January 15, 2009</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">.&#160;&#160;In
making this recommendation, the Board did not consider any matters other than
the foregoing two factors.&#160;&#160;In particular, the Board did not obtain a
valuation of the Company and did not consider whether the Offer Price was fair
from a financial persp</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">e</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">ctive</font>.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">A copy of
a letter <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">from the
Company </font>to the National Securities Commission of Argentina <font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">communicating
the</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">and its
attached</font> recommendation of the Board <font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">was filed
with the SEC on May 28, 2008 on Form 6-K and is</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">regarding
the Offer are included as exhibit</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">s to this
Schedule 14D-9 and are</font> incorporated herein by reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Intent
to Tender</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">After
reasonable inquiry and to its best knowledge, the Company understands no
director or executive officer of the Company intends to tender, sell or hold
ADSs or Class D Shares represented thereby.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
5.&#160;&#160;Person/Assets Retained, Employed, Compensated or
Used.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">Neither
the Company, nor any person acting on its behalf, has employed, retained or
compensated any person to make solicitations or recommendations to stockholders
on its behalf concerning the Offer, except that such solicitations or
recommendations may be made by directors, officers or employees of the Company,
for which they shall receive no additional compensation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
6.&#160;&#160;Interest in Securities of the Subject Company.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">No
transactions in the ADSs or the Class D Shares represented thereby have been
effected during the past 60 days by the Company or, to the knowledge of the
Company, by any executive officer, director or affiliate of the
Company.</font></div>
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      <div style="MARGIN-LEFT: 9pt"><font style="FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Item
7.&#160;&#160;Purposes of the Transaction and Plans or Proposals.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The
Company is not now undertaking or engaged in any negotiations in response to the
Offer that relate to, or would result in, one or more of the following or a
combination thereof: (i) a tender offer for or other acquisition of any of the
Company&#8217;s securities by the Company, its subsidiaries or any other person, (ii)
any extraordinary transaction, such as a merger, reorganization or liquidation,
involving the Company or any of its subsidiaries, (iii) a purchase, sale or
transfer of a material amount of assets by the Company or any of its
subsidiaries or (iv) any material change in the present dividend rate or policy,
indebtedness or capitalization of the Company.</font></div>
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no transaction, resolution of the Board, agreement in principle or signed
contract that has been entered into in response to the Offer that relates to or
would result in one or more of the events referred to in the previous
paragraph.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
8.&#160;&#160;Additional Information.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">None.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
9.&#160;&#160;Exhibits.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(1)
Share Purchase Agreement, dated as of February 21, 2008, by and among Repsol
YPF, S.A., Repsol Exploraci&#243;n, S.A., Caveant, S.A., Repsol YPF Capital, S.L. and
Petersen Energ&#237;a, S.A.*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(2)
Shareholders&#8217; Agreement, dated as of February 21, 2008, by and among Repsol YPF,
S.A., Repsol Exploraci&#243;n, S.A., Caveant, S.A., Repsol YPF Capital, S.L. and
Petersen Energ&#237;a, S.A.*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(2)
Registration Rights Agreement, dated as of February 21, 2008, by and among YPF
Sociedad An&#243;nima, Repsol YPF, S.A., Petersen Energ&#237;a S.A., HSBC Bank plc, as
collateral agent, Credit Suisse, London Branch, as administrative agent, and
certain other parties named therein*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(3)
First Option Agreement, dated as of February 21, 2008, by and among Repsol YPF,
S.A., Repsol Exploraci&#243;n, S.A., Caveant, S.A., Repsol YPF Capital, S.L., Enrique
Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi
Storey*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(4)
Second Option Agreement, dated as of February 21, 2008, by and among Repsol YPF,
S.A., Repsol Exploraci&#243;n, S.A., Caveant, S.A., Repsol YPF Capital, S.L., Enrique
Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskenazi Storey and Ezequiel Eskenazi
Storey*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(5)
Seller Credit Agreement, dated as of February 21, 2008, among Petersen Energ&#237;a,
S.A., Repsol YPF, S.A. and The Bank of New York, as collateral
agent*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(6)
Direct Agreement, dated as of February 21, 2008, among Repsol YPF, S.A., Credit
Suisse International, Goldman Sachs International Bank, BNP Paribas, Banco Ita&#250;
Europa, S.A., Petersen Energ&#237;a, S.A., Credit Suisse, London Branch and HSBC Bank
plc, as collateral agent*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(7)
Assignment of Dividend Rights Agreement, dated as of February 21, 2008, among
Repsol YPF, S.A., Petersen Energ&#237;a, S.A. and YPF S.A.*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(8)
Agreement, dated as of February 21, 2008, among Repsol YPF, S.A., Petersen
Energ&#237;a Pty Ltd, Enrique Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as Eskanezi Storey
and Ezequiel Eskenazi Storey*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(9)
Letter Agreement, dated as of February 21, 2008, among YPF Sociedad An&#243;nima,
Petersen Energ&#237;a Pty Ltd. and Repsol YPF, S.A.*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(10)
Letter Agreement, dated as of February 5, 2008, between YPF Sociedad An&#243;nima and
Repsol YPF, S.A.*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(11)
Intercreditor Agreement, dated as of February 21, 2008, by and among Repsol YPF,
S.A, Credit Suisse International, Goldman Sachs International Bank, BNP Paribas,
Banco Ita&#250; Europa, S.A. Sucursal Financeira Exterior, Petersen Energ&#237;a, S.A.,
Petersen Energ&#237;a PTY, Ltd., Credit Suisse, London Branch, as senior agent and
intercreditor agent and HSBC Bank plc, as collateral agent*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(e)(12)
Registration Rights Agreement, dated as of February 21, 2008, among Repsol YPF,
S.A., Petersen Energ&#237;a, S.A., Enrique Eskenazi, Sebasti&#225;n Eskenazi, Mat&#237;as
Eskenazi Storey and Ezequiel Eskenazi Storey, the Option Administrative Agent
(as defined therein) and the Holders (as defined therein)*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">(e)(13)
Letter from the Company to the National Securities Commission of Argentina,
dated as of May 23, 2008, with the attached Report of the Board of YPF S.A.
regarding the tender offer submitted by Petersen </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Energ&#237;</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">a Inversora
</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">S.A..**</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">*Incorporated
by reference to the Schedule 13D/A filed by Repsol YPF, S.A. on February 25,
2008.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">**Incorporated
by reference to the Form 6-K filed by YPF </font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Sociedad
An&#243;</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">nima</font><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> on May 28,
2008.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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