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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950103-08-002478.txt : 20081002
<SEC-HEADER>0000950103-08-002478.hdr.sgml : 20081002
<ACCEPTANCE-DATETIME>20081002111442
ACCESSION NUMBER:		0000950103-08-002478
CONFORMED SUBMISSION TYPE:	SC 14D9/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081002
DATE AS OF CHANGE:		20081002

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 14D9/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50107
		FILM NUMBER:		081101851

	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:			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 14D9/A

	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>SC 14D9/A
<SEQUENCE>1
<FILENAME>dp11485_sc14d9a.htm
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14D-9</font></div>
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No. 1)</font></div>
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Sociedad An&#243;nima</font></div>
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Common Shares; Class B Common Shares</font></div>
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10 pesos per share (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Class
D Shares</font>&#8221;)</font></div>
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Depositary Shares, Each Representng One Class D Share (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">ADSs</font>&#8221;)</font></div>
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Shares (P9897X107); Class B Shares (P9897X115)</font></div>
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Shares (P9897X123); Class D Shares (P9897X131)</font></div>
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Depositary Shares (984245100)</font></div>
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D. Quiroga</font></div>
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Pte. R. S&#225;enz Pe&#241;a 777</font></div>
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4329-2000</font></div>
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Address and Telephone Number of Person Authorized to Receive
Notices</font></div>
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Communications on Behalf of the Person(s) Filing Statement)</font></div>
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&amp; Wardwell</font></div>
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Lexington Avenue</font></div>
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NY 10017</font></div>
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450-4000</font></div>
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the box if the filing relates solely to preliminary communications made before
the commencement of a tender offer.</a></font></div>
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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>
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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">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>
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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, as amended by
Amendment No. 1 to the Schedule TO filed by Petersen with the Securities and
Exchange Commission (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">SEC</font>&#8221;) on September 29,
2008&#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;&#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 SEC.&#160;&#160;On September 29, 2008, Petersen amended the Offer to
Purchase by filing Amendment No. 1 to the Schedule TO with the SEC. 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 in the Offer to Purchase, 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: 18pt; 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>
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    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; 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 Class A, Class B and Class C Shares and ADSs or Class D
Shares represented thereby in the Offer because (i) the Offer Price complies
with the minimum price 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 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.&#160;&#160;In making this recommendation, the Board did not consider any
matters other than the foregoing two factors.&#160;&#160;In particular, the
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; 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">Board did
not obtain a valuation of the Company and did not consider whether the Offer
Price was fair from a financial perspective.</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">A copy of
a letter from the Company to the National Securities Commission of Argentina and
its attached recommendation of the Board regarding the Offer are included as
exhibits to this Schedule 14D-9 and are 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: 18pt; 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: 18pt; 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>
    <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-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>
    <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">There is
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>
    <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-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Item
8.&#160;&#160;Additional 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">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: 18pt; 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: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; 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>
    <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">(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 Energ&#237;a Inversora
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">*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">**Incorporated
by reference to the Form 6-K filed by YPF Sociedad An&#243;nima on May 28,
2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">SIGNATURE</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 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.</font></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%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">YPF
      SOCIEDAD AN&#211;NIMA</font></div>
            </td>
            <td align="left" valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" colspan="3" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" colspan="3" valign="top" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="37%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="8%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">By:</font></div>
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      Antonio Gomis S&#225;ez</font></div>
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          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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